Quarterly Information - ITR Prumo Logística S.A.

Transcription

1 Quarterly Information - ITR Prumo Logística S.A. with Independent Auditors Review Report on the Quarterly Information - ITR (A free translation of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with the accounting practices adopted in Brazil, rules of the CVM and the International Financial Reporting Standards - IFRS)

2 Individual and consolidated quarterly information Contents Independent Auditors Review report on Quarterly Information - ITR... 3 Balance sheets... 6 Statements of operations... 8 Statements of comprehensive income (loss)... 9 Statements of changes in in shareholders equity Statements of cash flows Statements of added value Notes to the individual and consolidated quarterly information... 13

3 1Q15 EARNINGS REPORT Rio de Janeiro, May 13, PRUMO LOGÍSTICA S.A. ( Company or PRUMO ) (Bovespa symbol: PRML3), a private Brazilian company responsible for the Açu Port, is today announcing its earnings for the first quarter of 2015 and providing its shareholders and the market with upto-date information about its project. The consolidated financial and operating information, stated in thousands of Brazilian reais, is being presented in accordance with international financial reporting standards (IFRS). Message from the CEO 2015 began with great prospects for the consolidation of Açu Port as the main alternative for the solution of problems, primarily for the oil and gas industry. Lower oil prices and constraints on Petrobras' investments have affected industry, but also creating promising opportunities for Prumo. With Brazil's infrastructure inefficient and insufficient to meet the oil and gas industry's demand for cutting costs and increasing production, Açu Port is proving to be a low-cost, efficient alternative ready to meet the requirements of oil companies and their suppliers. In addition to serving the oil and gas industry, Açu Port is also preparing to become a major marine hub on Brazil's coast, with the start-up of the Multicargo Terminal ( T-Mult ) forecast for the second half of With 500 meters of quay, a depth of 14.5 meters and an extensive continuous customs area, T-Mult will initially handle solid bulk and project cargo, but can also handle grains and containers. In 2015 we will conclude the infrastructure works and basic services that will help attract new clients to the port's retroarea and expedite the process of transforming Açu Port into a major industrial hub in Brazil's south-eastern region. Following the signing of the contract by Edison Chouest ( ECO ) and Petrobras to operate 6 berths for an offshore support base, ECO decided to exercise its option to expand its area at the port to a quay of 710 meters and over 400 thousand m 2 of area. The new base under construction should come into operation in the second half of 2015 and will have up 14

4 berths. With great efficiency and a strategic location, near the oil production basins, ECO's new offshore support base at Açu Port will significantly increase the number of vessels in the Canal, in addition to being a major attraction to bring in companies from the oil and gas industry's supply chain to occupy new areas. In April we signed a memorandum of understanding with the company Bolognesi Energia to jointly evaluate opportunities to implement natural gas ventures at Açu Port. The commercial terms established state that Bolognesi will make the investments necessary to build the entire infrastructure necessary to implement the thermoelectric gas plant, including the transmission line, substation and LNG terminal. The arrival of gas at Açu Port could help resolve a series of problems at several industries in various sectors whose production processes rely on this energy source at competitive prices. Prumo's capital structure will also undergo major transformations in the course of this year. The negotiations with the Company's creditor banks to lengthen it short-term liabilities will create the means necessary for sustainable development compatible with the nature of its investments made. The confidence held by private banks in the competitive edges of Açu Port and the BNDES' support have been fundamental for completing the port's infrastructure works. Lastly, the main work fronts initiated in recent years will be completed in the course of With the basic infrastructure and operations initiated, the Company will focus on securing new commercial contracts, the operational start-up of the Multicargo Terminal and the construction and development of the Oil Shipment Terminal. We go into 2015 with a great deal of optimism and enthusiasm about the Company's new phase. The commencement of our operations evokes a feeling of success mixed with the responsibility of delivering a port that is extremely efficient, but faces the major challenge of being renowned primarily for safety in all operations.

5 Headlines for the Quarter Edison Chouest Expansion In March Edison Chouest exercised its option to increase its area, as stipulated in the agreement signed in April Exercising the option resulted in ECO's total area at Terminal 2 of Açu Port rising from 284,200 m 2 to 411,800 m 2. The new area has a quay of 220 meters, which in addition to the 490 meters already secured amounts to 710 meters. This is the second time ECO has expanded its area, which has a further two options that can be exercised by October If it exercises all of its options, ECO could occupy a total area of 574,200 m², with 990 meters of quay. Signing of Agreement with Bolognesi Prumo has signed a memorandum of understanding with the company Bolognesi Energia S.A. to jointly evaluate investment opportunities to implement natural gas ventures at Açu Port. Açu Gas Hub is a private solution for importing LNG and the domestic production of natural gas in the Santos and Campos Basins. It is being showcased to producers as an attractive commercial solution for the monetization of the associated gas produced, in addition to offering competitive infrastructure on a broad scale for industrial gas consumption. The Açu Gas Hub is also being proposed as an interconnected market for the sale and consumption of natural gas products, LNG and gas. The ventures identified for the Açu Gas Hub include thermoelectric gas, LNG regasification terminal, natural gas processing, LPG terminal, onshore and offshore pipelines for gas transportation, LNG storage and other services associated with gas. The Açu Gas Hub is a preliminary project that is still subject to certain additional studies, negotiations of final documents and the conditions which might not materialize.

6 The competitive edges of Açu Port and its existing infrastructure along with Bolognesi's expertise in developing energy ventures led Prumo and Bolognesi to establish commercial conditions for implementing stage one of the Açu Port Gas Hub. The main venture consists of building a thermoelectric gas power station and installing a floating LNG regasification plant. In accordance with the commercial conditions, Bolognesi will rent an area of up to 400,000 m 2 at Açu Port for the period of 25 years with an option for renewal of a further 25 years. Bolognesi will be responsible for building the entire infrastructure necessary to implement a thermoelectric gas plant, including the transmission line, substation and LNG terminal. During the venture's construction phase, Bolognesi will be entitled to offset the costs and expenses incurred on the construction of such infrastructure from rent payments. Construction Works Update Terminal 1 (T1) / Iron Ore Project T1 consists of an iron ore terminal with 2 berths and the capacity to handle more than 26 million tons, a 3-km access bridge, a tugboat pier, a breakwater which can also be used as an oil shipment terminal licensed to handle up to 1.2 million bbl/day, an approach canal and turning basin. The project involves a slurry pipeline with the capacity to transport 26.5 million tons of iron ore year. More than 15 iron ore operations have already taken place at Terminal 1. The take or pay agreement to provide iron ore handling services between Anglo American and Ferroport (LLX Minas Rio) commenced on July 01, 2014 and the first operation occurred in October The breakwater (a structure that protects the berths from the action of waves) is nearing completion. All the concrete blocks produced have been laid.

7 Photos of T1 Breakwater and iron ore loading pier Terminal 2 (T2) The 42 blocks that will comprise the southern and northern ends are now ready. In its final composition the breakwater has 26 profiles in the southern end (all now laid) and 16 in the north end (14 already laid). Construction of the T2 breakwater is forecast for completion in The dredging of Terminal 2 was completed in April. The canal now meets the project specifications with depths of up to 14.5 meters and the ratification process with the marine authority has commenced. A total of 56 million m³ of sand has been dredged. The dredging was performed by Dutch company Boskalis, a leading name in this sector around the world. The 500-meter quay of TMULT is now ready. All the mooring posts and buffers have been installed and the quay is ready for mooring the first vessels. The company is now concentrating on obtaining all the licenses and permits necessary to begin operations. The initial operation of TMULT entails the loading of solid bulk and project cargo, and is forecast to take place in the second half of The works on the southern part of the rip rap structures that protect the banks of the entry point of the canal have been completed with 1,120 meters while the northern side with 1,180 meters is forecast for completion in June this year.

8 The erection was concluded at the end of October of 145 towers of the Campos-Açu transmission line. Carrying 345,000 volts, the towers connect Açu Port to the National Interconnected Grid. The transmission line has a length of 58 km and a width of 55 meters, and has the ground clearance to permit the transportation of cargo up to 30 meters high within the port. Photos of T2 Overview of Terminal 2

9 Progress of works at TMULT (storage yard) Client Area: Technip, NOV and Intermoor

10 Edison Chouest quay under construction CAPEX FERROPORT In 1Q15 the Capex realized at the iron ore terminal was R$ million. With the first iron ore shipment made in October 2014, Ferroport entered into an operational phase, meaning interest capitalization ceased to occur on this date. Approximately R$ 3.6 billion was invested from 2007 to 1Q15, including capitalized interest. If capitalized interest is excluded, the venture's CAPEX from 2007 to 1Q15 was R$ 3.0 billion. The total invested in 1Q15 of R$ million was allocated to the condominium of assets as follows: R$ 92.2 million was appropriated to Ferroport (formerly LLX Minas-Rio); R$ 30.4 million was appropriated to Porto do Açu Operações S.A. in the construction of the Terminal 1 breakwater; R$ 16.6 million was appropriated to Anglo American;

11 In 2015 R$ 89.4 million was used in the construction of the breakwater, as per the agreement with the company FCC Construccion. A further R$ 31.4 million was invested in dredging and advances and R$ 18.4 million invested in several sectors. CAPEX AÇU Açu Port commenced its activities at terminals 1 and 2 in the last quarter of The Company Porto do Açu Operações S.A. began its activities in 2011 by leasing out its landside yard and began operating the canal at terminal 2 in November The corresponding assets were accordingly reclassified to property, plant and equipment in use, and depreciation thereof commenced. Açu Port will continue capitalizing a number of loans, as there are works in progress. In 1Q15 the Capex realized at Porto do Açu Operações S.A. was R$ million, including capitalized interest of R$ 19.7 million. Approximately R$ 5.8 billion was invested from 2007 to 1Q15, including capitalized interest. Not including the interest capitalized in this quarter, the CAPEX was R$ million and the Venture's total CAPEX is R$ 5.1 billion from 2007 through 1Q15. The amount of R$ million consists of the R$ million change in the property, plant and equipment of Porto do Açu Operações S.A. and the change in investment property of R$ 0.8 million. The discrepancy of R$ 14.2 million is explained by depreciation and amortization of certain assets due to the entry into operation of certain segments of Açu Port. The main activities related to the investments made in the year are described below. Around R$ 88.7 million was spent in 1Q15 on the construction of the T2 canal: R$ 63.7 million in the breakwater R$ 20.3 million on dredging the canal. R$ 4.7 million in T-MULT and other

12 R$ 30.4 million was invested in 1Q15 in the construction of the T1 breakwater, as described in the item above in CAPEX FERROPORT. Furthermore, R$ 0.4 million was spent on advisory services to inspect the works at Terminal 1. R$ 41.6 million was invested in the development and construction of other infrastructure works, as follows: R$ 14.5 million on road paving and maintenance R$ 7.5 million on sustainability R$ 6.6 million on capitalized administrative expenses, including personnel and security services, R$ 5.8 million on engineering projects and works management; R$ 3.7 million on implementation of the 345 kv Transmission Line connecting the Port to the National Interconnected Grid R$ 3.5 million on operational control expenses and other expenses. The Capex estimated for 2015 is R$ 1 billion.

13 Consolidated Simplified Analysis of the Income Statement (R$ k) Consolidated IFRS (R$ k) DRE 1Q15 1Q14 Change Net Operating Revenue 75,371 17,282 58,089 Cost of Sales (19,221) - (19,221) Gross Profit 56,150 17,282 38,868 General and Administrative Expenses (42,281) (28,242) (14,039) Sales Expenses 0 (13,666) 13,666 Other operating income (expenses) 4,855 (7,187) 12,042 Financial Income/Loss (69,404) 12,826 (82,230) Equity in income of subsidiaries (125) 84 (209) Net income before income and social contribution taxes (50,805) (18,903) (31,902) Loss for the year (32,963) (13,140) (19,823) The consolidated net revenue was R$ 75.4 million in the first quarter of The increase in the period over 1Q14 is primarily due to the new contracts signed in the course of 2014 and the start-up of Ferroport's operations in October The revenue deriving from the take or pay agreement with Anglo has been consolidated proportionately. More than 15 iron ore operations have been undertaken, with the amount loaded exceeding 2 million tons. The net revenue for the take or pay agreement amounted to R$ 59.4 million (50% of the revenue recognized at Ferroport). The initiation of iron-ore operations resulted in the inclusion of costs in the profit or loss statement, amounting to R$ 19.2 million in the first quarter of the year. The main consolidated costs have been described below: - Payroll charges of R$ 6.0 million - Depreciation and amortization of R$ 4.5 million

14 - Outsourced services of R$ 2.2 million - R$ 6.5 million on consumption materials, rent and leasing, insurance and other expenses. The administrative expenses were R$ 42.3 million, some R$ 14 million more than in the same period the previous year. The main increase over 1Q14 occurred in depreciation and amortization, due to the operational start-up and greater depreciation of assets previously capitalized. The expenses in 1Q15 break down as follows: - Personnel expenses of R$ 17.4 million - Depreciation and amortization of R$ 14.5 million. - Outsourced services of R$ 6.0 million - Leasing and rental of R$ 1.9 million. - Travel and accommodation of R$ 0.9 million - Taxes of R$ 0.4 million - Other insurance of R$ 0.3 million - Other expenses of R$ 0.9 million. Other operating revenues amounted to R$ 4.8 million and primarily refer to the sale of surplus electricity by Ferroport to the Commerce for Electric Energy and the reversal of clients contractual penalties. With the start of operations in the last quarter of 2014, the Company began to show positive EBITDA. As of this quarter, we will begin to monitor the Company's consolidated EBITDA as shown below: (in R$ million) EBITDA 1Q14 2Q14 3Q14 4Q14 1Q15 (29,998) (27,276) (21,906) 42,830 37,759

15 In 1Q15 Prumo presented an R$ 37.8 million EBITDA, mainly due to increased revenue from the beginning of the take or pay contract with Anglo in the last quarter and the increase of our client s area rental revenue. In 2014, the EBITDA presented in the first 3 quarters were still negative, however, in the 4Q14 with the start of operations, EBITDA turned positive. The Financial Result were affected by the beginning of operations, as finance expenses are no longer capitalized and are now recorded in the Income Statement. The consolidated net financial income in 1Q15 was a negative R$ 69.4 million. Financial expenses amounted to R$ million, primarily consisting of interest, brokerage and monetary variance. Financial revenue was R$ 31.9 million, consisting primarily of loan interest, yields on short-term investments and interest earnings. The net loss in 1Q15 was R$ 32.9 million. Simplified Analysis of the Balance Sheet (R$ k) Consolidated IFRS Balance sheet (R$ thousand) 1Q15 4Q14 Change Current Assets 506, ,494 (232,053) Noncurrent Assets 6,343,860 6,053, ,835 Total Assets 6,850,301 6,791,519 58,782 Current Liabilities 1,299,523 1,280,578 18,945 Noncurrent Liabilities 2,830,066 2,758,710 71,356 Shareholders' equity 2,720,712 2,752,231 (31,519) Total Liabilities plus Shareholders' equity 6,850,301 6,791,519 58,782 The company's total debt at the close of the first quarter of 2015 was R$ 3.3 billion including interest and monetary restatement.

16 Consolidated property, plant and equipment rose from R$ 4,105 million in 1Q14 to R$ 4,318 million in 1Q15, and this amount is associated with the advance in the construction of infrastructure necessary for Açu Port to come into operation. Social and Environmental Responsibility Prumo believes that it plays a strategic, transforming social role in the areas where it operates and, for this reason, conducts its projects in a sustainable manner, with respect for people and for the environment. The company is implementing and disseminating CSR concepts, practices and procedures. In the first quarter of this year, Prumo carried out a number of social and environmental initiatives in the region of Campos and São João da Barra, where Açu Port is located. Real progress was made in environmental education. In January Prumo released 50 sea turtle hatchlings on Atafona beach. Around 60 children and adolescents of the Botinho project accompanied the release of turtles and received information about the life and preservation of this endangered species. Also as part of this environmental education initiative, the group participated in a lecture at the Science Centre in Atafona, about Toninha, a species of dolphin also endangered. Information was given about the preservation of and threats to these animals, such as fishing nets and waste disposed into the sea. In March Prumo participated in the commemorations for the third anniversary of the State Park of Lagoa do Açu (PELAG), in Campos. Company representatives gave a lecture, reinforcing the importance of preserving Toninha, in addition to speaking about light pollution caused by artificial lighting that affects the breeding process of sea turtles. Another headline in the quarter was the commemoration of Water Day on March 22. The importance of preserving fresh water was debated and what people can do to minimize waste. Materials and leaflets were handed out, containing tips on how to save water in everyday activities like taking a bath, flushing toilets, cleaning sidewalks, etc.

17 On the social front, Prumo delivered two houses in Vila da Terra, a rural housing settlement in São João da Barra. The location is being allocated to families losing their homes due to the creation of the Industrial District in the municipality by CODIN. Vila da Terra currently has 45 families embraced by the program. The houses were delivered fully equipped with furniture, including washing machines, televisions, refrigerators, ovens and a computer. Residents also received land ready for cultivation, with the soil treated and fertilized, as well as an orchard containing 20 fruit-bearing trees for their personal use. Capital Market and Corporate Governance Prumo's shares are listed on the New Market, the most rigorous level of corporate governance practices on the São Paulo Stock Exchange (Bovespa), reinforcing the importance of the capital market to the Company. In the first quarter of 2015 Prumo s stock enjoyed an average daily trading volume of R$ million and 635 transactions per day. As of March 30, 2015 Prumo had 2,777,474,711 shares. Prumo has a Board of Directors with 5 members, 2 of whom are independent. The Board meets quarterly, and extraordinarily whenever necessary. Prumo's Corporate Governance structure also includes an Audit Committee that advises the Board of Directors on activities related to the monitoring of the accounting practices used to prepare the Company and its subsidiaries financial statements and on the appointment and evaluation of independent auditors. The committee answers to the Company s Board of Directors and is independent from the Executive Board.

18 In thousands of reais Income Statement Consolidated IFRS 3/31/2015 3/31/2014 Net rental revenue 75,371 17,282 Cost of sales (19,221) 0 Gross profit 56,150 17,282 Operating income (expenses) (37,426) (49,095) Sales expenses - (13,666) General and administrative expenses (42,281) (28,242) Other revenue 5,836 2,457 Other expenses (981) (9,644) Net income before financial revenue (expenses) and tax 18,724 (31,813) Financial income (69,404) 12,826 Finance income 31,924 35,699 Finance expenses (101,328) (22,873) Equity in income of subsidiaries (125) 84 Net income before tax (50,805) (18,903) Current income and social contribution taxes (5,828) (3,972) Deferred income and social contribution taxes 23,670 9,735 Net income from continued operations Loss for the period (32,963) (13,140)

19 PRUMO Logística S.A. Balance Sheet (in thousands of reais) Consolidated Assets 3/31/ /31/2014 Current Assets 506, ,494 Cash and cash equivalents 406, ,737 Trade receivables 56,989 45,487 Prepaid expenses 2,765 4,405 Recoverable taxes 15,507 22,447 Other advances 1,597 2,009 Escrow account 4,753 2,773 Inventories 7,460 6,501 Third-party receivables 3,405 1,427 Other 6,708 6,708 Related parties Noncurrent Assets 6,343,860 6,053,025 Deferred taxes 213, ,131 Related parties 53,205 48,973 Third-party assets in our possession 105, ,051 Judicial deposits 33,611 32,959 Returnable down payments 80,200 76,987 Third-party receivables 1,024, ,078 Investments 456, ,024 Property, plant and equipment 4,318,034 4,105,512 Intangible assets 59,367 58,310 Total Assets 6,850,301 6,791,519

20 PRUMO Logística S.A. Balance Sheet (in thousands of reais) Consolidated 3/31/ /31/2014 Current Liabilities 1,299,523 1,280,578 Trade payables 202, ,792 Loans, financing and debentures 1,036, ,182 Liabilities towards third parties 1, Taxes and contributions payable 7,119 7,478 Income and social contribution taxes payable 5,860 10,292 Salaries and charges payable 34,279 28,265 Other 12,385 12,637 Noncurrent Liabilities 2,830,066 2,758,710 Loans, financing and debentures 2,219,253 2,181,156 Taxes and contributions payable 53,004 48,981 Income and social contribution taxes payable 14,032 13,802 Provision for contingencies 2,475 2,212 Liabilities towards third parties 526, ,752 Other liabilities 14,872 14,807 Shareholders' equity 2,720,712 2,752,231 Capital 2,574,612 2,574,612 Capital reserves 480, ,934 Equity appraisal adjustment Accumulated losses (301,338) (258,021) Net income for the year (32,963) (44,373) Total Liabilities plus Shareholders' equity 6,850,301 6,791,519

21 Information about the Conference Call Thursday, May 14 at 10:30 AM (Brasília time); 9:30 AM (US-ET). Telephone number for participants: Dial-in with connections in Brazil: Dial-in with connections in Brazil: Toll-free with connections in the US: Dial-in with connections in the US: Password for participants: Prumo Data for access to the presentation: (English) (Portuguese) Participants should connect 10 minutes before the conference call starts. Investor Relations Contacts: Eugenio Leite de Figueiredo - CFO and Investor Relations Officer Luiz Felipe Jansen de Mello - Investor Relations Manager Flávia Tavares - Senior Investor Relations Analyst ri@prumologistica.com.br / Press: Bárbara Bortolin - barbara.bortolin@prumologistica.com.br /

22 Review report on Quarterly Information (A free translation of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with the accounting practices adopted in Brazil, rules of the CVM and the International Financial Reporting Standards - IFRS) To The Board of Directors Prumo Logística S.A. Rio de Janeiro - RJ Introduction We have reviewed the individual and consolidated interim financial information of Prumo Logística S.A. ( Company ), contained in the quarterly information form - ITR for the quarter ended March 31, 2015, which comprises the balance sheet as of March 31, 2015 and the respective statements of operations and comprehensive income, changes in shareholders equity and cash flows for the three-month period ended on that date, including the explanatory notes. Management is responsible for the preparation of the individual interim financial information in accordance with standard CPC 21(R1) Demonstração Intermediária, and the consolidated interim financial information in accordance with CPC 21(R1) and the international accounting rule IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of quarterly information - ITR. Our responsibility is to express our conclusion on this interim accounting information based on our review. Scope of the review We conducted our review in accordance with Brazilian and International Interim Information Review Standards (NBC TR Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries primarily of the management responsible for financial and accounting matters and applying analytical procedures and other review procedures. The scope of a review is significantly less than an audit conducted in accordance with auditing standards and, accordingly, it did not enable us to obtain assurance that we were aware of all the significant matters that could have been identified in an audit. Therefore, we do not express an audit opinion. Conclusion on the individual interim financial information Based on our review, we are not aware of any fact that might lead us to believe that the individual interim financial information included in the aforementioned quarterly information were not prepared, in all material respects, in accordance with CPC 21(R1) applicable to the preparation of the quarterly review - ITR, and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission.

23 Conclusion on the consolidated interim financial information Based on our review, we are not aware of any fact that might lead us to believe that the consolidated interim financial information included in the aforementioned quarterly information were not prepared, in all material respects, in accordance with CPC 21(R1) and IAS34, applicable to the preparation of the quarterly review - ITR, and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission. Emphasis Going concern Without qualifying our conclusion we draw attention to explanatory note 1 to the individual and consolidated quarterly information, which indicates the Company incurred consolidated losses in the amount of R$32,963 thousand in the period ended March 31, 2015 and at that date consolidated current liabilities exceeded the consolidated current assets by R$793,082 thousand. This note also states that a substantial part of operation from the Company, its subsidiaries and subsidiaries controlled jointly ("joint ventures" and "joint operations") started up in the fourth quarter of 2014, and the conclusion of the work in progress to implement the business plans will rely on the financial support of its shareholders and/or third party until the Company, its subsidiaries and subsidiaries controlled jointly generate sufficient cash to maintain its activities. Such conditions indicate the existence of significant uncertainty that could raise relevant doubt as to the Company's ability to continue as a going concern. No adjustments arising from these uncertainties have been included in this interim financial information. This interim individual and consolidated quarterly information has been prepared on the assumption that the operations will continue as a going concern. Management s plans in regards to these operational activities are described in explanatory note 1. Other matters Statements of added value We also reviewed the individual and consolidated interim Statements of added value (DVA) for the threemonth period ended March 31, 2015, prepared under Management responsibility, for which presentation is required in the interim information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of quarterly information - ITR, and considered as supplementary information by IFRS, which does not require the presentation of the statements of added value. These statements were submitted to the same review procedures described previously and, based on our review, we are not aware of any fact that might lead us to believe that they were not prepared, in all material respects, in accordance with the individual and consolidated interim accounting information, taken as a whole.

24 Comparative balances The comparative balances related to the individual and consolidated balance sheets for the year ended December 31, 2014, were audited by other independent auditors, who issued, an unqualified audit opinion dated March 12, 2015 and the statements of operations and comprehensive income, changes in shareholders equity and cash flows for the three-month period ended on March 31, 2014, were reviewed by other independent auditors, who issued, an unqualified review conclusion dated May 14, Rio de Janeiro, May 12, 2015 KPMG Auditores Independentes CRC SP /O-6 F-RJ Original in Portuguese signed by Luis Claudio França de Araújo Accountant CRC RJ /O-4

25 Balance Sheets March 31, 2015 and December 31, 2014 (In thousands of reais) Parent Company Consolidated Note 3/31/ /31/2014 3/31/ /31/2014 Assets Current Cash and cash equivalents 5 328, , , ,737 Trade receivables ,989 45,487 Inventories - - 7,460 6,501 Prepaid expenses ,765 4,405 Recoverable taxes 5,981 11,002 15,507 22,447 Other advances ,597 2,009 Escrow account - - 4,753 2,773 Related parties 15 2,036 2, Receivables with third parties ,405 1,427 Other 1,173 1,176 6,708 6,708 Total current assets 338, , , ,494 Noncurrent Deferred taxes , ,131 Judicial deposits 3-33,611 32,959 Refundable deposits ,200 76,987 Transactions with related parties , ,809 53,205 48,973 Third-party assets in our possession , ,051 Receivables with third parties ,024, ,078 Investments - Equity Interests 11 1,556,938 1,603,022 12,117 12,650 Investment properties , ,374 Property, plant and equipment 13 3,023 3,134 4,318,034 4,105,512 Intangible assets 14 6,182 5,262 59,367 58,310 Total noncurrent assets 2,451,470 2,437,227 6,343,860 6,053,025 Total assets 2,789,548 2,823,621 6,850,301 6,791,519 The accompanying notes are an integral part of the quarterly interim financial information.

26 Parent Company Consolidated Note 3/31/ /31/2014 3/31/ /31/2014 Liabilities and equity Current Suppliers 3,423 2, , ,792 Loans, financing and debentures ,036, ,182 Transactions with related parties Obligations with third parties , Taxes payable ,230 7,119 7,478 Income and social contribution taxes payable 18 5,738 9,523 5,860 10,292 Salaries and charges payable 17,864 15,971 34,279 28,265 Others ,385 12,637 Total current liabilities 28,407 29,780 1,299,523 1,280,578 Noncurrent liabilities Loans, financing and debentures ,219,253 2,181,156 Taxes payable ,004 48,981 Income and social contribution taxes payable ,032 13,802 Provision for contingencies ,475 2,212 Obligations with third parties , ,752 Others ,872 14,807 Total noncurrent liabilities 1,742 1,867 2,830,066 2,758,710 Equity 20 Capital 2,574,612 2,574,612 2,574,612 2,574,612 Capital reserves 480, , , ,934 Equity adjustment Accumulated losses (295,614) (262,651) (334,301) (302,394) Total equity 2,759,399 2,791,974 2,720,712 2,752,231 Total liabilities and equity 2,789,548 2,823,621 6,850,301 6,791,519 The accompanying notes are an integral part of the quarterly interim financial information.

27 Statements of operations March, 31, 2015 and March 31,2014, (In Thousands of reais, except for earnings per share, stated in reais) Note Parent Company 01/01/2015 a 03/31/ /01/2014 a 03/31/ /01/2015 a 03/31/2015 Consolidated 01/01/2014 a 03/31/2014 Net revenue from sales and services ,371 17,282 Cost of sales (19,221) - Gross profit ,150 17,282 Operating income (expenses) Selling expenses (13,666) Administrative expenses 25 (18,783) (20,364) (42,281) (28,242) Other revenues and expenses (5,418) 4,855 (7,187) Income (loss) before financial income (expenses), equity pickup and taxes (18,499) (25,782) 18,724 (31,813) Financial income (expenses) 27 Financial income 37,633 32,988 31,924 35,699 Financial expenses (138) (408) (101,328) (22,873) 37,495 32,580 (69,404) 12,826 Equity in income (loss) of subsidiaries (46,221) (16,955) (125) 84 Loss before taxes (27,225) (10,157) (50,805) (18,903) Current income and social contribution taxes 18 (5,738) (2,983) (5,828) (3,972) Deferred income and social contribution taxes ,670 9,735 Loss for the period (32,963) (13,140) (32,963) (13,140) Loss per share Basic and diluted loss per common share (in R$) 21 ( ) ( ) ( ) ( ) The accompanying notes are an integral part of the quarterly interim financial information.

28 Statements of comprehensive income (loss) March, 31, 2015 and March 31, 2014, (In Thousands of reais, unless stated otherwise) Parent Company 01/01/2015 a 03/31/ /01/2014 a 03/31/ /01/2015 a 03/31/2015 Consolidated 01/01/2014 a 03/31/2014 Loss for the period (32,963) (13,140) (32,963) (13,140) Other comprehensive income (loss) Total comprehensive income for the period (32,963) (13,140) (32,963) (13,140) The accompanying notes are an integral part of the quarterly interim financial information.

29 Statements of changes in in shareholders equity (Company and Consolidated) March, 31, 2015 and December 31, 2014 (In thousands of reais) Paid-in capital Goodwill in the issue of shares Capital Reserves Stock options awarded Share issue costs Capital reserves - Ferroport Equity adjustment Accumulated losses Equity Parent Company Deferred charges adjustment Law 11638/0 Total equity Balance at January 01, ,924, ,761 56,954 (31,617) 66, (218,278) 2,125,917 (40,174) 2,085,743 Loss for the period (13,140) (13,140) - (13,140) Capital realization - Ferroport , ,294-47,294 Transfer of equity interest , ,482-11,482 Recognized stock options Amortization of deferred assets Balance at March 31, ,924, ,761 57,574 (31,617) 125, (231,418) 2,172,173 (40,131) 2,132,042 Loss for the period (31,233) (31,233) - (31,233) Capital increase 650, , ,000 Expenses with issuance of shares (227) (227) - (227) Recognized stock options - - 1, ,261-1,261 Amortization of deferred assets Balance at December 31, ,574, ,761 58,835 (31,844) 125, (262,651) 2,791,974 (39,743) 2,752,231 Loss for the period (32,963) (32,963) - (32,963) Recognized stock options Amortization of deferred assests ,056 1,056 Gain due to change in percentage interest in subsidiaries Balance at March 31, ,574, ,761 59,221 (31,844) 125, (295,614) 2,759,399 (38,687) 2,720,712 The accompanying notes are an integral part of the quarterly interim financial information.

30 Statements of cash flows March, 31, 2015 and March 31, 2014 (In thousands of reais) Parent Company 01/01/2015 a 03/31/ /01/2014 a 03/31/ /01/2015 a 03/31/2015 Consolidated 01/01/2014 a 03/31/2014 Cash flows from operating activities Loss before taxes (27,225) (10,157) (50,805) (18,903) Expenses (income) not affecting cash Depreciation and amortization ,035 1,816 Write-off of property, plant and equipment - 6,254-6,254 Equity in income of subsidiaries 46,221 16, (84) Monetary variance and Interest (28,228) (17,120) 68,788 (26,630) Transaction cost amortization - - 4,304 - Provision for (reversal of) bonuses 4,773 2,578 5,511 3,896 Expenses with stock options Creation of capital reserve through stock option plan Reflex Açu Port - (5) - - Gain due to change in percentuage interest in subsidiaries - (11,482) - - (3,720) (12,181) 47,344 (33,031) (Increase) decrease in assets and increase (decrease) in liabilities: Trade receivables - - (11,502) (3,196) Inventory - - (959) - Refundable deposits - - (1,212) (1,483) Escrow deposits - - (1,656) (802) Taxes recoverable (4,536) (7,577) (5,441) (2,230) Deferred taxes (47,294) Trade accounts payable - - (35,307) (20,097) Prepaid expenses , Sundry advances (76) (85) 412 3,923 Third-party assets held by the Company (2,306) Others receivables - (2,107) - (1,053) Suppliers 988 (21,910) (38,792) (150) Related party (31,301) (45,515) (5,050) (24,538) Taxes payable (547) (947) 6,349 (363) Salaries and charges payable (2,880) (250) 503 (1,936) Liabilities with third parties ,595 15,585 Other liabilities 2 (80) 457 (1,651) Net cash used in operating activities (42,040) (90,439) (27.619) (120,292) Cash flow from investing activities Acquisition of property, plant and equipment - (1,610) (231,632) (427,732) Advance for future capital increase (100) (490,100) - - Transfer of participation - 11,482-11,482 Intangible assets (1,199) (16) (2,014) (610) Capital reserve Ferroport ,294 Investment Property ,210 Net cash used in investing activities (1,299) (480,244) (232,775) (338,356) Cash flow from financing activities Interest paid (89,370) Advances for acquisition of properties ,044 38,677 Transaction cost - - (1,948) (44,552) Loans obtained ,000 Loans settled (406,000) Net cash used in financing activities ,096 (95,245) Decrease in cash and cash equivalents (43,339) (570,683) (240,298) (553,893) At beginning of period 371, , , ,384 At end of period 328, , , ,491 Decrease in cash and cash equivalents (43,339) (570,683) (240,298) (553,893) The accompanying notes are an integral part of the quarterly interim financial information.

31 Statements of added value March, 31, 2015 and March 31, 2014, (In Thousands of reais, unless stated otherwise) 01/01/2015 a 03/31/2015 Parent Company 01/01/2014 a 03/31/ /01/2015 a 03/31/2015 Consolidated 01/01/2014 a 03/31/2014 Revenues Sales of goods, products and services ,559 17,282 Other revenues 284-5,836 1,531 Revenue from construction of own assets , ,562 Allowance for doubtful accounts (13,666) , ,709 Inputs acquired from third parties (including ICMS and IPI) Costs of goods, products and services - - (19,221) - Materials, energy, third-party services and other expenses (3,655) (4,714) (190,210) (395,418) Loss/recovery of assets - (6,255) - (6,255) Others (13) (10) (20) (9) (3,668) (10,979) (209,451) (401,682) Gross value added (3,384) (10,979) 62,800 (11,973) Depreciation, amortization and depletion (391) (175) (14,517) (1,815) Net added value produced by the Company (3,775) (11,154) 48,283 (13,788) Added value received in transfer Equity income subsidiaries (46,221) (16,955) (125) 84 Financial income 37,633 32,988 31,924 35,699 Deferred income tax ,670 9,735 (8,588) 16,033 55,469 45,518 Total added value to be distributed (12,363) 4, ,752 31,730 Distribution of added value Employees Direct compensation 4,671 4,759 6,595 5,465 Benefits 6,066 6,403 7,888 6,785 Unemployment Compensation Fund (FGTS) ,073 11,562 14,984 12,715 Taxes Federal 7,727 5,024 16,951 8,445 State Municipal - - 1,341-7,727 5,024 18,409 8,500 Debt remuneration Interest ,396 22,380 Rent 1,662 1,082 1,926 1,275 1,800 1, ,322 23,655 Equity remuneration Loss for the period (32,963) (13,140) (32,963) (13,140) (32,963) (13,140) (32,963) (13,140) (12,363) 4, ,752 31,730 The accompanying notes are an integral part of the quarterly interim financial information.

32 Notes to the individual and consolidated quarterly information March 31, Operations Prumo Logística S.A. ( Prumo or Company ) located at the address Rua do Russel, 804, 5º andar, Glória, Rio de Janeiro, was incorporated on March 1, 2007 to develop integrated logistics and infrastructure ventures, mainly in the port sector. These operations mainly consist of storing, transporting and shipping iron ore, general third-party cargo, solid bulk (minerals, agricultural and processed) and liquid bulk and leasing out its landside yard. The Company carries out its operations via its subsidiary Porto do Operações S.A. ( Açu PortX ) and its joint subsidiary ( joint operation ), LLX Minas-Rio Logística Comercial Exportadora S.A. ( Ferroport ). Açu Port and Ferroport commenced shipping activities at terminals 1 and 2 in the last quarter of Açu Port began leasing out its landside yard in 2011 and in November 2014, also started its port operations in the T2 terminal channel. Ferroport came into operation in October 2014, when it loaded the first iron ore shipment at T1. Impairment analysis Prumo's shares closed the period ended March 31, 2015 at R$0.26, which is lower than the Company's consolidated equity value at that date of R$0.98 per share. The Company prepares quarterly analysis of the recoverability of the assets on a quarterly. Management concluded there is no need for a any provision for losses as of March 31, 2015, as described in Note 13 - Property, Plant and Equipment.

33 1. Operations--Continued, the Company presented negative value for its consolidated net working capital. The financial provided for short-term strategic are as follows: Negotiations with BNDES, Bradesco and Santander to the Company's debt profile lengthening: Renegotiation with BNDES and revalidation by it of the qualification letter dated September 19, 2013 for long-term project finance, of approximately R$2.8 billion, compatible with the nature of the Company's investment. R$2.2 billion of this amount has been released and used by the Company, and In addition, management is developing other means of obtaining funds to conclude its works and implement its business plan. Açu Port Strategically located in the municipality of São João da Barra, in northern Rio de Janeiro state and occupying an area of 90 km², Açu Port is located approximately 150 km from Campos Basin. It is a private, mixed-use Port for the port industry, with a depth ranging from 10 to 19 meters, which may be increased up to 24 meters in a second phase. Açu Port has an offshore terminal (T1) and an onshore terminal (T2), which jointly have a 17 km pier with the capacity for large size vessels (Cape Size and VLCC). This port complex is shared by two companies: Ferroport has a 300 hectare area to process, handle and store iron ore and is the coowner of an offshore structure (T1) consisting of an access pier, approach channel, breakwater and up to two berths for loading iron ore; it came into operation on October 25, 2014 with the loading of 80 thousand tons of iron ore; By the end of the first quarter of 2015 Ferroport had shipped 1,294 thousand tons of iron ore. Ferroport is a joint venture ("joint operation") between the Company and Anglo American Participações Minério de Ferro Ltda. ( Anglo American ).

34 1. Operations--Continued Ferrorport is party to an Asset Allocation Agreement with Anglo American and Açu Port, which states that the company is responsible for the construction of the T1 terminal, including the condominium assets, and establishes the details about the asset allocation among the parties, means of payment, transfer of divisible assets and percentage ownership of the indivisible assets. These assets are transferred at cost plus a mark-up established in the agreement. Operations start-up Operations commenced at terminals T1 and T2 and Açu Port in the fourth quarter of The first iron ore was loaded at T1 by Ferroport in October 2014, in the amount of 80 thousand tons. The iron-ore shipment and operational start-up is based on the take or pay agreement with the shareholder Anglo American, which establishes the loading of 26 million tons a year of iron ore, at a rate of USD per ton (USD 7.10 at December 31, 2014), adjusted by the PPI (Producer Price Index). After operational start-up, the capitalization of interest on the corresponding financing loans were proportionately discontinued and asset depreciation commenced. Both Ferroport and Açu Port still have work in progress at terminals T1 and T2, respectively, and will incur substantial expenditure to conclude their business plans. These expenses are necessary to fully perform the contracts, such as breakwater works at terminal T1 and the depth of the channel in terminal T2. Because of its proximity to the Campos, Santos and Espírito Santo basins, the Açu Port is strategically positioned to consolidate and treat oil at the T1 terminal, serve as a support base for offshore exploration and production operations and attract the oil and gas industry. In addition to the future logistics support services, Açu Port operates as a lessor of part of its backyard to companies that are in the process of installing their ventures in the location. Already installed or being installed in Terminal 2,NOV Flexibles Equipmentos e Serviços Ltda. ("NOV"), Flexibrás Tubos Flexíveis Ltda. ("Technip"), Wärtsilä do Brasil Ltda. ("Wärtsilä"), Intermoor do Brasil Ltda. ("Intermoor"), Britannic Strategies Limited ("BP"), Marca Ambiental Ltda. ("Marca Ambiental") and Brasil Port Offshore Estaleiro Naval Ltda. ("ECO" or "Edison Chouest").

35 1. Operations--Continued On March 31, 2015 Edison Chouest ( ECO ) exercised its option to increase its area, as stipulated in the agreement signed April 09, 2014, resulting in its area rising from 284,200 m² to 411,800 m². The new area has a wharf line of 220 meters, which in addition to the previous 490 meters, amounted to 710 meters. There are two options for increasing the area that can be exercised by October 2015, which could increase the area to as much as 574,200 m² with a wharfline of 990 meters. Açu Port and ECO have also agreed to jointly study, in non-binding agreement, the possibility of implementing a ship repair yard to be located along the south breakwater of Terminal T2. New controlling shareholder As announced by the company in a press release on September 15, 2013, EIG LLX Holdings S.A.R.L. ( EIG ) became the Company's parent company, after making a capital contribution. The total value of the capital increase was R$1,300,068, with R$1,124,019 made by EIG and R$176,049 by non-controlling shareholders. On this date EIG accordingly acquired an interest of 52.82% and the former controlling shareholders 20.88%. Also under the Agreement, on October 14, 2013 the Company acquired a 30% interest in Açu Port, 50% of NFX Combustíveis Marítimos Ltda. ( NFX ) and 30% of LLX Brasil, hitherto held indirectly by the former controlling shareholder, subject to the payment of R$1.00 (one real) each. These transfers were recorded as an increase in the investments in the parent company Prumo in the equity amount of R$66,406, and charged to shareholders' equity - capital reserves as they are essentially capital contributions made by the former controlling shareholder. On December 30, 2014 EIG subscribed and paid in the amount of R$650,000 through the issuance of 1,000,000 new common registered shares with no par value and announced the termination of the shareholders' agreement between EIG, Mr. Eike Fuhrken Batista and Centennial Asset Mining Fund LLC. In the agreement had been established the right of the EIG, at its sole discretion, to terminate the agreement in the event the equity interest held directly or indirectly by Eike Fuhrken Batista accounted for less than 10% of the Company's common shares. It was announced in a press release on November 18, 2014 that by way of investees Mr. Eike Fuhrken Batista had transferred 9.29% of his interest in Prumo to Mubadala, and the non-subscription to this capital increase occurred in December 2014.

36 1. Operations--Continued Mr. Eike Fuhrken Batista consequently lost the right to appoint a member to the Board of Directors and forfeited his significant influence over the Company, meaning the companies of EBX Group were no longer considered to be related parties from December 30, On December 31, 2014 EIG increased its holding to 74.27% of the Company's share capital. On March 27, 2015 Banco Itaú S.A. ( Banco Itaú ) acquired 178,453,716 common shares accounting for 6.43% of Prumo's share capital formerly held by Mr. Eike Fuhrken Batista, as a result of the guarantee being enforced. On that date the participation of Mr. Eike Fuhrken Batista's interest being reduced to 7,176,911 common shares or 0.26% of the Company's share capital.

37 2. Licenses and permits Licenses or permits in force at March 31, 2015: Company Type Date of issuance Term Açu Port Açu Port Preliminary license LP IN which approves the design and location of structures commonly used in the Industrial District of São João da Barra (DISJB), including a railway network, implementation of the Campos Açu channel in the Quitingute UCN section, electricity grid and other structures. Preliminary and construction license IN approving the design, location and implementation of a mooring peer for a flexible liquefied natural gas transfer unit. 10/30/ /30/ /10/ /10/2015 Açu Port Preliminary and construction license LPI IN design and location of the Southern Terminal. (*) approving the 2/16/2012 2/16/2015 Açu Port Açu Port Açu Port Açu Port Açu Port Açu Port Açu Port Preliminary Construction License IN approving the design and location of the disposal of material dredged from the Approach Channel as a result of the works of building the Shipbuilding Yard - UCN. Preliminary Construction License IN approving the design, location and implementation of two deposits (2 and 7) of the onshore support for the disposal of material dredged from the approach channel to the Shipbuilding Yard - UCN, with clearance of ha of restinga and felling of exotic vegetation in an area of 2.67 ha covered by hedges of the species Euphorbia tirucalli, located at Rodovia RJ 240 Açu, Distrito Industrial, São João da Barra. Construction License LI IN to implement the Southern Terminal, a port plant designed to handle cargo and products for import and export (general and solid and liquid bulk and project cargo), with clearance of 6.5 ha of restinga and felling of exotic vegetation in an area of 0.7 ha of eucalyptus in the intervention area, and the capture, transportation, rescue and monitoring of wild fauna. Simplified Environmental License (LAS) IN approving the design, location, implementation and operation of a temporary crushing plant in the logistics yard of the Açu Industrial and Port Complex. Construction Licenses LI IN and AVB approving the implementation of the temporary advanced worksite to support the building of the Shipbuilding Yard's channel. Preliminary Construction License LI IN approving the design, location and implementation of infrastructure in the Southern Terminal, consisting of road surfacing, buildings in the main entrance, laying of drainage and water distribution grids at Fazenda Saco Dantas. Construction License LI IN approving the 345 kv dual electricity transmission circuit, with a length of 58 km and energy substation, and clearance of exotic vegetation in 1.42 ha of restinga. (*) 11/26/2013 6/1/ /18/2013 5/28/2015 5/17/2013 5/15/2017 2/18/2013 2/18/2017 5/23/2013 5/23/2016 9/25/ /31/2015 9/5/2014 4/24/2015

38 2. Licenses and permits--continued Açu Port Açu Port Construction License LI IN and AVB approving the creation of a navigation channel consisting of an offshore approach channel and onshore mooring channel, and implementation of the wharfline structures, current guides and peer. Construction License LAS IN approving the location, creation and operation of the 138 kv Distribution Line, interconnecting the Minas Rio Transmission Line and Açu Substation, with a length of 1.7 km and six towers, and an easement of 20 meters. 8/7/2014 8/7/2017 7/17/2014 7/17/2018 Pedreira Sapucaia Ferroport Operating License LO IN approving the extraction of granite blocks for use in civil construction, on a mining front of ha located in an area of 21.8 ha. Construction License LI IN renewing IN to proceed with construction of the port terminal, denominated Açu Port located in Fazenda Saco Dantas, Barra do Açu, São João da Barra. 5/2/2011 5/2/ /13/ /13/2016 Ferroport Operating License LO IN approves the operation for the receipt of iron ore pulp, iron ore filtering plant, storage yard, ore transfer plant, access pier, ore loading pier, utilities and workshop areas, administrative offices, underwater effluent outlets, dredging for maintaining the access and navigation draft, shipment of waste from vessels and the loading of food supplies, consumables and drinkable water onto vessels. 5/13/2014 5/29/2018 Ferroport Ferroport Permit to use Water Resources OUT IN authorizes the extraction of raw water through tubular wells, for human consumption, and other applications (in civil construction works and to spray on roads), in the Hydrographic Basin RH-IX Baixo Paraíba do Sul. Operating release instrument TLO 9 authorizes Ferroport to begin operating the Private terminal at Barra do Açu, Fazenda Saco Dantas, s/nº Açu Port. (*) License is in the process of being renewed. 7/10/2013 7/10/2018 9/2/2014 9/2/2039

39 3. Group entities Equity interests Country 3/31/ /31/2014 Direct subsidiaries LLX Minas-Rio Logística Comercial Exportadora S.A. ( Ferroport ) (*) Brazil 50.00% 50.00% Porto do Açu Operações S.A. ( Açu Port ) Brazil % % LLX Brasil Operações Portuárias S.A. ( LLX Brasil ) Brazil % % NFX Combustíveis Marítimos Ltda. ( NFX ) Brazil 50.00% 50.00% Açu Petróleo S.A. ( Açu Petróleo ) Brazil % - Gás Natural Açu Ltda. ( Gás Natural ) (**) Brazil 77.89% - Prumo Participações e Investimentos S.A. ( Prumo Participações ) Brazil % - Indirect subsidiaries GSA - Grussaí Siderúrgica do Açu Ltda. ( GSA ) Brazil % % Gás Natural Açu Ltda. ( Gás Natural ) (**) Brazil % Reserva Ambiental Fazenda Caruara S.A. ( Reserva Ambiental Caruara ) Brazil % % G3X Engenharia S.A. ( G3X ) Brazil % % Pedreira Sapucaia Ind. e Comercio Ltda. ( Pedreira Sapucaia ) Brazil % % LLX Empresa Brasileira de Navegação Ltda. ( EBN ) Brazil % % SNF - Siderúrgica do Norte Fluminense S.A. Brazil % % Fundo de Investimentos em Cotas de Fundos de Investimento Multimercado Crédito Privado LLX 63 Brazil 99.99% 99.99% (*) Joint operation pursuant to the Shareholders Agreement that guarantees the same rights held by the Company to the shareholder Anglo American, a company of the same group, jointly holding 50% of the shares. (**) After the advance for future capital increase had been converted via the second contractual amendment filed on 3/9/2015, Prumo held a 77.89% interest in the company Gás Natural, resulting in its interest in Açu Port diluting to 22.11%.

40 3. Group entities--continued In the period March 31, 2015, Prumo Group ( Prumo and subsidiaries and joint subsidiary ) had the following structure: