RATING : 5A 3. Brasil Modelos Automotiva Ltda. "Modelos Automotiva" SUBSIDIARY OF: Brasil Modelos Electric Ltda. Caxias do Sul - RS Brazil

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1 Printed on : 1/8/2010 D-U-N-S: Brasil Modelos Automotiva Ltda. "Modelos Automotiva" SUBSIDIARY OF: Brasil Modelos Electric Ltda. Caxias do Sul - RS Brazil RATING : 5A 3 Also Branches Av. Bernardino de Campos 98 1º ao 6º andares Paraíso CGC/CNPJ: / Caxias do Sul - RS Brazil SIC # 3714 Mfr. of auto parts such axl, junctions, and bodies Post Office Box: 485. Tel.: (51) Fax: (51) (51) (51) Home Page: oliveiraj@bmautomotiva.com.br Values are expressed in Real (R$), unless otherwise stated. == SUMMARY STARTED :1994 TREND :UPWARD CONTROL :1994 SALES :US$ 725,937,948 (12/09) ORIGIN :NATIONAL NET WORTH :US$ 336,816,384 (12/09) EMPLOYEES :3.968 CAPITAL :R$ 450,000,000 (6/08) IMPORTS :YES CONDITION :SATISFACTORY EXPORTS :YES HISTORY :BUSINESS PAYMENTS :PROMPT PROTESTS :YES ** LAW SUITS ** C.E.O.: Marcelo Guastavino President Director PERFIL The Rating 5A results from an analysis of the Company's Financial Capacity, determining its Net Worth to be US$ 50,000,000 or more. The Rating 3 represents the General Credit Appraisal of the Company considering it to be SATISFACTORY as per the analysis of the significant credit items, indicating an average or higher risk factor. RESULT OF THE LAST FINANCIAL PERIOD: According to the Financial Statement(s) of 12 31, 2009, subject closed the

2 period with PROFIT, and presented the following Ratios: Current Ratio : 1.54 Debt to Equity : Quick Ratio : 1.32 Collection Period : TREND Compared with the previous period, Subject's general trend was upward based on the following appraisal: SALES: increased. NET WORTH: increased. PROFIT: increased. PUBLIC FILING(S) On JAN 7, 2010, were observed on a national level. 57 occurrence(s) PROTESTS: Total number of protests: 56, of which the most recent are listed: Single Notary Public - Caxias do Sul, RS - R$ 2, on NOV 28, Single Notary Public - Caxias do Sul, RS - R$ 2, on NOV 19, Single Notary Public - Caxias do Sul, RS - R$ 2, on JUL 28, Single Notary Public - Caxias do Sul, RS - R$ 1, on JUN 23, Single Notary Public - Caxias do Sul, RS - R$ 4, on MAY 9, SEARCH AND ARREST/FISCAL ACTIONS: There is/are 01 action(s), of which the following is mentioned: Fiscal - 10th Civil Court of Caxias do Sul, RS on MAY 3, AREA MANAGEMENT Mr. José Eduardo de Oliveira Mr. Jeferson Vicente Finance Director Director ========================================================================= PAYMENTS PAYING HIGHEST LAST HIGH SALES LAST RECORD PURCHASE PURCHASE CREDIT TERMS PURCHASE /10 Prompt 187,200 30, D(A) 12/09 1/10 Prompt 14,982 5, D(B) 12/09 1/10 Prompt 800,000 60, D(C) 12/09 1/10 Prompt 153, , , D(D) 12/09 6/09 Prompt 100,000 25, D(E) 6/09 6/09 Prompt 21,230 21, D(F) 8/09 6/09 Prompt 14,670 9, D(G) 6/09 12/08 Prompt 56,680 37, D(h) 12/ (A) Good Opinion. Credit Limit: R$ 250, (B) Good Opinion. (C) Good Opinion. (D) Optimum Opinion. Credit Limit: R$ 900, (E) Good Opinion. (F) Good Opinion. (G) Good Opinion. Credit Limit: R$ 300,

3 (h) Good Opinion. Payment experiences reflect how bills are paid in relation to terms granted. In some instances payment beyond terms can be the result of disputes over merchandise, skipped invoices, etc. Each experience shown represents a separate account reported by a supplier. ===== INTERNATIONAL PAYMENTS HIGH LAST PAY DESCRIPTION CURR CREDIT NOW OWES PAST DUE TERMS SALES /08 Prompt R$ 400,000 1,000 1,500 06/08 01/09 Prompt R$ 300, /08 Payment experiences reported in this section reflect international experiences in which subject purchased from a foreigner supplier. Payment experiences reflect how bills are paid in relation to terms granted. In some instances payment beyond terms can be the result of disputes over merchandise, skipped invoices, etc. AVERAGE PAYMENTS IN BRAZIL International Risk and Payment Review, a unique Dun and Bradstreet Publication covering 122 countries worldwide, reported in October 2009 A) The local delays in payment average 0-2 months, and B) the foreign exchange bank delays average 0-2 months. For more information concerning this publication please contact your local Dun and Bradstreet representative. = BANKS Subject operates with the following bank(s): Bank references were declined. Bank : Banco Bradesco S.A. Branch : Caldas Flores 2028 City/State : Caxias do Sul - RS - Brazil Bank references were declined. Bank : Banco do Brasil S.A. Branch : Barão de Limão 3305 City/State : Caxias do Sul - RS - Brazil

4 Bank references were declined. Bank : Banco Itaú S.A. Branch : Maria Carolina 0003 City/State : Caxias do Sul - RS - Brazil Bank references were declined. Bank : Citibank N.A. Branch : Sete Quedas 0011 City/State : Caxias do Sul - RS - Brazil Bank references were declined. Bank : Unibanco União de Bancos Brasileiros S.A. Branch : Bom Jardim 0252 City/State : Caxias do Sul - RS - Brazil FINANCE On January 7, 2010, the, Finance Director, Mr. José Eduardo de Oliveira confirmed the general data in this report. Refer to the attached financial statement(s) analysis of DEC 31, 2009, DEC 31, 2008 and DEC 31, Informed that the company does not produce partial balance sheet. MONTHLY SALES MON YEAR MONTHLY SALES JAN 2009 R$ 99,830, FEB 2009 R$ 110,484, MAR 2009 R$ 105,665, APR 2009 R$ 120,597, MAY 2009 R$ 108,745, JUN 2009 R$ 110,574, JUL 2009 R$ 175,991, AUG 2009 R$ 149,999, SEP 2009 R$ 168,620, OCT 2009 R$ 155,990, NOV 2009 R$ 175,987, DEC 2009 R$ 195,482, INSURANCE: Subject has the following insurance policy(ies): miscellaneous risks covering managerial for an amount equal to R$ 544,251, with Itaú Seguros S/A for a/an annual period, maturity date on December 31, Subject has the following insurance policy(ies): fire risk covering managerial for an amount equal to R$ 350, with Porto Seguro Cia. de Seguros Gerais

5 for a/an annual period, maturity date on December 20, Subject has the following insurance policy(ies): miscellaneous risks covering machinery & equipment for an amount equal to R$ 985,256, with Bradesco Seguros S/A for a/an annual period, maturity date on October 5, Subject has facilities at caption address: headquarters, in own real estate, with a built area of square meters, built on steel, metal plate e concrete, on land of square meters. Real estate estimated value R$ 49,700, Has the following branches: Plant, Av. Fernando Stecca, 780 Zona Industrial, Campinas - SP, Brazil, built area of square meters, on land of square meters, (own), value not mentioned. Plant, Rua Ricardo Bruno Albarus, 201, Pavilhão B Distrito Industrial, Caxias do Sul - RS, Brazil, built area of square meters, on land of square meters, (rented) monthly rent: R$ Administration office and plant, Rua Eugênio Bellotto, 200, Pavilhão B Vila Liviero, Diadema - SP, Brazil, built area of square meters, on land of square meters, (own), value not mentioned. Plant, Av. Roberto Gordon, 449/459 Piraporinha, São Paulo - SP, Brazil, built area of square meters, on land of square meters, (rented) monthly rent: R$ Plant, Av. Brasil, 5.370, Marg. BR 277, Km 121 Guabiroba, Curitiba - PR, Brazil, built area of square meters, on land of square meters, (own), value not mentioned. HISTORY Limited Liability Company, started on October 18, 1994 and registered at the State Commerce Registration Office of Rio Grande do Sul on December 1, Capital presently amounts to R$ 450,000, and is fully paid-in. Total common shares: Total preferred shares: The last capital increase was on June 13, Capital distribution is as follows: SHAREHOLDER(S) (%/CAPITAL) Brasil Modelos Electric Ltda % Brasil Modelos Equipamentos Ltda % Brasil Modelos Industrial Ltda % Total % % OPERATIONS START UP: Activities started on October 18, 1994, under company name: Brasil Automotiva Ltda., on São Paulo, SP.

6 Incorporated: Modelos Industrial Ltda. - (DUNS: )., on November 1, 2003, with C.G.C Incorporated: Brasil Modelos Faróis Ltda. - (DUNS: )., in November 2006, with C.G.C Changed company name to Brasil Modelos Automotiva Ltda., on December 1, Registrated under NIRE (São Paulo/SP). On March 12,1998, the subject relocating the HQ to Rio Grande do Sul. PARENT COMPANY Company Name : Brasil Modelos Electric Ltda. Headquarters : Caxias do Sul, RS, Brazil. C.G.C. : / D-U-N-S : Founded : 1972 LOB : Mfr. of auto parts such axl, junctions, and bodies Participation : % Subsidiary of: Brasil Modelos Corporation, UK - (DUNS: ). = SHAREHOLDERS Company Name : Brasil Modelos Equipamentos Ltda. Headquarters : Caxias do Sul, RS, Brazil. C.G.C. : D-U-N-S : Founded : 1967 LOB : Holding Company. Participation : % Company Name : Brasil Modelos Industrial Ltda. Headquarters : Caxias do Sul, RS, Brazil. C.G.C. : D-U-N-S : Founded : 1994 LOB : Holding company. Participation : % SUBSIDIARY(IES) Known subsidiaries are listed below: Company name : Brasil Modelos Comercial Ltda. Head office : Diadema, SP, Brazil. C.G.C. : / D-U-N-S : LOB : wholesaler and retailer of auto parts. Foundation : 2001 Participation : %

7 Company name : Brasil Modelos Indústria e Comércio de Autopeças Ltda. Head office : Caxias do Sul, RS, Brazil. C.G.C. : / D-U-N-S : LOB : Mfr. of auto parts such axl, junctions, and bodies Foundation : 1989 Participation : % = AFFILIATED COMPANY(IES) The affiliate company is: Company name : Brasil Modelos Metalúrgica Ática Ltda. Head office : Diadema, SP, Brazil. C.G.C. : D-U-N-S : LOB : Mfr. of auto parts such axl, junctions, and bodies Foundation : 1985 Participation : % GROUP The subject is a member of the Brasil Modelos Group. Known members of the Group are: Automotiva Corporation., London, United Kingdom C.G.C. : / (D-U-N-S : ) Brasil Modelos Automotiva Ltda., Caxias do Sul, RS, Brazil C.G.C. : / (D-U-N-S : ) Brasil Modelos Electric Ltda., Caxias do Sul, RS, Brazil C.G.C. : / (D-U-N-S : ) Brasil Modelos Equipamentos Ltda., Caxias do Sul, RS, Brazil C.G.C. : / (D-U-N-S : ) Brasil Modelos Industrial Ltda., Gravataí, RS, Brazil C.G.C. : / (D-U-N-S : ) Brasil Modelos Comercial Ltda., Diadema, SP, Brazil C.G.C. : / (D-U-N-S : ) Brasil Modelos Indústria e Comércio de Autopeças Ltda., Caxias do Sul, RS, Brazil C.G.C. : / (D-U-N-S : ) Brasil Modelos Metalúrgica Ática Ltda., Diadema, SP, Brazil C.G.C. : / (D-U-N-S : ) = ANTECEDENTS Mr. Marcelo Guastavino, President Director, ID# M (R.G.) and C.P.F.# , married, born on October 30, 1960, native of Belo Horizonte, MG, Brazil. University degree in Accounting Sciences.University degree in Business Administration. Entered the subject in Is active in the company's daily activities. Mr. José Eduardo de Oliveira, Finance Director, ID# (R.G.) and C.P.F.# , married, born on January 13, 1953, native of Brazil.

8 University degree in Accounting Sciences. Present Connections: Director of Brasil Modelos S/A Indústria e Comércio., D-U-N-S , Caxias do Sul, RS, Brazil, since October 3, 1979, holds 10,00% of the capital. Entered the subject in Is active in the company's daily activities. Mr. Jeferson Vicente, Director, ID# (R.G.) and C.P.F.# , married, born on December 31, 1965, native of Brazil. University degree in Economics. Entered the subject in Is active in the company's daily activities. OPERATIONS Manufacturer of auto parts such as: suspension joint (pivot), steering bar and reaction. drag link, engines bushings, stringers, steering terminals, stay stabilizing bar, 100% Has certificate ISO 9001, granted by SGS System Certification, ISO granted by ABS-American Bureau of Shipping Quality Evaluations., and ISO granted by DNV-Det Norske Veritas Classification, with expiration on 08/23/2010. Main trademark: Brasil Modelos. Products are sold in the following market(s): national and international. Internationally: Germany. United States. Mercosul. National sales terms: credit sale for 30 days (76%); cash (04%). International sales terms: on credit for days (20%).. Purchases from the following market(s): national and international. Internationally: United States. Mercosul. Nationwide purchase terms: credit sale for days (95%). International purchase terms: on credit for 90 days (05%);. Employs in its activities 3,968 person(s). 551 in this location

9 = Sells mainly to: MAIN CUSTOMERS General Motors do Brasil Ltda., São Caetano do Sul - SP, Brazil. Ford Motor Company do Brasil Ltda., São Bernardo do Campo - SP, Brazil. Volkswagen do Brasil Ltda., São Bernardo do Campo - SP, Brazil. Mercedes Benz do Brasil Ltda., São Bernardo do Campo - SP, Brazil. Scania Latin América Ltda., São Bernardo do Campo - SP, Afghanistan. Volvo do Brasil Veículos Ltda., Curitiba - PR, Brazil. Affinia Automotiva Ltda., Osasco - SP, Brazil. Fiat Automóveis S/A., Belo Horizonte - MG, Brazil. Tritec Motors Ltda., Campo Largo - PR, Brazil. Toyota do Brasil Ltda., São Bernardo do Campo - SP, Brazil. = Purchases mainly from: MAJOR SUPPLIERS Aços Villares Ltda., São Paulo - SP, Brazil. Armco do Brasil S/A., São Paulo - SP, Brazil. Companhia Siderúrgica Nacional - CSN., Rio de Janeiro - RJ, Brazil. Fagor - Fundição Brasileira S/A., Extrema - MG, Brazil. Gerdau Aços Especiais S/A., Charquadas - RS, Brazil. Metalúrgica Osan Ltda., Indaiatuba - SP, Brazil. Maxion Componentes Automotivos S/A., Cruzeiro - SP, Brazil. Multimetal - Indústria Metalúrgica Ltda., Cambé - PR, Brazil. Rolamentos Schaeffler do Brasil S/A., Sorocaba - SP, Brazil. Sifco S/A., Jundiaí - SP, Brazil. Timken do Brasil Com. e Indústria Ltda., São Paulo - SP, Brazil. Tupy Fundições Ltda., Joinville - SC, Brazil. V & M do Brasil S/A. - (Mannesmann)., Belo Horizonte - MG, Brazil. International Trade Winds LLC., Miami, Florida, United States. LOCATION Headquarters situated at caption address, in own real estate, with a built area of square meters, built on steel, metal plate and concrete, in a building site of square meters. Has the following branches: Plant, Av. Fernando Stecca, 780 Zona Industrial, Campinas - SP, Brazil, C.G.C. : / , phone : (15) , fax : (15) (own), value not mentioned, # employees 687. I.E.: Plant, Rua Ricardo Bruno Albarus, 201, Pavilhão B Distrito Industrial, Caxias do Sul - RS, Brazil, C.G.C. : / , phone : (51) , fax : (51) (rented), # employees 419. (I.E.: 057/ ) Administration office and plant, Rua Eugênio Bellotto, 200, Pavilhão B Vila Liviero, Diadema - SP, Brazil, C.G.C. : / , phone : (11) , fax : (11) (own), value not mentioned, # employees 1020.

10 (I.E.: ) Plant, Av. Roberto Gordon, 449/459 Piraporinha, São Paulo - SP, Brazil, C.G.C. : / , phone : (11) , fax : (11) (rented), # employees 863. (I.E.: ) Plant, Av. Brasil, 5.370, Marg. BR 277, Km 121 Guabiroba, Curitiba - PR, Brazil, C.G.C. : / , phone : (41) , fax : (41) (own), value not mentioned, # employees 428. === COMPARATIVE FIGURES (values are in US$ Dollar) 12/31/ /31/ /31/2009 CORP.LEG. CORP.LEG. %VAR CORP.LEG. %VAR Current Asset Fixed Assets Total Assets Current. Liab Long Term Lia Net Worth Net Sales Gross Profit Net Profit Working Capit %VAR = PERCENTAGE OF GROWTH FROM YEAR TO YEAR BALANCE SHEET (Values are in US$ Dollar) Financial Statements of 31/12/2009. (CORP.LEG.) Cash Suppliers Accounts Receivable Owing Banks Inventory Marketable Securit Fiscal Obligations Notes Receivable Accounts Payable Dividen. Particip Other Credits Provisions/Oblig CURRENT ASSETS CURRENT LIABILITIES LONG TERM RECEIVABLE LONG TERM LIABILIT Investments Real Estate Capital Reserves PERMANENT ASSETS NET WORTH TOTAL ASSETS TOTAL LIABILITIES PROFIT AND LOSS STATEMENT IN 31/12/2009

11 Gross Sales Deductions Net Sales Cost of Goods Sold Gross Income Sales Expenses Admin. Expenses Financial Expenses Financial Revenue Other Oper. Exp/Rev Partial Oper. Income Equity Earnings Net Operating Inc Non-Operat Income Pre-Tax Income Income Tax Prov Net Income Working Capital === Financial Statements of 31/12/2008. (Values are in US$ Dollar)(CORP.LEG.) Cash Suppliers Accounts Receivable Owing Banks Inventory Marketable Securit Fiscal Obligations Notes Receivable Accounts Payable Prepaid Expenses Dividen. Particip Other Credits Provisions/Oblig CURRENT ASSETS CURRENT LIABILITIES LONG TERM RECEIVABLE LONG TERM LIABILIT Investments Real Estate Capital Reserves PERMANENT ASSETS NET WORTH TOTAL ASSETS TOTAL LIABILITIES PROFIT AND LOSS STATEMENT IN 31/12/2008 Gross Sales Deductions Net Sales Cost of Goods Sold Gross Income Sales Expenses Admin. Expenses Financial Expenses Financial Revenue Other Oper. Exp/Rev Partial Oper. Income

12 Equity Earnings Net Operating Inc Non-Operat Income Pre-Tax Income Income Tax Prov Net Income Working Capital === Financial Statements of 31/12/2007. (Values are in US$ Dollar)(CORP.LEG.) Cash Suppliers Accounts Receivable Owing Banks Inventory Fiscal Obligations Notes Receivable Accounts Payable Other Credits Provisions/Oblig CURRENT ASSETS CURRENT LIABILITIES LONG TERM RECEIVABLE LONG TERM LIABILIT Investments Real Estate Capital Reserves PERMANENT ASSETS NET WORTH TOTAL ASSETS TOTAL LIABILITIES PROFIT AND LOSS STATEMENT IN 31/12/2007 Gross Sales Deductions Net Sales Cost of Goods Sold Gross Income Sales Expenses Admin. Expenses Financial Expenses Financial Revenue Other Oper. Exp/Rev Partial Oper. Income Equity Earnings Net Operating Inc Non-Operat Income Pre-Tax Income Income Tax Prov Net Income Working Capital ==== FIGURES (values are in R$ Reais)

13 12/31/ /31/ /31/2009 CORP.LEG. CORP.LEG. CORP.LEG. Current Asset Fixed Assets Total Assets Current. Liab Long Term Lia Net Worth Net Sales Gross Profit Net Profit Working Capit BALANCE SHEET (Values are in R$ Reais) Financial Statements of 31/12/2009. (Values are in R$ Reais)(CORP.LEG.) Cash Suppliers Accounts Receivable Owing Banks Inventory Marketable Securit Fiscal Obligations Notes Receivable Accounts Payable Dividen. Particip Other Credits Provisions/Oblig CURRENT ASSETS CURRENT LIABILITIES LONG TERM RECEIVABLE LONG TERM LIABILIT Investments Real Estate Capital Reserves PERMANENT ASSETS NET WORTH TOTAL ASSETS TOTAL LIABILITIES PROFIT AND LOSS STATEMENT IN 31/12/2009 Gross Sales Deductions Net Sales Cost of Goods Sold Gross Income Sales Expenses Admin. Expenses Financial Expenses Financial Revenue Other Oper. Exp/Rev Partial Oper. Income Equity Earnings Net Operating Inc Non-Operat Income Pre-Tax Income Income Tax Prov Net Income Working Capital

14 === Financial Statements of 31/12/2008. (Values are in R$ Reais)(CORP.LEG.) Cash Suppliers Accounts Receivable Owing Banks Inventory Marketable Securit Fiscal Obligations Notes Receivable Accounts Payable Prepaid Expenses Dividen. Particip Other Credits Provisions/Oblig CURRENT ASSETS CURRENT LIABILITIES LONG TERM RECEIVABLE LONG TERM LIABILIT Investments Real Estate Capital Reserves PERMANENT ASSETS NET WORTH TOTAL ASSETS TOTAL LIABILITIES PROFIT AND LOSS STATEMENT IN 31/12/2008 Gross Sales Deductions Net Sales Cost of Goods Sold Gross Income Sales Expenses Admin. Expenses Financial Expenses Financial Revenue Other Oper. Exp/Rev Partial Oper. Income Equity Earnings Net Operating Inc Non-Operat Income Pre-Tax Income Income Tax Prov Net Income Working Capital === Financial Statements of 31/12/2007. (Values are in R$ Reais)(CORP.LEG.) Cash Suppliers Accounts Receivable Owing Banks Inventory Fiscal Obligations Notes Receivable Accounts Payable

15 Other Credits Provisions/Oblig CURRENT ASSETS CURRENT LIABILITIES LONG TERM RECEIVABLE LONG TERM LIABILIT Investments Real Estate Capital Reserves PERMANENT ASSETS NET WORTH TOTAL ASSETS TOTAL LIABILITIES PROFIT AND LOSS STATEMENT IN 31/12/2007 Gross Sales Deductions Net Sales Cost of Goods Sold Gross Income Sales Expenses Admin. Expenses Financial Expenses Financial Revenue Other Oper. Exp/Rev Partial Oper. Income Equity Earnings Net Operating Inc Non-Operat Income Pre-Tax Income Income Tax Prov Net Income Working Capital == FINANCIAL - ECONOMIC RATIOS ITEMS 31/12/ /12/ /12/2009 LIQUIDITY RATIOS: Current Ratio 2,02 2,09 1,54 Quick Ratio 1,74 1,85 1,32 General Liquidity 1,25 1,34 1,23 Short Term Debt-to-Equity 81,94 75,28 98,96 Debt-to-Equity 146,51 121,89 129,48 EFFICIENCY RATIOS: Collection Period 75,93 76,66 81,58 Asset Turnover 0,99 0,97 0,93

16 Inventory Turnover 10,91 11,74 10,08 Fixed Worth 61,94 58,28 69,67 PROFITABILITY RATIOS: Gross Margin 12,02 14,88 13,94 Operating Margin 8,24 12,24 11,15 Return on Sales 6,95 10,27 10,13 Return on Assets 6,92 10,02 9,52 Return on Net Worth 17,06 22,25 21,85 FINANCIAL ANALYSIS CONCLUSION Capital presently amounts to R$ ,00 and is fully paid-in. The last capital increase was on June 13, On DEC 31, 2009, the Working Capital was US$ ,94, the General Liquidity Ratio was 1,23 and the Current Ratio was 1,54. Subject's Own Working Capital (Net Worth - Fixed Assets) was US$ ,34. Current Assets was US$ ,24. Current Liabilities was US$ ,30. General Debt Ratio was 129,48%. Fixed Assets was US$ ,83. Gross Margin (Gross Result/Net Sales) was 13,94%. Operating Margin (Operating Result/Net Sales) was 11,15%. Profit Margin (Net Profit/Net Sales) was 10,13%. The most recent Balance Sheet shows a Profit. In comparison to the previous year, Net Worth changed by 33,07%. Net Sales for the above period changed by 32,48% when compared to the same period in the previous year. Net Profit for the above period changed by 30,66% when compared to the same period in the previous year. 1 - Financial statement accounts are expressed in US$ equivalent. 2 - The following explanations of the conversion of values to their US$ Dollar equivalent are specific to the accounting method used. 3 - The accounting method used in the elaboration of each financial statement is indicated directly under the date in each column: Corporate Legislation (Corp.

17 Leg.) relating to historic values without Restatement or with Integral Restatement (Int. Rest.) monetarily corrected to year end values. Financial statements prepared using the Corporate Legislation method are treated in the following manner: Balance Sheet accounts were converted to US$ Dollar using the official US$ Dollar rate as of the closing of the statement. Profit & Loss statement accounts from Gross Sales to Non Op. Result were converted using the arithmetic mean of the twelve months official US$ Dollar rates for the period. Others accounts to Net Income were converted to US$ Dollar using the official US$ Dollar rate as of the closing of the statement. Financial statements prepared using the Integral Restatement method are treated in the following manner: Balance Sheet and Profit & Loss accounts were converted to US$ Dollar using the official US$ Dollar rate as of the statement closing. Due to the differences, the Variance from one year to the next may not be accurate when the accounting methods are different. Official Dollar Rates: Dec. 31, 2005: US$ 1.00 = R$ 2.34; Dec. 31, 2006: US$ 1.00 = R$ 2.14; Dec. 31, 2007: US$ 1.00 = R$ 1.77; Dec. 31, 2008: US$ 1.00 = R$ 2.34; Dec. 31, 2009: US$ 1.00 = R$ 1.75; Rights Reserved 1996 Dun & Bradstreet. All Rights Reserved. This report, which is authorized for the exclusive use of D&B Customers, through a contract, and to be used as an instrument of business decision, contains information compiled from different sources on which D&B no control and have not been verified unless otherwise specified in this report. Dun & Bradstreet does not assume any of the user's business risks; does not guarantee the accuracy, integrity and timeliness of the information and shall not be liable in tort, contract or otherwise for any loss, damage or injury resulting from the use of this information, even if caused by Dun & Bradstreet's negligence.