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BOVESPA Segment

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Deferred Tax Liabilities Accounting<br />

No impact on cash flow<br />

55<br />

(in R$ millions)<br />

Deffered income tax<br />

and social contribution<br />

Deferred tax liabilities<br />

111 99<br />

Deferred tax credits<br />

142<br />

+18<br />

124 124,7 124,7<br />

-13 -26<br />

1Q11 2Q11 3Q11

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