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56<br />
Reconciliation of Adjusted Operating Expenses<br />
R$ millions 3Q11 3Q10<br />
Change<br />
3Q11 / 3Q10<br />
2Q11<br />
Change<br />
3Q11/2Q11<br />
Total Expenses 169.6 167.6 1.2% 166.8 1.7%<br />
(-) Depreciation 20.7 15.1 37.3% 10.1 104.8%<br />
(-) Stock options plan 8.5 5.5 55.6% 10.1 -15.7%<br />
(-) Tax related to CME dividends 2.6 2.0 31.9% 2.2 18.1%<br />
(-) Provision for doubtful account 1.4 0.8 -266.7% 0.6 146.4%<br />
Adjusted Expenses 136.3 145.8 -6.6% 143.7 -5.2%
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