CAPEX and investments in affiliated(*)

Total

UPV (1)

CVRD

Energy

GalvaSud + CISA

Distribution

Logistics

Others

Total

%

*Investments in affiliated companies = capital injection in affiliated companies and acquisition.

364

264

65

26

719

407

991

38

5

4

1,445

349

41

10

39

24

25

488

380

45

13

13

48

499

1,764

991

391

37

52

148

67

3,450

51

29

11

1

2

4

2

100

264

3

14

6

12

126

(1) Includes CTE - US$250 MM

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