Shareholders’ equity – Statement of changes

Balances as of 12.31.2007

237,478

-

65,155

(2,672)

946,582

(4,802)

145,330

27,613

1,414,684

Carryforward of 2007

net income

-

-

-

-

145,330

-

(145,330)

-

-

Exercise of stock options

5

-

27

-

-

-

-

-

32

Dividends distributed as approved

by Ordinary Shareholders' Meeting

of 04.24.2008

-

-

-

-

(73,072)

-

-

-

(73,072)

Purchase of treasury shares

-

(69,108)

-

-

-

-

-

-

(69,108)

Valuation of put option held

by minority shareholders

-

-

-

-

-

-

-

(3,277)

(3,277)

Formation of new subsidiaries

and business combination

-

-

-

-

-

-

-

2,382

2,382

Dividends distributed to minority interests

-

-

-

-

-

-

-

(1,993)

(1,993)

Other changes

-

-

-

-

-

(771)

-

-

(771)

Total comprehensive income for the year

-

-

-

1,862

-

(33,198)

155,478

(1,266)

122,876

Balances as of 12.31.2008

237,483

(69,108)

65,182

(810)

1,018,840

(38,771)

155,478

23,459

1,391,753

Carryforward of 2008

net income

Dividends distributed as approved

by Ordinary Shareholders' Meeting

of 04.20.2009

Purchase of treasury shares

Formation of new subsidiaries

and business combination

Dividends distributed to minority interests

Differences arising on Euro translation

of financial statements of foreign

consolidated companies and other movements

Total comprehensive income for the year

Balances as of 12.31.2009