Hedge Quotes Comparison
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Comparative Summary :: Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Quote dates
18-Aug-09
average spot usdbrl
1.8501 2.3000
strike
Expiry Date
1-Feb-10
2-Jan-12
1-Feb-12
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
167
867
897
926
958
988
1018
1049
1079
1112
1140
Citibank
29.80
210.20
217.90
225.00
232.70
239.70
246.00
252.70
259.10
264.90
269.50
BES
26.08
186.07
193.27
199.14
206.05
211.13
217.04
221.81
227.19
232.44
236.63
PINE
12.00
187.00
195.00
202.00
208.00
215.00
222.00
227.00
232.00
238.00
244.00
Dias úteis Dias Corridos na ML
Comparativo cotações Prêmio Call USD strike 2,30
Conclusão: Curva ideal PINE no Curto prazo, seguida de BES para longo.
245.00 205.00 165.00 125.00 85.00
Sample from (Banks)
Date
Fwd Usd
ML
18-Aug-09
Citibank
18-Aug-09
1.86
BES
18-Aug-09
1.85
PINE
18-Aug-09
1.84
Sample Average Desv Pad Min Max Var.
1.8501 0.0086 1.8440 1.8600 0.0160
45.00 5.00 bFe 1 10
22.63 9.39 12.00 29.80 17.80
nJa 212
194.42 13.67 186.07 210.20 24.13
bFe 1 12
ar M 112
202.06 13.75 193.27 217.90 24.63
-
-
-
ay M 212
nJu 112
Row 12
Row 11
Row 13
Row 14
Row 38
208.71 14.18 199.14 225.00 25.86
215.58 14.86 206.05 232.70 26.65
221.94 15.50 211.13 239.70 28.57
228.35 15.49 217.04 246.00 28.96
233.84 16.54 221.81 252.70 30.89
r Ap 22 1
-Ju
l-1
2
2
g Au 112
-
-
p Se 312
239.43 17.20 227.19 259.10 31.91
-
ct O 12 1
-
v No 112
245.11 17.36 232.44 264.90 32.46
-
c De 312
250.04 17.25 236.63 269.50 32.87
-
ov
2
1-Nov-12
3-Dec-12
#ADDIN?
#ADDIN?
1171
1203
274.20
278.70
242.68
247.66
250.00
255.00
-
c De 312
255.63 16.50 242.68 274.20 31.52
260.45 16.22 247.66 278.70 31.04
Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Bank ML 1.8400 2.3000
Quote dates 18-Aug-09 spot rate usdbrl USD BRL
strike Total Oper Amount (Ticker)
Expiry Date Fwd rate Price (p.u.) R$ Fin. Premium» DI Dias úteis
USD
80,000,000
Custo Refin. Premio DI forward 100% Hedge Type call Option Hedge NDF Cash Disbursement
::
BRL
Cenário Maio '12
Fwd call Option Hedge
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
2.1954
2.2078
2.2223
2.2343
2.2475
2.2596
2.2713
2.2836
2.2938
25.43
136.11
140.52
144.57
148.77
152.94
157.00
160.80
164.81
168.53
171.85
26.43 #ADDIN?
175.12 #ADDIN?
182.65 #ADDIN?
189.79 #ADDIN?
197.48 #ADDIN?
205.32 #ADDIN?
213.21 #ADDIN?
220.93 #ADDIN?
228.57 #ADDIN?
236.22 #ADDIN?
243.00 #ADDIN?
167 8.650 1.09 8,41
867 11.030 1.11 10,67
897 11.100 1.11 10,72
926 11.160 1.11 10,79
958 11.230 1.11 10,91
988 11.330 1.11 10,93
1018 11.430 1.11 10,99
1049 11.520 1.12 11,11
1079 11.530 1.12 11,14
1112 11.550 1.12 11,25
1140 11.560 1.12 11,28
Swap
::
25,814,382 BRL
Value Date (refin premium)
30,223,359
Cenário Novembro '12
36,964,818
::
1-Feb-12
2.1811
D0
Cenário Maio '12
Cash Cost
2-Jan-12
1.8931
22,512,209
Cenário Novembro '12 Cash Disbursement
Dias Corridos DI forward
1-Feb-10
BRL
Cenário Maio '12 Cenário Novembro '12
Value Date (refin premium)
(7,711,150) (11,150,436)
Hedge Type call Option Hedge
2.29 1.97 1.65 1.33
1.01 1 21 1 2 2 12 1 3 1 1 3 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 7
405 365 325 285 245 205 165 125 85 45 5 1 21 1 2 2 12 1 3 1 1 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Row 13
Row 8
Row 9
1-Nov-12
3-Dec-12
2.3115
2.3276
175.37
178.57
251.12 #ADDIN?
258.92 #ADDIN?
1171 11.670 1.12 11,34
1203 11.76 1.12 11,38
Hedge Type call Option Hedge
2 2 12 1 3 1 1 3 Jun- r Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 8
Row 9
Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Bank Citibank 1.8600 2.3000
Quote dates 18-Aug-09 spot rate usdbrl USD BRL
strike Total Oper Amount (Ticker)
Expiry Date Fwd rate Price (p.u.) R$ Fin. Premium» DI Dias úteis
USD
80,000,000
Custo Refin. Premio DI forward 100% Hedge Type call Option Hedge NDF Cash Disbursement
::
BRL
Cenário Maio '12
Fwd call Option Hedge
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
2.2
2.21
2.22
2.23
2.25
2.26
2.28
2.29
1-Oct-12 2.3
29.80
210.20
217.90
225.00
232.70
239.70
246.00
252.70
259.10
264.90
269.50
29.80 #ADDIN?
210.20 #ADDIN?
217.90 #ADDIN?
225.00 #ADDIN?
232.70 #ADDIN?
239.70 #ADDIN?
246.00 #ADDIN?
252.70 #ADDIN?
259.10 #ADDIN?
264.90 #ADDIN?
269.50 #ADDIN?
167 8,41 1 8,41
867 10,67 1 10,67
897 10,72 1 10,72
926 10,79 1 10,79
958 10,91 1 10,91
988 10,93 1 10,93
1018 10,99 1 10,99
1049 11,11 1 11,11
1079 11,14 1 11,14
1112 11,25 1 11,25
1140 11,28 1 11,28
Swap
::
40,800,960 BRL
Value Date (refin premium)
35,667,360 40,800,960
BRL
Hedge Type call Option Hedge
2.29
Cenário Novembro '12 ::
1-Feb-12
2.19
D0
Cenário Maio '12
Cash Cost
2-Jan-12
1.9
35,667,360
Cenário Novembro '12 Cash Disbursement
Dias Corridos DI forward
1-Feb-10
1.97 1.65
Value Date (refin premium)
Cenário Maio '12
-
Cenário Novembro '12
-
1.33 1.01 1 21 1 2 2 12 1 3 1 1 3 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 7
405 365 325 285 245 205 165 125 85 45 5 1 21 1 2 2 12 1 3 1 1 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Row 13
Row 8
Row 9
1-Nov-12
3-Dec-12
2.32
2.33
274.20
278.70
274.20 #ADDIN?
278.70 #ADDIN?
1171 11,34 1 11,34
1203 11,38 1 11,38
Hedge Type call Option Hedge
2 2 12 1 3 1 1 3 Jun- r Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 8
Row 9
Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Bank BES 1.8464 2.3000
Quote dates 18-Aug-09 spot rate usdbrl USD BRL
strike Total Oper Amount (Ticker)
Expiry Date Fwd rate Price (p.u.) R$ Fin. Premium» DI Dias úteis
USD
80,000,000
Custo Refin. Premio DI forward 100% Hedge Type call Option Hedge NDF Cash Disbursement
::
BRL
Cenário Maio '12
130% Fwd call Option Hedge
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
2.1963
2.2090
2.2243
2.2353
2.2484
2.2591
2.2717
2.2843
2.2945
26.08
186.07
193.27
199.14
206.05
211.13
217.04
221.81
227.19
232.44
236.63
27.09 #ADDIN?
238.55 #ADDIN?
250.42 #ADDIN?
260.62 #ADDIN?
272.70 #ADDIN?
282.32 #ADDIN?
293.28 #ADDIN?
302.91 #ADDIN?
313.62 #ADDIN?
324.66 #ADDIN?
333.81 #ADDIN?
167 8.61 1.09 8,41
867 10.87 1.11 10,67
897 10.96 1.11 10,72
926 11.03 1.11 10,79
958 11.11 1.11 10,91
988 11.17 1.11 10,93
1018 11.23 1.11 10,99
1049 11.29 1.11 11,11
1079 11.36 1.11 11,14
1112 11.42 1.11 11,25
1140 11.48 1.11 11,28
Swap
::
35,846,794 BRL
Value Date (refin premium)
41,701,997
Cenário Novembro '12
51,121,385
::
1-Feb-12
2.1809
D0
Cenário Maio '12
Cash Cost
2-Jan-12
1.8991
31,186,105
Cenário Novembro '12 Cash Disbursement
Dias Corridos DI forward
1-Feb-10
BRL
Value Date (refin premium)
Cenário Maio '12
(10,515,892)
Cenário Novembro '12
(15,274,591)
Hedge Type call Option Hedge
2.29 1.97 1.65 1.33
1.01 1 21 1 2 2 12 1 3 1 1 3 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 7
405 365 325 285 245 205 165 125 85 45 5 1 21 1 2 2 12 1 3 1 1 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Row 13
Row 8
Row 9
1-Nov-12
3-Dec-12
2.3094
2.3218
242.68
247.66
346.09 #ADDIN?
357.11 #ADDIN?
1171 11.53 1.12 11,34
1203 11.57 1.12 11,38
Hedge Type call Option Hedge
2 2 12 1 3 1 1 3 Jun- r Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 8
Row 9
Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Bank PINE 1.8440 2.3000
Quote dates 18-Aug-09 spot rate usdbrl USD BRL
strike Total Oper Amount (Ticker)
Expiry Date Fwd rate Price (p.u.) R$ Fin. Premium» DI Dias úteis
USD
80,000,000
Custo Refin. Premio DI forward 100% Hedge Type call Option Hedge NDF Cash Disbursement
::
BRL
Cenário Maio '12
Fwd call Option Hedge
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
2.1940
2.2050
2.2200
2.2330
2.2460
2.2600
2.2720
2.2870
2.3000
12.00
187.00
195.00
202.00
208.00
215.00
222.00
227.00
232.00
238.00
244.00
12.47 #ADDIN?
239.76 #ADDIN?
252.69 #ADDIN?
264.41 #ADDIN?
275.34 #ADDIN?
287.60 #ADDIN?
300.14 #ADDIN?
310.22 #ADDIN?
320.44 #ADDIN?
332.56 #ADDIN?
344.30 #ADDIN?
167 8.616 1.09 8,41
867 10.870 1.11 10,67
897 10.961 1.11 10,72
926 11.035 1.11 10,79
958 11.115 1.11 10,91
988 11.183 1.11 10,93
1018 11.254 1.11 10,99
1049 11.314 1.11 11,11
1079 11.377 1.11 11,14
1112 11.439 1.11 11,25
1140 11.487 1.11 11,28
Swap
::
36,880,000 BRL
Value Date (refin premium)
42,426,639
Cenário Novembro '12
52,610,969
::
1-Feb-12
2.1800
D0
Cenário Maio '12
Cash Cost
2-Jan-12
1.8980
31,716,800
Cenário Novembro '12 Cash Disbursement
Dias Corridos DI forward
1-Feb-10
BRL
Value Date (refin premium)
Cenário Maio '12
(10,709,839)
Cenário Novembro '12
(15,730,969)
Hedge Type call Option Hedge
2.29 1.97 1.65 1.33
1.01 1 21 1 2 2 12 1 3 1 1 3 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 7
405 365 325 285 245 205 165 125 85 45 5 1 21 1 2 2 12 1 3 1 1 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Row 13
Row 8
Row 9
1-Nov-12
3-Dec-12
2.3130
2.3260
250.00
255.00
356.64 #ADDIN?
367.82 #ADDIN?
1171 11.540 1.12 11,34
1203 11.59 1.12 11,38
Hedge Type call Option Hedge
2 2 12 1 3 1 1 3 Jun- r Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 8
Row 9
Quote dates
Bank
18-Aug-09 spot rate usdbrl call at strike
Fwd rate
1.8600 2.3000
Total Oper Amount (Ticker) 80,000,000
Expiry Date
USD
Price (p.u.) DI forward
1-Feb-10
2-Jan-12
1-Feb-12
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
1-Nov-12
3-Dec-12
0.03 0.21 0.22 0.23 0.23 0.24 0.25 0.25 0.26 0.26 0.27 0.27 0.28
29.8 210.2 217.9 225 232.7 239.7 246 252.7 259.1 264.9 269.5 274.2 278.7
FERIADOS 1/1/2002 2/11/2002 2/12/2002 3/29/2002 4/21/2002 5/1/2002 5/30/2002 9/7/2002 10/12/2002 11/2/2002 11/15/2002 12/25/2002 1/1/2003 3/3/2003 3/4/2003 4/18/2003 4/21/2003 5/1/2003 6/19/2003 9/7/2003 10/12/2003 11/2/2003 11/15/2003 12/25/2003 1/1/2004 2/23/2004 2/24/2004 4/9/2004 4/21/2004 5/1/2004 6/10/2004 9/7/2004 10/12/2004 11/2/2004 11/15/2004 12/25/2004 1/1/2005 2/7/2005 2/8/2005 3/25/2005 4/21/2005 5/1/2005 5/26/2005 9/7/2005 10/12/2005 11/2/2005 11/15/2005 12/25/2005 1/1/2006 2/27/2006 2/28/2006
4/14/2006 4/21/2006 5/1/2006 6/15/2006 9/7/2006 10/12/2006 11/2/2006 11/15/2006 12/25/2006 1/1/2007 2/19/2007 2/20/2007 4/6/2007 4/21/2007 5/1/2007 6/7/2007 9/7/2007 10/12/2007 11/2/2007 11/15/2007 12/25/2007 1/1/2008 2/4/2008 2/5/2008 3/21/2008 4/21/2008 5/1/2008 5/22/2008 9/7/2008 10/12/2008 11/2/2008 11/15/2008 12/25/2008 1/1/2009 2/23/2009 2/24/2009 4/10/2009 4/21/2009 5/1/2009 6/11/2009 9/7/2009 10/12/2009 11/2/2009 11/15/2009 12/25/2009 1/1/2010 2/15/2010 2/16/2010 4/2/2010 4/21/2010 5/1/2010 6/3/2010
9/7/2010 10/12/2010 11/2/2010 11/15/2010 12/25/2010 1/1/2011 3/7/2011 3/8/2011 4/21/2011 4/22/2011 5/1/2011 6/23/2011 9/7/2011 10/12/2011 11/2/2011 11/15/2011 12/25/2011 1/1/2012 2/20/2012 2/21/2012 4/6/2012 5/1/2012 6/7/2012 9/7/2012 10/12/2012 11/2/2012 11/15/2012 12/25/2012 1/1/2013 2/11/2013 2/12/2013 3/29/2013 4/21/2013 5/1/2013 5/30/2013 9/7/2013 10/12/2013 11/2/2013 11/15/2013 12/25/2013 1/1/2014 3/3/2014 3/4/2014 4/18/2014 4/21/2014 5/1/2014 6/19/2014 9/7/2014 10/12/2014 11/2/2014 11/15/2014 12/25/2014
1/1/2015 2/16/2015 2/17/2015 4/3/2015 4/21/2015 5/1/2015 6/4/2015 9/7/2015 10/12/2015 11/2/2015 11/15/2015 12/25/2015 1/1/2016 2/8/2016 2/9/2016 3/25/2016 4/21/2016 5/1/2016 5/26/2016 9/7/2016 10/12/2016 11/2/2016 11/15/2016 12/25/2016 1/1/2017 2/27/2017 2/28/2017 4/14/2017 4/21/2017 5/1/2017 6/15/2017 9/7/2017 10/12/2017 11/2/2017 11/15/2017 12/25/2017 1/1/2018 2/12/2018 2/13/2018 3/30/2018 4/21/2018 5/1/2018 5/31/2018 9/7/2018 10/12/2018 11/2/2018 11/15/2018 12/25/2018 1/1/2019 3/4/2019 3/5/2019 4/19/2019
4/21/2019 5/1/2019 6/20/2019 9/7/2019 10/12/2019 11/2/2019 11/15/2019 12/25/2019 1/1/2020 2/24/2020 2/25/2020 4/10/2020 4/21/2020 5/1/2020 6/11/2020 9/7/2020 10/12/2020 11/2/2020 11/15/2020 12/25/2020 1/1/2021 2/15/2021 2/16/2021 4/2/2021 4/21/2021 5/1/2021 6/3/2021 9/7/2021 10/12/2021 11/2/2021 11/15/2021 12/25/2021 1/1/2022 2/28/2022 3/1/2022 4/15/2022 4/21/2022 5/1/2022 6/16/2022 9/7/2022 10/12/2022 11/2/2022 11/15/2022 12/25/2022 1/1/2023 2/20/2023 2/21/2023 4/7/2023 4/21/2023 5/1/2023 6/8/2023 9/7/2023
10/12/2023 11/2/2023 11/15/2023 12/25/2023 1/1/2024 2/12/2024 2/13/2024 3/29/2024 4/21/2024 5/1/2024 5/30/2024 9/7/2024 10/12/2024 11/2/2024 11/15/2024 12/25/2024 1/1/2025 3/3/2025 3/4/2025 4/18/2025 4/21/2025 5/1/2025 6/19/2025 9/7/2025 10/12/2025 11/2/2025 11/15/2025 12/25/2025 1/1/2026 2/16/2026 2/17/2026 4/3/2026 4/21/2026 5/1/2026 6/4/2026 9/7/2026 10/12/2026 11/2/2026 11/15/2026 12/25/2026 1/1/2027 2/8/2027 2/9/2027 3/26/2027 4/21/2027 5/1/2027 5/27/2027 9/7/2027 10/12/2027 11/2/2027 11/15/2027 12/25/2027
1/1/2028 2/28/2028 2/29/2028 4/14/2028 4/21/2028 5/1/2028 6/15/2028 9/7/2028 10/12/2028 11/2/2028 11/15/2028 12/25/2028 1/1/2029 2/12/2029 2/13/2029 3/30/2029 4/21/2029 5/1/2029 5/31/2029 9/7/2029 10/12/2029 11/2/2029 11/15/2029 12/25/2029 1/1/2030 3/4/2030 3/5/2030 4/19/2030 4/21/2030 5/1/2030 6/20/2030 9/7/2030 10/12/2030 11/2/2030 11/15/2030 12/25/2030 1/1/2031 2/24/2031 2/25/2031 4/11/2031 4/21/2031 5/1/2031 6/12/2031 9/7/2031 10/12/2031 11/2/2031 11/15/2031 12/25/2031 1/1/2032 2/9/2032 2/10/2032 3/26/2032
4/21/2032 5/27/2032 9/7/2032 10/12/2032 11/2/2032 11/15/2032 2/28/2033 3/1/2033 4/15/2033 4/21/2033 6/16/2033 9/7/2033 10/12/2033 11/2/2033 11/15/2033 2/20/2034 2/21/2034 4/7/2034 4/21/2034 5/1/2034 6/8/2034 9/7/2034 10/12/2034 11/2/2034 11/15/2034 12/25/2034 1/1/2035 2/5/2035 2/6/2035 3/23/2035 5/1/2035 5/24/2035 9/7/2035 10/12/2035 11/2/2035 11/15/2035 12/25/2035 1/1/2036 2/25/2036 2/26/2036 4/11/2036 4/21/2036 5/1/2036 6/12/2036 12/25/2036 1/1/2037 2/16/2037 2/17/2037 4/3/2037 4/21/2037 5/1/2037 6/4/2037
9/7/2037 10/12/2037 11/2/2037 12/25/2037 1/1/2038 3/8/2038 3/9/2038 4/21/2038 4/23/2038 6/24/2038 9/7/2038 10/12/2038 11/2/2038 11/15/2038 2/21/2039 2/22/2039 4/8/2039 4/21/2039 6/9/2039 9/7/2039 10/12/2039 11/2/2039 11/15/2039 2/13/2040 2/14/2040 3/30/2040 5/1/2040 5/31/2040 9/7/2040 10/12/2040 11/2/2040 11/15/2040 12/25/2040 1/1/2041 3/4/2041 3/5/2041 4/19/2041 5/1/2041 6/20/2041 11/15/2041 12/25/2041 1/1/2042 2/17/2042 2/18/2042 4/4/2042 4/21/2042 5/1/2042 6/5/2042 12/25/2042 1/1/2043 2/9/2043 2/10/2043
3/27/2043 4/21/2043 5/1/2043 5/28/2043 9/7/2043 10/12/2043 11/2/2043 12/25/2043 1/1/2044 2/29/2044 3/1/2044 4/15/2044 4/21/2044 6/16/2044 9/7/2044 10/12/2044 11/2/2044 11/15/2044 2/20/2045 2/21/2045 4/7/2045 4/21/2045 5/1/2045 6/8/2045 9/7/2045 10/12/2045 11/2/2045 11/15/2045 12/25/2045 1/1/2046 2/5/2046 2/6/2046 3/23/2046 5/1/2046 5/24/2046 9/7/2046 10/12/2046 11/2/2046 11/15/2046 12/25/2046 1/1/2047 2/25/2047 2/26/2047 4/12/2047 5/1/2047 6/13/2047 11/15/2047 12/25/2047 1/1/2048 2/17/2048 2/18/2048 4/3/2048
4/21/2048 5/1/2048 6/4/2048 9/7/2048 10/12/2048 11/2/2048 12/25/2048 1/1/2049 3/1/2049 3/2/2049 4/16/2049 4/21/2049 6/17/2049 9/7/2049 10/12/2049 11/2/2049 11/15/2049 2/21/2050 2/22/2050 4/8/2050 4/21/2050 6/9/2050 9/7/2050 10/12/2050 11/2/2050 11/15/2050 2/13/2051 2/14/2051 3/31/2051 4/21/2051 5/1/2051 6/1/2051 9/7/2051 10/12/2051 11/2/2051 11/15/2051 12/25/2051 1/1/2052 3/4/2052 3/5/2052 4/19/2052 5/1/2052 6/20/2052 11/15/2052 12/25/2052 1/1/2053 2/17/2053 2/18/2053 4/4/2053 4/21/2053 5/1/2053 6/5/2053
12/25/2053 1/1/2054 2/9/2054 2/10/2054 3/27/2054 4/21/2054 5/1/2054 5/28/2054 9/7/2054 10/12/2054 11/2/2054 12/25/2054 1/1/2055 3/1/2055 3/2/2055 4/16/2055 4/21/2055 6/17/2055 9/7/2055 10/12/2055 11/2/2055 11/15/2055 2/14/2056 2/15/2056 3/31/2056 4/21/2056 5/1/2056 6/1/2056 9/7/2056 10/12/2056 11/2/2056 11/15/2056 12/25/2056 1/1/2057 3/5/2057 3/6/2057 4/20/2057 5/1/2057 6/21/2057 9/7/2057 10/12/2057 11/2/2057 11/15/2057 12/25/2057 1/1/2058 2/25/2058 2/26/2058 4/12/2058 5/1/2058 6/13/2058 11/15/2058 12/25/2058
1/1/2059 2/10/2059 2/11/2059 3/28/2059 4/21/2059 5/1/2059 5/29/2059 12/25/2059 1/1/2060 3/1/2060 3/2/2060 4/16/2060 4/21/2060 6/17/2060 9/7/2060 10/12/2060 11/2/2060 11/15/2060 2/21/2061 2/22/2061 4/8/2061 4/21/2061 6/9/2061 9/7/2061 10/12/2061 11/2/2061 11/15/2061 2/6/2062 2/7/2062 3/24/2062 4/21/2062 5/1/2062 5/25/2062 9/7/2062 10/12/2062 11/2/2062 11/15/2062 12/25/2062 1/1/2063 2/26/2063 2/27/2063 4/13/2063 5/1/2063 6/14/2063 9/7/2063 10/12/2063 11/2/2063 11/15/2063 12/25/2063 1/1/2064 2/18/2064 2/19/2064
4/4/2064 4/21/2064 5/1/2064 6/5/2064 12/25/2064 1/1/2065 2/9/2065 2/10/2065 3/27/2065 4/21/2065 5/1/2065 5/28/2065 9/7/2065 10/12/2065 11/2/2065 12/25/2065 1/1/2066 2/22/2066 2/23/2066 4/9/2066 4/21/2066 6/10/2066 9/7/2066 10/12/2066 11/2/2066 11/15/2066 2/14/2067 2/15/2067 4/1/2067 4/21/2067 6/2/2067 9/7/2067 10/12/2067 11/2/2067 11/15/2067 3/5/2068 3/6/2068 4/20/2068 5/1/2068 6/21/2068 9/7/2068 10/12/2068 11/2/2068 11/15/2068 12/25/2068 1/1/2069 2/25/2069 2/26/2069 4/12/2069 5/1/2069 6/13/2069 11/15/2069
12/25/2069 1/1/2070 2/10/2070 2/11/2070 3/28/2070 4/21/2070 5/1/2070 5/29/2070 12/25/2070 1/1/2071 3/2/2071 3/3/2071 4/17/2071 4/21/2071 5/1/2071 6/18/2071 9/7/2071 10/12/2071 11/2/2071 12/25/2071 1/1/2072 2/22/2072 2/23/2072 4/8/2072 4/21/2072 6/9/2072 9/7/2072 10/12/2072 11/2/2072 11/15/2072 2/6/2073 2/7/2073 3/24/2073 4/21/2073 5/1/2073 5/25/2073 9/7/2073 10/12/2073 11/2/2073 11/15/2073 12/25/2073 1/1/2074 2/26/2074 2/27/2074 4/13/2074 5/1/2074 6/14/2074 9/7/2074 10/12/2074 11/2/2074 11/15/2074 12/25/2074
1/1/2075 2/18/2075 2/19/2075 4/5/2075 5/1/2075 6/6/2075 11/15/2075 12/25/2075 1/1/2076 3/2/2076 3/3/2076 4/17/2076 4/21/2076 5/1/2076 6/18/2076 9/7/2076 10/12/2076 11/2/2076 12/25/2076 1/1/2077 2/22/2077 2/23/2077 4/9/2077 4/21/2077 6/10/2077 9/7/2077 10/12/2077 11/2/2077 11/15/2077 2/14/2078 2/15/2078 4/1/2078 4/21/2078 6/2/2078 9/7/2078 10/12/2078 11/2/2078 11/15/2078
DinamicPage Date: 09/15/2009 Page 31 Dias Corridos 1 14 28 30 43 44 58 62 77 90 105 119 120 139 150 167 183 195 209 210 226 240 258 272 287 300 301 317 330 331 349 360 363
DI x pré 252(2)(4) 360(1) 8,62 8,47 8,63 8,81 8,60 8,32 8,59 8,59 8,58 8,55 8,58 8,64 8,59 8,46 8,59 8,31 8,60 8,28 8,60 8,31 8,60 8,41 8,60 8,46 8,60 8,49 8,60 8,29 8,61 8,44 8,63 8,41 8,64 8,35 8,65 8,35 8,66 8,39 8,66 8,41 8,67 8,49 8,71 8,49 8,75 8,46 8,78 8,52 8,81 8,59 8,83 8,57 8,83 8,58 8,86 8,66 8,92 8,72 8,93 8,74 9,01 8,80 9,06 8,91 9,07 8,88
DinamicPage Date: 09/15/2009 Page 32 379 391 409 421 423 450 482 503 510 517 540 570 591 601 605 630 660 682 692 696 720 751 776 780 790 811 840 867 870 881 902 930 958 960 972
9,13 9,17 9,23 9,28 9,29 9,40 9,52 9,59 9,63 9,67 9,78 9,91 10,00 10,04 10,07 10,18 10,32 10,41 10,44 10,46 10,54 10,63 10,70 10,71 10,73 10,77 10,83 10,88 10,89 10,92 10,98 11,04 11,11 11,12 11,14
8,98 8,97 9,09 9,09 9,12 9,21 9,30 9,39 9,43 9,47 9,62 9,73 9,83 9,85 9,91 9,96 10,13 10,22 10,23 10,28 10,34 10,45 10,51 10,55 10,53 10,56 10,62 10,67 10,70 10,72 10,79 10,83 10,91 10,93 10,93
DinamicPage Date: 09/15/2009 Page 33 990 1021 1049 1050 1063 1080 1112 1140 1154 1170 1200 1233 1246 1322 1336 1413 1427 1441 1505 1519 1598 1611 1687 1701 1778 1792 1800 1870 1884 1963 1976 2052 2066 2143 2157
11,19 11,27 11,33 11,33 11,36 11,39 11,44 11,48 11,50 11,53 11,58 11,63 11,65 11,74 11,76 11,83 11,84 11,85 11,90 11,91 11,97 11,98 12,03 12,04 12,10 12,11 12,11 12,15 12,16 12,19 12,20 12,23 12,23 12,26 12,27
10,99 11,06 11,11 11,12 11,14 11,20 11,25 11,28 11,30 11,34 11,38 11,40 11,42 11,49 11,51 11,59 11,60 11,62 11,69 11,71 11,76 11,77 11,81 11,83 11,87 11,88 11,89 11,94 11,95 11,99 12,00 12,03 12,02 12,04 12,05
DinamicPage Date: 09/15/2009 Page 34 2162 2235 2249 2330 2341 2418 2432 2509 2520 2523 2603 2617 2694 2708 2785 2799 2876 2880 2890 2967 2981 3059 3072 3149 3163 3240 3254 3331 3345 3424 3437 3513 3527 3600 3604
12,27 12,30 12,30 12,33 12,33 12,36 12,36 12,39 12,39 12,39 12,42 12,42 12,44 12,44 12,44 12,44 12,45 12,45 12,45 12,45 12,45 12,45 12,45 12,45 12,45 12,45 12,46 12,46 12,46 12,46 12,46 12,46 12,46 12,46 12,46
12,05 12,09 12,09 12,10 12,12 12,14 12,14 12,17 12,17 12,17 12,20 12,20 12,22 12,22 12,22 12,22 12,21 12,22 12,22 12,23 12,22 12,21 12,21 12,21 12,21 12,22 12,22 12,23 12,22 12,22 12,22 12,22 12,22 12,22 12,22
DinamicPage Date: 09/15/2009 Page 35 3618 3696 3710 3789 3802 3879 3893 3970 3984 4062 4076 4157 4168 4244 4258 4335 4349 4381 4427 4441 4521 4535 4609 4626 4700 4714 4794 4808 4885 4899 4976 4990 5067 5081 5158
12,46 12,46 12,46 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48
12,22 12,23 12,24 12,23 12,23 12,24 12,23 12,23 12,23 12,24 12,24 12,23 12,24 12,24 12,23 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24
DinamicPage Date: 09/15/2009 Page 36 5172 5580
12,48 12,48
12,24 12,25
DinamicPage Date: 09/15/2009 Page 37 Dias Corridos 3 18 31 32 47 48 60 62 81 90 94 109 122 123 143 150 154 171 180 187 199 210 213 230 241 244 262 270 276 291 300 305 321
DI x pré 252(2)(4) 360(1) 8,62 8,42 8,62 8,19 8,60 7,90 8,60 8,04 8,59 8,35 8,59 8,43 8,59 8,17 8,59 8,30 8,59 8,16 8,59 8,31 8,60 8,21 8,60 8,33 8,60 8,34 8,60 8,38 8,59 8,22 8,60 8,26 8,61 8,37 8,62 8,34 8,63 8,42 8,63 8,30 8,64 8,30 8,65 8,40 8,65 8,34 8,66 8,44 8,69 8,38 8,70 8,44 8,74 8,42 8,76 8,47 8,77 8,48 8,81 8,55 8,82 8,56 8,83 8,55 8,86 8,63
DinamicPage Date: 09/15/2009 Page 38 332 335 353 360 367 383 390 413 420 427 451 480 507 510 521 542 572 595 600 609 630 661 686 690 700 720 752 780 794 811 840 871 885 900 930
8,91 8,93 9,01 9,04 9,07 9,14 9,16 9,24 9,28 9,30 9,40 9,52 9,62 9,64 9,70 9,81 9,94 10,05 10,07 10,12 10,21 10,34 10,45 10,46 10,50 10,57 10,66 10,74 10,77 10,80 10,85 10,90 10,94 10,98 11,05
8,66 8,71 8,78 8,82 8,85 8,96 8,95 9,07 9,12 9,11 9,16 9,28 9,40 9,44 9,48 9,61 9,72 9,86 9,87 9,94 9,99 10,11 10,24 10,23 10,30 10,37 10,46 10,53 10,55 10,59 10,64 10,68 10,73 10,78 10,84
DinamicPage Date: 09/15/2009 Page 39 962 976 990 1020 1050 1053 1067 1081 1110 1140 1144 1158 1172 1200 1237 1250 1326 1340 1417 1431 1440 1509 1523 1602 1615 1691 1705 1782 1796 1802 1874 1888 1967 1980 2056
11,13 11,16 11,19 11,26 11,32 11,32 11,35 11,38 11,45 11,50 11,51 11,53 11,54 11,57 11,61 11,63 11,73 11,74 11,83 11,84 11,85 11,90 11,91 11,98 11,99 12,04 12,05 12,09 12,10 12,10 12,14 12,15 12,19 12,20 12,23
10,91 10,93 10,97 11,04 11,11 11,09 11,13 11,17 11,25 11,30 11,30 11,31 11,33 11,34 11,37 11,39 11,47 11,49 11,57 11,59 11,61 11,68 11,70 11,76 11,77 11,82 11,83 11,85 11,86 11,87 11,93 11,94 11,98 11,99 12,02
DinamicPage Date: 09/15/2009 Page 40 2070 2147 2160 2161 2239 2253 2334 2345 2422 2436 2513 2520 2527 2607 2621 2698 2712 2789 2803 2880 2894 2971 2985 3063 3076 3153 3167 3240 3244 3258 3335 3349 3428 3441 3517
12,23 12,26 12,26 12,26 12,29 12,30 12,32 12,33 12,37 12,38 12,42 12,42 12,43 12,47 12,47 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51
12,02 12,04 12,04 12,04 12,08 12,08 12,09 12,11 12,14 12,15 12,20 12,20 12,21 12,24 12,25 12,28 12,28 12,28 12,28 12,27 12,28 12,28 12,28 12,27 12,27 12,26 12,27 12,27 12,27 12,27 12,27 12,27 12,26 12,26 12,26
DinamicPage Date: 09/15/2009 Page 41 3531 3601 3608 3622 3700 3714 3793 3806 3883 3897 3974 3988 4066 4080 4161 4172 4248 4262 4339 4353 4380 4431 4445 4525 4539 4613 4630 4704 4718 4798 4812 4889 4903 4980 4994
12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51
12,27 12,26 12,26 12,26 12,27 12,28 12,27 12,28 12,28 12,27 12,27 12,27 12,28 12,27 12,27 12,27 12,27 12,27 12,27 12,27 12,27 12,28 12,27 12,27 12,27 12,28 12,27 12,27 12,27 12,27 12,27 12,27 12,27 12,27 12,27
DinamicPage Date: 09/15/2009 Page 42 5071 5085 5162 5176 5582
12,51 12,51 12,51 12,51 12,51
12,27 12,27 12,27 12,27 12,27
Quote dates
18-Aug-09
average spot usdbrl
1.8501 2.3000
strike
Expiry Date
1-Feb-10
2-Jan-12
1-Feb-12
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
#ADDIN?
167
867
897
926
958
988
1018
1049
1079
1112
1140
Citibank
29.80
210.20
217.90
225.00
232.70
239.70
246.00
252.70
259.10
264.90
269.50
BES
26.08
186.07
193.27
199.14
206.05
211.13
217.04
221.81
227.19
232.44
236.63
PINE
12.00
187.00
195.00
202.00
208.00
215.00
222.00
227.00
232.00
238.00
244.00
Dias úteis Dias Corridos na ML
Comparativo cotações Prêmio Call USD strike 2,30
Conclusão: Curva ideal PINE no Curto prazo, seguida de BES para longo.
245.00 205.00 165.00 125.00 85.00
Sample from (Banks)
Date
Fwd Usd
ML
18-Aug-09
Citibank
18-Aug-09
1.86
BES
18-Aug-09
1.85
PINE
18-Aug-09
1.84
Sample Average Desv Pad Min Max Var.
1.8501 0.0086 1.8440 1.8600 0.0160
45.00 5.00 bFe 1 10
22.63 9.39 12.00 29.80 17.80
nJa 212
194.42 13.67 186.07 210.20 24.13
bFe 1 12
ar M 112
202.06 13.75 193.27 217.90 24.63
-
-
-
ay M 212
nJu 112
Row 12
Row 11
Row 13
Row 14
Row 38
208.71 14.18 199.14 225.00 25.86
215.58 14.86 206.05 232.70 26.65
221.94 15.50 211.13 239.70 28.57
228.35 15.49 217.04 246.00 28.96
233.84 16.54 221.81 252.70 30.89
r Ap 22 1
-Ju
l-1
2
2
g Au 112
-
-
p Se 312
239.43 17.20 227.19 259.10 31.91
-
ct O 12 1
-
v No 112
245.11 17.36 232.44 264.90 32.46
-
c De 312
250.04 17.25 236.63 269.50 32.87
-
ov
2
1-Nov-12
3-Dec-12
#ADDIN?
#ADDIN?
1171
1203
274.20
278.70
242.68
247.66
250.00
255.00
-
c De 312
255.63 16.50 242.68 274.20 31.52
260.45 16.22 247.66 278.70 31.04
Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Bank ML 1.8400 2.3000
Quote dates 18-Aug-09 spot rate usdbrl USD BRL
strike Total Oper Amount (Ticker)
Expiry Date Fwd rate Price (p.u.) R$ Fin. Premium» DI Dias úteis
USD
80,000,000
Custo Refin. Premio DI forward 100% Hedge Type call Option Hedge NDF Cash Disbursement
::
BRL
Cenário Maio '12
Fwd call Option Hedge
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
2.1954
2.2078
2.2223
2.2343
2.2475
2.2596
2.2713
2.2836
2.2938
25.43
136.11
140.52
144.57
148.77
152.94
157.00
160.80
164.81
168.53
171.85
26.43 #ADDIN?
175.12 #ADDIN?
182.65 #ADDIN?
189.79 #ADDIN?
197.48 #ADDIN?
205.32 #ADDIN?
213.21 #ADDIN?
220.93 #ADDIN?
228.57 #ADDIN?
236.22 #ADDIN?
243.00 #ADDIN?
167 8.650 1.09 8,41
867 11.030 1.11 10,67
897 11.100 1.11 10,72
926 11.160 1.11 10,79
958 11.230 1.11 10,91
988 11.330 1.11 10,93
1018 11.430 1.11 10,99
1049 11.520 1.12 11,11
1079 11.530 1.12 11,14
1112 11.550 1.12 11,25
1140 11.560 1.12 11,28
Swap
::
25,814,382 BRL
Value Date (refin premium)
30,223,359
Cenário Novembro '12
36,964,818
::
1-Feb-12
2.1811
D0
Cenário Maio '12
Cash Cost
2-Jan-12
1.8931
22,512,209
Cenário Novembro '12 Cash Disbursement
Dias Corridos DI forward
1-Feb-10
BRL
Cenário Maio '12 Cenário Novembro '12
Value Date (refin premium)
(7,711,150) (11,150,436)
Hedge Type call Option Hedge
2.29 1.97 1.65 1.33
1.01 1 21 1 2 2 12 1 3 1 1 3 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 7
405 365 325 285 245 205 165 125 85 45 5 1 21 1 2 2 12 1 3 1 1 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Row 13
Row 8
Row 9
1-Nov-12
3-Dec-12
2.3115
2.3276
175.37
178.57
251.12 #ADDIN?
258.92 #ADDIN?
1171 11.670 1.12 11,34
1203 11.76 1.12 11,38
Hedge Type call Option Hedge
2 2 12 1 3 1 1 3 Jun- r Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 8
Row 9
Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Bank Citibank 1.8600 2.3000
Quote dates 18-Aug-09 spot rate usdbrl USD BRL
strike Total Oper Amount (Ticker)
Expiry Date Fwd rate Price (p.u.) R$ Fin. Premium» DI Dias úteis
USD
80,000,000
Custo Refin. Premio DI forward 100% Hedge Type call Option Hedge NDF Cash Disbursement
::
BRL
Cenário Maio '12
Fwd call Option Hedge
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
2.2
2.21
2.22
2.23
2.25
2.26
2.28
2.29
1-Oct-12 2.3
29.80
210.20
217.90
225.00
232.70
239.70
246.00
252.70
259.10
264.90
269.50
29.80 #ADDIN?
210.20 #ADDIN?
217.90 #ADDIN?
225.00 #ADDIN?
232.70 #ADDIN?
239.70 #ADDIN?
246.00 #ADDIN?
252.70 #ADDIN?
259.10 #ADDIN?
264.90 #ADDIN?
269.50 #ADDIN?
167 8,41 1 8,41
867 10,67 1 10,67
897 10,72 1 10,72
926 10,79 1 10,79
958 10,91 1 10,91
988 10,93 1 10,93
1018 10,99 1 10,99
1049 11,11 1 11,11
1079 11,14 1 11,14
1112 11,25 1 11,25
1140 11,28 1 11,28
Swap
::
40,800,960 BRL
Value Date (refin premium)
35,667,360 40,800,960
BRL
Hedge Type call Option Hedge
2.29
Cenário Novembro '12 ::
1-Feb-12
2.19
D0
Cenário Maio '12
Cash Cost
2-Jan-12
1.9
35,667,360
Cenário Novembro '12 Cash Disbursement
Dias Corridos DI forward
1-Feb-10
1.97 1.65
Value Date (refin premium)
Cenário Maio '12
-
Cenário Novembro '12
-
1.33 1.01 1 21 1 2 2 12 1 3 1 1 3 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 7
405 365 325 285 245 205 165 125 85 45 5 1 21 1 2 2 12 1 3 1 1 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Row 13
Row 8
Row 9
1-Nov-12
3-Dec-12
2.32
2.33
274.20
278.70
274.20 #ADDIN?
278.70 #ADDIN?
1171 11,34 1 11,34
1203 11,38 1 11,38
Hedge Type call Option Hedge
2 2 12 1 3 1 1 3 Jun- r Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 8
Row 9
Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Bank BES 1.8464 2.3000
Quote dates 18-Aug-09 spot rate usdbrl USD BRL
strike Total Oper Amount (Ticker)
Expiry Date Fwd rate Price (p.u.) R$ Fin. Premium» DI Dias úteis
USD
80,000,000
Custo Refin. Premio DI forward 100% Hedge Type call Option Hedge NDF Cash Disbursement
::
BRL
Cenário Maio '12
130% Fwd call Option Hedge
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
2.1963
2.2090
2.2243
2.2353
2.2484
2.2591
2.2717
2.2843
2.2945
26.08
186.07
193.27
199.14
206.05
211.13
217.04
221.81
227.19
232.44
236.63
27.09 #ADDIN?
238.55 #ADDIN?
250.42 #ADDIN?
260.62 #ADDIN?
272.70 #ADDIN?
282.32 #ADDIN?
293.28 #ADDIN?
302.91 #ADDIN?
313.62 #ADDIN?
324.66 #ADDIN?
333.81 #ADDIN?
167 8.61 1.09 8,41
867 10.87 1.11 10,67
897 10.96 1.11 10,72
926 11.03 1.11 10,79
958 11.11 1.11 10,91
988 11.17 1.11 10,93
1018 11.23 1.11 10,99
1049 11.29 1.11 11,11
1079 11.36 1.11 11,14
1112 11.42 1.11 11,25
1140 11.48 1.11 11,28
Swap
::
35,846,794 BRL
Value Date (refin premium)
41,701,997
Cenário Novembro '12
51,121,385
::
1-Feb-12
2.1809
D0
Cenário Maio '12
Cash Cost
2-Jan-12
1.8991
31,186,105
Cenário Novembro '12 Cash Disbursement
Dias Corridos DI forward
1-Feb-10
BRL
Value Date (refin premium)
Cenário Maio '12
(10,515,892)
Cenário Novembro '12
(15,274,591)
Hedge Type call Option Hedge
2.29 1.97 1.65 1.33
1.01 1 21 1 2 2 12 1 3 1 1 3 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 7
405 365 325 285 245 205 165 125 85 45 5 1 21 1 2 2 12 1 3 1 1 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Row 13
Row 8
Row 9
1-Nov-12
3-Dec-12
2.3094
2.3218
242.68
247.66
346.09 #ADDIN?
357.11 #ADDIN?
1171 11.53 1.12 11,34
1203 11.57 1.12 11,38
Hedge Type call Option Hedge
2 2 12 1 3 1 1 3 Jun- r Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 8
Row 9
Cross Currency Interest Rate Hedge :: NDF / forward usd rate / Call Option hedge Manaus Transmissora de Energia S.A.
Bank PINE 1.8440 2.3000
Quote dates 18-Aug-09 spot rate usdbrl USD BRL
strike Total Oper Amount (Ticker)
Expiry Date Fwd rate Price (p.u.) R$ Fin. Premium» DI Dias úteis
USD
80,000,000
Custo Refin. Premio DI forward 100% Hedge Type call Option Hedge NDF Cash Disbursement
::
BRL
Cenário Maio '12
Fwd call Option Hedge
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
2.1940
2.2050
2.2200
2.2330
2.2460
2.2600
2.2720
2.2870
2.3000
12.00
187.00
195.00
202.00
208.00
215.00
222.00
227.00
232.00
238.00
244.00
12.47 #ADDIN?
239.76 #ADDIN?
252.69 #ADDIN?
264.41 #ADDIN?
275.34 #ADDIN?
287.60 #ADDIN?
300.14 #ADDIN?
310.22 #ADDIN?
320.44 #ADDIN?
332.56 #ADDIN?
344.30 #ADDIN?
167 8.616 1.09 8,41
867 10.870 1.11 10,67
897 10.961 1.11 10,72
926 11.035 1.11 10,79
958 11.115 1.11 10,91
988 11.183 1.11 10,93
1018 11.254 1.11 10,99
1049 11.314 1.11 11,11
1079 11.377 1.11 11,14
1112 11.439 1.11 11,25
1140 11.487 1.11 11,28
Swap
::
36,880,000 BRL
Value Date (refin premium)
42,426,639
Cenário Novembro '12
52,610,969
::
1-Feb-12
2.1800
D0
Cenário Maio '12
Cash Cost
2-Jan-12
1.8980
31,716,800
Cenário Novembro '12 Cash Disbursement
Dias Corridos DI forward
1-Feb-10
BRL
Value Date (refin premium)
Cenário Maio '12
(10,709,839)
Cenário Novembro '12
(15,730,969)
Hedge Type call Option Hedge
2.29 1.97 1.65 1.33
1.01 1 21 1 2 2 12 1 3 1 1 3 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 7
405 365 325 285 245 205 165 125 85 45 5 1 21 1 2 2 12 1 3 1 1 Jan- Jun- Feb 12 Feb Mar Apr- May 12 Jul- Aug Sep Oct- Nov Row 13
Row 8
Row 9
1-Nov-12
3-Dec-12
2.3130
2.3260
250.00
255.00
356.64 #ADDIN?
367.82 #ADDIN?
1171 11.540 1.12 11,34
1203 11.59 1.12 11,38
Hedge Type call Option Hedge
2 2 12 1 3 1 1 3 Jun- r Apr- May 12 Jul- Aug Sep Oct- Nov Dec Row 13
Row 8
Row 9
Quote dates
Bank
18-Aug-09 spot rate usdbrl call at strike
Fwd rate
1.8600 2.3000
Total Oper Amount (Ticker) 80,000,000
Expiry Date
USD
Price (p.u.) DI forward
1-Feb-10
2-Jan-12
1-Feb-12
1-Mar-12
2-Apr-12
2-May-12
1-Jun-12
2-Jul-12
1-Aug-12
3-Sep-12
1-Oct-12
1-Nov-12
3-Dec-12
0.03 0.21 0.22 0.23 0.23 0.24 0.25 0.25 0.26 0.26 0.27 0.27 0.28
29.8 210.2 217.9 225 232.7 239.7 246 252.7 259.1 264.9 269.5 274.2 278.7
FERIADOS 1/1/2002 2/11/2002 2/12/2002 3/29/2002 4/21/2002 5/1/2002 5/30/2002 9/7/2002 10/12/2002 11/2/2002 11/15/2002 12/25/2002 1/1/2003 3/3/2003 3/4/2003 4/18/2003 4/21/2003 5/1/2003 6/19/2003 9/7/2003 10/12/2003 11/2/2003 11/15/2003 12/25/2003 1/1/2004 2/23/2004 2/24/2004 4/9/2004 4/21/2004 5/1/2004 6/10/2004 9/7/2004 10/12/2004 11/2/2004 11/15/2004 12/25/2004 1/1/2005 2/7/2005 2/8/2005 3/25/2005 4/21/2005 5/1/2005 5/26/2005 9/7/2005 10/12/2005 11/2/2005 11/15/2005 12/25/2005 1/1/2006 2/27/2006 2/28/2006
4/14/2006 4/21/2006 5/1/2006 6/15/2006 9/7/2006 10/12/2006 11/2/2006 11/15/2006 12/25/2006 1/1/2007 2/19/2007 2/20/2007 4/6/2007 4/21/2007 5/1/2007 6/7/2007 9/7/2007 10/12/2007 11/2/2007 11/15/2007 12/25/2007 1/1/2008 2/4/2008 2/5/2008 3/21/2008 4/21/2008 5/1/2008 5/22/2008 9/7/2008 10/12/2008 11/2/2008 11/15/2008 12/25/2008 1/1/2009 2/23/2009 2/24/2009 4/10/2009 4/21/2009 5/1/2009 6/11/2009 9/7/2009 10/12/2009 11/2/2009 11/15/2009 12/25/2009 1/1/2010 2/15/2010 2/16/2010 4/2/2010 4/21/2010 5/1/2010 6/3/2010
9/7/2010 10/12/2010 11/2/2010 11/15/2010 12/25/2010 1/1/2011 3/7/2011 3/8/2011 4/21/2011 4/22/2011 5/1/2011 6/23/2011 9/7/2011 10/12/2011 11/2/2011 11/15/2011 12/25/2011 1/1/2012 2/20/2012 2/21/2012 4/6/2012 5/1/2012 6/7/2012 9/7/2012 10/12/2012 11/2/2012 11/15/2012 12/25/2012 1/1/2013 2/11/2013 2/12/2013 3/29/2013 4/21/2013 5/1/2013 5/30/2013 9/7/2013 10/12/2013 11/2/2013 11/15/2013 12/25/2013 1/1/2014 3/3/2014 3/4/2014 4/18/2014 4/21/2014 5/1/2014 6/19/2014 9/7/2014 10/12/2014 11/2/2014 11/15/2014 12/25/2014
1/1/2015 2/16/2015 2/17/2015 4/3/2015 4/21/2015 5/1/2015 6/4/2015 9/7/2015 10/12/2015 11/2/2015 11/15/2015 12/25/2015 1/1/2016 2/8/2016 2/9/2016 3/25/2016 4/21/2016 5/1/2016 5/26/2016 9/7/2016 10/12/2016 11/2/2016 11/15/2016 12/25/2016 1/1/2017 2/27/2017 2/28/2017 4/14/2017 4/21/2017 5/1/2017 6/15/2017 9/7/2017 10/12/2017 11/2/2017 11/15/2017 12/25/2017 1/1/2018 2/12/2018 2/13/2018 3/30/2018 4/21/2018 5/1/2018 5/31/2018 9/7/2018 10/12/2018 11/2/2018 11/15/2018 12/25/2018 1/1/2019 3/4/2019 3/5/2019 4/19/2019
4/21/2019 5/1/2019 6/20/2019 9/7/2019 10/12/2019 11/2/2019 11/15/2019 12/25/2019 1/1/2020 2/24/2020 2/25/2020 4/10/2020 4/21/2020 5/1/2020 6/11/2020 9/7/2020 10/12/2020 11/2/2020 11/15/2020 12/25/2020 1/1/2021 2/15/2021 2/16/2021 4/2/2021 4/21/2021 5/1/2021 6/3/2021 9/7/2021 10/12/2021 11/2/2021 11/15/2021 12/25/2021 1/1/2022 2/28/2022 3/1/2022 4/15/2022 4/21/2022 5/1/2022 6/16/2022 9/7/2022 10/12/2022 11/2/2022 11/15/2022 12/25/2022 1/1/2023 2/20/2023 2/21/2023 4/7/2023 4/21/2023 5/1/2023 6/8/2023 9/7/2023
10/12/2023 11/2/2023 11/15/2023 12/25/2023 1/1/2024 2/12/2024 2/13/2024 3/29/2024 4/21/2024 5/1/2024 5/30/2024 9/7/2024 10/12/2024 11/2/2024 11/15/2024 12/25/2024 1/1/2025 3/3/2025 3/4/2025 4/18/2025 4/21/2025 5/1/2025 6/19/2025 9/7/2025 10/12/2025 11/2/2025 11/15/2025 12/25/2025 1/1/2026 2/16/2026 2/17/2026 4/3/2026 4/21/2026 5/1/2026 6/4/2026 9/7/2026 10/12/2026 11/2/2026 11/15/2026 12/25/2026 1/1/2027 2/8/2027 2/9/2027 3/26/2027 4/21/2027 5/1/2027 5/27/2027 9/7/2027 10/12/2027 11/2/2027 11/15/2027 12/25/2027
1/1/2028 2/28/2028 2/29/2028 4/14/2028 4/21/2028 5/1/2028 6/15/2028 9/7/2028 10/12/2028 11/2/2028 11/15/2028 12/25/2028 1/1/2029 2/12/2029 2/13/2029 3/30/2029 4/21/2029 5/1/2029 5/31/2029 9/7/2029 10/12/2029 11/2/2029 11/15/2029 12/25/2029 1/1/2030 3/4/2030 3/5/2030 4/19/2030 4/21/2030 5/1/2030 6/20/2030 9/7/2030 10/12/2030 11/2/2030 11/15/2030 12/25/2030 1/1/2031 2/24/2031 2/25/2031 4/11/2031 4/21/2031 5/1/2031 6/12/2031 9/7/2031 10/12/2031 11/2/2031 11/15/2031 12/25/2031 1/1/2032 2/9/2032 2/10/2032 3/26/2032
4/21/2032 5/27/2032 9/7/2032 10/12/2032 11/2/2032 11/15/2032 2/28/2033 3/1/2033 4/15/2033 4/21/2033 6/16/2033 9/7/2033 10/12/2033 11/2/2033 11/15/2033 2/20/2034 2/21/2034 4/7/2034 4/21/2034 5/1/2034 6/8/2034 9/7/2034 10/12/2034 11/2/2034 11/15/2034 12/25/2034 1/1/2035 2/5/2035 2/6/2035 3/23/2035 5/1/2035 5/24/2035 9/7/2035 10/12/2035 11/2/2035 11/15/2035 12/25/2035 1/1/2036 2/25/2036 2/26/2036 4/11/2036 4/21/2036 5/1/2036 6/12/2036 12/25/2036 1/1/2037 2/16/2037 2/17/2037 4/3/2037 4/21/2037 5/1/2037 6/4/2037
9/7/2037 10/12/2037 11/2/2037 12/25/2037 1/1/2038 3/8/2038 3/9/2038 4/21/2038 4/23/2038 6/24/2038 9/7/2038 10/12/2038 11/2/2038 11/15/2038 2/21/2039 2/22/2039 4/8/2039 4/21/2039 6/9/2039 9/7/2039 10/12/2039 11/2/2039 11/15/2039 2/13/2040 2/14/2040 3/30/2040 5/1/2040 5/31/2040 9/7/2040 10/12/2040 11/2/2040 11/15/2040 12/25/2040 1/1/2041 3/4/2041 3/5/2041 4/19/2041 5/1/2041 6/20/2041 11/15/2041 12/25/2041 1/1/2042 2/17/2042 2/18/2042 4/4/2042 4/21/2042 5/1/2042 6/5/2042 12/25/2042 1/1/2043 2/9/2043 2/10/2043
3/27/2043 4/21/2043 5/1/2043 5/28/2043 9/7/2043 10/12/2043 11/2/2043 12/25/2043 1/1/2044 2/29/2044 3/1/2044 4/15/2044 4/21/2044 6/16/2044 9/7/2044 10/12/2044 11/2/2044 11/15/2044 2/20/2045 2/21/2045 4/7/2045 4/21/2045 5/1/2045 6/8/2045 9/7/2045 10/12/2045 11/2/2045 11/15/2045 12/25/2045 1/1/2046 2/5/2046 2/6/2046 3/23/2046 5/1/2046 5/24/2046 9/7/2046 10/12/2046 11/2/2046 11/15/2046 12/25/2046 1/1/2047 2/25/2047 2/26/2047 4/12/2047 5/1/2047 6/13/2047 11/15/2047 12/25/2047 1/1/2048 2/17/2048 2/18/2048 4/3/2048
4/21/2048 5/1/2048 6/4/2048 9/7/2048 10/12/2048 11/2/2048 12/25/2048 1/1/2049 3/1/2049 3/2/2049 4/16/2049 4/21/2049 6/17/2049 9/7/2049 10/12/2049 11/2/2049 11/15/2049 2/21/2050 2/22/2050 4/8/2050 4/21/2050 6/9/2050 9/7/2050 10/12/2050 11/2/2050 11/15/2050 2/13/2051 2/14/2051 3/31/2051 4/21/2051 5/1/2051 6/1/2051 9/7/2051 10/12/2051 11/2/2051 11/15/2051 12/25/2051 1/1/2052 3/4/2052 3/5/2052 4/19/2052 5/1/2052 6/20/2052 11/15/2052 12/25/2052 1/1/2053 2/17/2053 2/18/2053 4/4/2053 4/21/2053 5/1/2053 6/5/2053
12/25/2053 1/1/2054 2/9/2054 2/10/2054 3/27/2054 4/21/2054 5/1/2054 5/28/2054 9/7/2054 10/12/2054 11/2/2054 12/25/2054 1/1/2055 3/1/2055 3/2/2055 4/16/2055 4/21/2055 6/17/2055 9/7/2055 10/12/2055 11/2/2055 11/15/2055 2/14/2056 2/15/2056 3/31/2056 4/21/2056 5/1/2056 6/1/2056 9/7/2056 10/12/2056 11/2/2056 11/15/2056 12/25/2056 1/1/2057 3/5/2057 3/6/2057 4/20/2057 5/1/2057 6/21/2057 9/7/2057 10/12/2057 11/2/2057 11/15/2057 12/25/2057 1/1/2058 2/25/2058 2/26/2058 4/12/2058 5/1/2058 6/13/2058 11/15/2058 12/25/2058
1/1/2059 2/10/2059 2/11/2059 3/28/2059 4/21/2059 5/1/2059 5/29/2059 12/25/2059 1/1/2060 3/1/2060 3/2/2060 4/16/2060 4/21/2060 6/17/2060 9/7/2060 10/12/2060 11/2/2060 11/15/2060 2/21/2061 2/22/2061 4/8/2061 4/21/2061 6/9/2061 9/7/2061 10/12/2061 11/2/2061 11/15/2061 2/6/2062 2/7/2062 3/24/2062 4/21/2062 5/1/2062 5/25/2062 9/7/2062 10/12/2062 11/2/2062 11/15/2062 12/25/2062 1/1/2063 2/26/2063 2/27/2063 4/13/2063 5/1/2063 6/14/2063 9/7/2063 10/12/2063 11/2/2063 11/15/2063 12/25/2063 1/1/2064 2/18/2064 2/19/2064
4/4/2064 4/21/2064 5/1/2064 6/5/2064 12/25/2064 1/1/2065 2/9/2065 2/10/2065 3/27/2065 4/21/2065 5/1/2065 5/28/2065 9/7/2065 10/12/2065 11/2/2065 12/25/2065 1/1/2066 2/22/2066 2/23/2066 4/9/2066 4/21/2066 6/10/2066 9/7/2066 10/12/2066 11/2/2066 11/15/2066 2/14/2067 2/15/2067 4/1/2067 4/21/2067 6/2/2067 9/7/2067 10/12/2067 11/2/2067 11/15/2067 3/5/2068 3/6/2068 4/20/2068 5/1/2068 6/21/2068 9/7/2068 10/12/2068 11/2/2068 11/15/2068 12/25/2068 1/1/2069 2/25/2069 2/26/2069 4/12/2069 5/1/2069 6/13/2069 11/15/2069
12/25/2069 1/1/2070 2/10/2070 2/11/2070 3/28/2070 4/21/2070 5/1/2070 5/29/2070 12/25/2070 1/1/2071 3/2/2071 3/3/2071 4/17/2071 4/21/2071 5/1/2071 6/18/2071 9/7/2071 10/12/2071 11/2/2071 12/25/2071 1/1/2072 2/22/2072 2/23/2072 4/8/2072 4/21/2072 6/9/2072 9/7/2072 10/12/2072 11/2/2072 11/15/2072 2/6/2073 2/7/2073 3/24/2073 4/21/2073 5/1/2073 5/25/2073 9/7/2073 10/12/2073 11/2/2073 11/15/2073 12/25/2073 1/1/2074 2/26/2074 2/27/2074 4/13/2074 5/1/2074 6/14/2074 9/7/2074 10/12/2074 11/2/2074 11/15/2074 12/25/2074
1/1/2075 2/18/2075 2/19/2075 4/5/2075 5/1/2075 6/6/2075 11/15/2075 12/25/2075 1/1/2076 3/2/2076 3/3/2076 4/17/2076 4/21/2076 5/1/2076 6/18/2076 9/7/2076 10/12/2076 11/2/2076 12/25/2076 1/1/2077 2/22/2077 2/23/2077 4/9/2077 4/21/2077 6/10/2077 9/7/2077 10/12/2077 11/2/2077 11/15/2077 2/14/2078 2/15/2078 4/1/2078 4/21/2078 6/2/2078 9/7/2078 10/12/2078 11/2/2078 11/15/2078
DinamicPage Date: 09/15/2009 Page 31 Dias Corridos 1 14 28 30 43 44 58 62 77 90 105 119 120 139 150 167 183 195 209 210 226 240 258 272 287 300 301 317 330 331 349 360 363
DI x pré 252(2)(4) 360(1) 8,62 8,47 8,63 8,81 8,60 8,32 8,59 8,59 8,58 8,55 8,58 8,64 8,59 8,46 8,59 8,31 8,60 8,28 8,60 8,31 8,60 8,41 8,60 8,46 8,60 8,49 8,60 8,29 8,61 8,44 8,63 8,41 8,64 8,35 8,65 8,35 8,66 8,39 8,66 8,41 8,67 8,49 8,71 8,49 8,75 8,46 8,78 8,52 8,81 8,59 8,83 8,57 8,83 8,58 8,86 8,66 8,92 8,72 8,93 8,74 9,01 8,80 9,06 8,91 9,07 8,88
DinamicPage Date: 09/15/2009 Page 32 379 391 409 421 423 450 482 503 510 517 540 570 591 601 605 630 660 682 692 696 720 751 776 780 790 811 840 867 870 881 902 930 958 960 972
9,13 9,17 9,23 9,28 9,29 9,40 9,52 9,59 9,63 9,67 9,78 9,91 10,00 10,04 10,07 10,18 10,32 10,41 10,44 10,46 10,54 10,63 10,70 10,71 10,73 10,77 10,83 10,88 10,89 10,92 10,98 11,04 11,11 11,12 11,14
8,98 8,97 9,09 9,09 9,12 9,21 9,30 9,39 9,43 9,47 9,62 9,73 9,83 9,85 9,91 9,96 10,13 10,22 10,23 10,28 10,34 10,45 10,51 10,55 10,53 10,56 10,62 10,67 10,70 10,72 10,79 10,83 10,91 10,93 10,93
DinamicPage Date: 09/15/2009 Page 33 990 1021 1049 1050 1063 1080 1112 1140 1154 1170 1200 1233 1246 1322 1336 1413 1427 1441 1505 1519 1598 1611 1687 1701 1778 1792 1800 1870 1884 1963 1976 2052 2066 2143 2157
11,19 11,27 11,33 11,33 11,36 11,39 11,44 11,48 11,50 11,53 11,58 11,63 11,65 11,74 11,76 11,83 11,84 11,85 11,90 11,91 11,97 11,98 12,03 12,04 12,10 12,11 12,11 12,15 12,16 12,19 12,20 12,23 12,23 12,26 12,27
10,99 11,06 11,11 11,12 11,14 11,20 11,25 11,28 11,30 11,34 11,38 11,40 11,42 11,49 11,51 11,59 11,60 11,62 11,69 11,71 11,76 11,77 11,81 11,83 11,87 11,88 11,89 11,94 11,95 11,99 12,00 12,03 12,02 12,04 12,05
DinamicPage Date: 09/15/2009 Page 34 2162 2235 2249 2330 2341 2418 2432 2509 2520 2523 2603 2617 2694 2708 2785 2799 2876 2880 2890 2967 2981 3059 3072 3149 3163 3240 3254 3331 3345 3424 3437 3513 3527 3600 3604
12,27 12,30 12,30 12,33 12,33 12,36 12,36 12,39 12,39 12,39 12,42 12,42 12,44 12,44 12,44 12,44 12,45 12,45 12,45 12,45 12,45 12,45 12,45 12,45 12,45 12,45 12,46 12,46 12,46 12,46 12,46 12,46 12,46 12,46 12,46
12,05 12,09 12,09 12,10 12,12 12,14 12,14 12,17 12,17 12,17 12,20 12,20 12,22 12,22 12,22 12,22 12,21 12,22 12,22 12,23 12,22 12,21 12,21 12,21 12,21 12,22 12,22 12,23 12,22 12,22 12,22 12,22 12,22 12,22 12,22
DinamicPage Date: 09/15/2009 Page 35 3618 3696 3710 3789 3802 3879 3893 3970 3984 4062 4076 4157 4168 4244 4258 4335 4349 4381 4427 4441 4521 4535 4609 4626 4700 4714 4794 4808 4885 4899 4976 4990 5067 5081 5158
12,46 12,46 12,46 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,47 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48 12,48
12,22 12,23 12,24 12,23 12,23 12,24 12,23 12,23 12,23 12,24 12,24 12,23 12,24 12,24 12,23 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24 12,24
DinamicPage Date: 09/15/2009 Page 36 5172 5580
12,48 12,48
12,24 12,25
DinamicPage Date: 09/15/2009 Page 37 Dias Corridos 3 18 31 32 47 48 60 62 81 90 94 109 122 123 143 150 154 171 180 187 199 210 213 230 241 244 262 270 276 291 300 305 321
DI x pré 252(2)(4) 360(1) 8,62 8,42 8,62 8,19 8,60 7,90 8,60 8,04 8,59 8,35 8,59 8,43 8,59 8,17 8,59 8,30 8,59 8,16 8,59 8,31 8,60 8,21 8,60 8,33 8,60 8,34 8,60 8,38 8,59 8,22 8,60 8,26 8,61 8,37 8,62 8,34 8,63 8,42 8,63 8,30 8,64 8,30 8,65 8,40 8,65 8,34 8,66 8,44 8,69 8,38 8,70 8,44 8,74 8,42 8,76 8,47 8,77 8,48 8,81 8,55 8,82 8,56 8,83 8,55 8,86 8,63
DinamicPage Date: 09/15/2009 Page 38 332 335 353 360 367 383 390 413 420 427 451 480 507 510 521 542 572 595 600 609 630 661 686 690 700 720 752 780 794 811 840 871 885 900 930
8,91 8,93 9,01 9,04 9,07 9,14 9,16 9,24 9,28 9,30 9,40 9,52 9,62 9,64 9,70 9,81 9,94 10,05 10,07 10,12 10,21 10,34 10,45 10,46 10,50 10,57 10,66 10,74 10,77 10,80 10,85 10,90 10,94 10,98 11,05
8,66 8,71 8,78 8,82 8,85 8,96 8,95 9,07 9,12 9,11 9,16 9,28 9,40 9,44 9,48 9,61 9,72 9,86 9,87 9,94 9,99 10,11 10,24 10,23 10,30 10,37 10,46 10,53 10,55 10,59 10,64 10,68 10,73 10,78 10,84
DinamicPage Date: 09/15/2009 Page 39 962 976 990 1020 1050 1053 1067 1081 1110 1140 1144 1158 1172 1200 1237 1250 1326 1340 1417 1431 1440 1509 1523 1602 1615 1691 1705 1782 1796 1802 1874 1888 1967 1980 2056
11,13 11,16 11,19 11,26 11,32 11,32 11,35 11,38 11,45 11,50 11,51 11,53 11,54 11,57 11,61 11,63 11,73 11,74 11,83 11,84 11,85 11,90 11,91 11,98 11,99 12,04 12,05 12,09 12,10 12,10 12,14 12,15 12,19 12,20 12,23
10,91 10,93 10,97 11,04 11,11 11,09 11,13 11,17 11,25 11,30 11,30 11,31 11,33 11,34 11,37 11,39 11,47 11,49 11,57 11,59 11,61 11,68 11,70 11,76 11,77 11,82 11,83 11,85 11,86 11,87 11,93 11,94 11,98 11,99 12,02
DinamicPage Date: 09/15/2009 Page 40 2070 2147 2160 2161 2239 2253 2334 2345 2422 2436 2513 2520 2527 2607 2621 2698 2712 2789 2803 2880 2894 2971 2985 3063 3076 3153 3167 3240 3244 3258 3335 3349 3428 3441 3517
12,23 12,26 12,26 12,26 12,29 12,30 12,32 12,33 12,37 12,38 12,42 12,42 12,43 12,47 12,47 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51
12,02 12,04 12,04 12,04 12,08 12,08 12,09 12,11 12,14 12,15 12,20 12,20 12,21 12,24 12,25 12,28 12,28 12,28 12,28 12,27 12,28 12,28 12,28 12,27 12,27 12,26 12,27 12,27 12,27 12,27 12,27 12,27 12,26 12,26 12,26
DinamicPage Date: 09/15/2009 Page 41 3531 3601 3608 3622 3700 3714 3793 3806 3883 3897 3974 3988 4066 4080 4161 4172 4248 4262 4339 4353 4380 4431 4445 4525 4539 4613 4630 4704 4718 4798 4812 4889 4903 4980 4994
12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51 12,51
12,27 12,26 12,26 12,26 12,27 12,28 12,27 12,28 12,28 12,27 12,27 12,27 12,28 12,27 12,27 12,27 12,27 12,27 12,27 12,27 12,27 12,28 12,27 12,27 12,27 12,28 12,27 12,27 12,27 12,27 12,27 12,27 12,27 12,27 12,27
DinamicPage Date: 09/15/2009 Page 42 5071 5085 5162 5176 5582
12,51 12,51 12,51 12,51 12,51
12,27 12,27 12,27 12,27 12,27
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