MMX announces its 1Q08 results

Rio de Janeiro, May 15, 2008 MMX Minerao e Metlicos S.A. (Bovespa: MMXM3; TSX: XMM) (MMX
or Company) announces its results for the period ended March 31, 2008 (1Q08). The financial statements
presented at the end of this document were prepared in accordance with the usual accounting practices
adopted in Brazil, based on Brazilian Corporate Law and CVM regulations (BR GAAP).

SUMMARY OF THE PERIOD

Through the subsidiary AVX, the Company concluded the acquisition of Minerminas in March 2008, a
mining company located in the Iron Quadrangle, Minas Gerais State, in an area nearby AVG
Minerao, acquired in December 2007.

MMXs iron ore production totaled 1,402 thousand tons in the 1Q08, with sales of 1,076 thousand
tons, of which 67% to the domestic market and 33% to exports market.

MMX Metlicos Corumbs second blast furnace commenced operating in January 2008, thus
enabling the pig iron plant to produce at the nominal capacity of 400 thousand tons per year.

Net revenue reached R$160 million in the quarter, 67% higher than in the 4Q07, influenced by sales
from the AVX and Amap Systems, although not reflecting the positive annual iron ore price
adjustment yet.

The 1Q08 net income of R$184.2 million was positively impacted by the capital gain obtained as a
result of the financial settlement of the sale of a 15% stake in LLX to Ontario Teachers Pension Plan
(OTPP).

In March 2008, Mr. Eike Batista, controlling shareholder of MMX, and Anglo American Participaes
em Minerao Ltda. (Anglo American Participaes) entered into a Share Purchase and Sale
Agreement for the acquisition, by Anglo American Participaes, of the controlling stake in IronX
Minerao S.A. (IronX), company resulting from MMXs partial split-up that will own MMXs 51%
stake in MMX Minas-Rio and 70% stake in MMX Amap.

In March 2008 MMX Minas-Rio was granted the environmental construction permit for the construction
of the slurry pipeline and, in April 2008, it contracted Camargo Corra to build the pipeline.

In February, 2008 MMXs shares commenced trading on the Bovespas odd-lot market, under the
ticker MMXM3F.

An Extraordinary Shareholders' Meeting held on April 7, 2008 approved the third split of the
Company's common shares in the proportion of 20 to 1. Therefore, each of MMXs GDRs now
corresponds to one common share.

Investor Relations: Nelson Guitti Elizabeth Cruz Gina Pinto

CFO and IR Officer IR Manager IR Analyst

Tel: (21)2555-5634 ri@mmx.com.br

(21)2555-5558 www.mmx.com.br/ri
(21)2555-5563

1
 Analysis of the Quarters Consolidated Result

Production
MMXs iron ore production totaled 1,402 thousand tons in the 1Q08, of which 830 thousand tons from AVX
System, 396 thousand tons from MMX Corumb, and 176 thousand tons from MMX Amap.

In addition, MMX Corumb produced 53 thousand tons of pig iron.

Iron Ore Production (thousand tons)

1.402
392
830
216 466
396
77 390
176 544
319 225
176

Amap Corumb AVX MMX

Lump Sinter Feed Pellet Feed

The MMX Amap System finalized the loading its first iron ore shipment, headed for -Gulf Industrial
Investment Corporation (GIIC), in January 2008. The Amap mine is at a ramp-up phase and is expected to
reach the full production capacity rate of 6.5 thousand tons per year in November 2008. The energy for the
Amap operation will be supplied by the Amapari Thermoelectric Plant, which has its construction conclusion
expected for May/2008. In the 1Q08 the energy was supplied by emergency electric power generators.

The MMX Corumb System has carried on its iron ore production plan in course, aimed at producing 2.2
million tons in 2008. The pig iron plant initiated the operation of its second blast furnace in January 2008,
reaching, thus, the nominal production capacity of 400 thousand tons per year. A momentary shortage with
certified and licensed charcoal supply in the region led to pig iron production below forecast in the 1Q08.

The AVX System comprises the operations of AVG and Minerminas, two family-owned mining companies
recently acquired in December 2007 and January 2008, respectively, and located at the Serra Azul region,
Minas Gerais State. MMX is implementing an action plan aimed at achieving operational efficiency gains and
at increasing production capacity to 6.1 thousand tons per year in 2008. A higher rate of production will be
accomplished in the 2Q08 upon implementation of the 4-shifts operation, enabled by the approval obtained
through a collective agreement with the employees.

2
Sales

In the 1Q08, iron ore sales volume reached 1,076 thousand tons, of which 67% directed to the domestic
market and 33% for the export market. Of total sales, AVX contributed with 726 thousand tons and MMX
Amap with 133 thousand tons. MMX Corumb Systems sales reached 217 thousand tons of pig iron and 62
thousand tons of pig iron.

Iron Ore Sales Mix

1Q08 Sales (thousand tons)

1.076
350 14%
Lump
42%
Sinter Feed
726 62 44% Pellet Feed

Iron Ore Pig Iron

Domestic Market Exports

Net Revenue

Net revenue in the 1Q08 reached R$160 million, 90% higher than in the 4Q07, when it totaled R$ 95.8 million.

This increase reflects the acquisitions carried out by the Company, which added AVG and Minerminas
operations to the consolidated results, as well as the start up of operations of the pig iron plant in Corumb
and of the MMX Amap System.

The 1Q08 net revenue does not reflect the annual iron ore price adjustment yet, as this became effective only
in the second quarter, and has the iron ore benchmark price variation as reference.

Net Revenue (R$ Millions)

160,1

95,8

58,3

25,1 24,9

1Q07 2Q07 3Q07 4Q07 1Q08

3
Other operating revenues and expenses
General and administrative expenses in 1Q08 totaled R$52.9 million, 20% higher than in 4Q07. Higher
personnel expenses due to the beginning of operations in MMX Amap and to the new operation, AVX,
contributed to this increase.

Sales expenses reached R$33.5 million in the quarter, 86% higher than in the 4Q07 mainly due to the higher
sales volumes, since shipment in the 4Q07 was negatively affected by the force majeure in the Paraguay
River.

Other operating expenses of R$15.2 million reflects mostly the goodwill amortization from the Minerminas and
AVG acquisition.

EBITDA

The 1Q08 EBITDA was negative R$77.6 million. This indicator expresses the initial phase of MMXs projects,
with unitary cost of goods sold still at a high level due to the low production volume, which shall improve as
operations develop, leading to sales increases.

EBITDA (R$ Millions) and EBITDA Margin (%)

1Q07 2Q07 3Q07 4Q07 1Q08

(19,7) (24,0) (23,1) (72,7) (77,6)

-40%
-48%
-79%
-76%

-97%

EBITDA EBITDA Margin

Financial Result and Debt

In the 1Q08, MMX recorded a net financial income of R$7.4 million as a result of: (a) R$38.8 million interest
income obtained through the cash investment in marketable securities; (b) a R$13.3 million exchange rate
variation gain - resulting from the effect of the 1.25% appreciation of the Brazilian Real in relation to the US
Dollar, on the foreign denominated debt; and (c) R$44.8 million financial expenses, mainly from interest
payment on debt.

MMX recorded net cash of R$152 million in the 1Q08 explained by:

Cash and equivalents balance totaled R$1.4 billion on March 31, 2008, practically unchanged in
comparison to the balance recorded at the end of 2007.

Gross debt of R$1.3 billion, 21% higher than in the 4Q07. The second BNDES drawdown of R$110
million to MMX Amap occurred in March. The Company also obtained new funding, through AVG
Minerao, as trade financing for investing in the AVX System.

4
 Debt x Cash

1.425 1.278 1.430

1.090
152
335

December 2007 March 2008

Gross Debt Cash Net Cash

Certain covenants related to the Financing Contract of the MMX Amap System are not being accomplished
due to facts out of the Companys control. Nevertheless, no formal communication or notification from the
main creditor of the Financing Contract, declaring the non-fulfillment or maturity of any obligation, has been
received up to date. The parties have been carrying amicable negotiations in the last months and it is
expected that the new physical-financial schedule to be presented by MMX Amap will eliminate any
possibility of non-compliance or anticipated debt maturity.

Non Operating Result

In the 1Q08 the Company recorded a capital gain of R$ 254.7 million as a result of the financial settlement of
the sale of a 15% stake in LLX to OTPP for US$185 million.

Net Income
Net income in 1Q08 totaled R$184.2 million, mainly due to the capital gain obtained as a result of the financial
settlement of the sale of a 15% stake in LLX to OTPP, for US$185 million.

CAPEX
MMX continued its development plan in course, aimed at achieving the scheduled execution timeline. Total
capex in fixed and deferred assets required for the various projects in the 1Q08 was of R$487 million, and the
total amount invested to date reached R$1.9 billion.

Of the total invested in the 1Q08, special notice is given to the Minas-Rio, Amap and LLX projects, which
reached investments of R$279 million, R$111 million and R$68 million, respectively.

5
 Accumulated Investments in Fissed and Deferred Assets
(R$ million)

1.908

1.420

885
776
465
187 326 334
22 37 88 156 22 31

Amap Minas-Rio Corumb AVX LLX Outras Total

4Q07 1Q08

Mineral resources and reserves

During the 1Q08 MMX disclosed new technical reports on MMX Corumb, MMX Minas-Rio and AVG 's
mineral resources and reserves. The reports were carried out in accordance with the standards set by the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM Standards) and by the National Instrument 43-
101 of the Canadian Securities Administrators (NI 43-101).

MMX Amaps internal evaluation report was issued in March 2008 and is under certification process by the
independent auditors, in accordance with the Toronto Stock Exchange rules. The report shall be disclosed in
the 2Q08.

The table below presents MMXs mineral resources:

MMX Minas-Rio MMX - Corumb MMX - Amap* AVG

Total Mina 63 & Urucum NE
( Mt ) ( Mt ) ( Mt ) ( Mt )

Measured /
1485,0 82,9 73,6*
Indicated

2305,0 46,8 104,5* 98,7

Inferred

900,0 150*
Conceptual

OBS: Database December 2007 (AVG), November 2007 (Minas-Rio) and September 2007 (Corumb).
(*) Database March 2006 - new report to be disclosed in 2Q08

The resources of the MMX Corumb System includes the reserves of Mine 63, of which 4.3 million tons are
proved reserves and 29.4 million tons are probable reserves.

6
 Relevant Information

Eike Batista and Anglo American Celebrate Share Purchase Agreement

On March 31, 2008, Mr. Eike Batista, controlling shareholder of MMX, certain members of the management of
MMX and Anglo American Participaes em Minerao Ltda. (Anglo American Participaes), a wholly
owned subsidiary of Anglo American plc, entered into a Share Purchase and Sale Agreement, whereby Anglo
American Participaes agreed to purchase, and Mr. Eike Batista and certain members of management of
MMX agreed to sell, common shares representing approximately 63.47% of the share capital of IronX
Minerao S.A. (IronX).

IronX is a corporation currently in the process of obtaining its publicly-held company registration before the
Brazilian Securities Commission (the Comisso de Valores Mobilirios or the "CVM"), and, after the
conclusion of a corporate reorganization of MMX, IronX will be the owner of 51% of the share capital of MMX
Minas-Rio Minerao S.A. (MMX Minas-Rio) and 70% of MMX Amap Minerao Ltda. (MMX Amap).
Anglo American Participaes currently owns, indirectly, 49% of MMX Minas-Rio, as well as 49% of LLX
Minas-Rio Logstica Comercial Exportadora S.A. (LLX Minas-Rio), and the remaining 51% of the share
capital of LLX Minas-Rio will continue to be held by LLX Logstica S.A. (LLX). The Reorganization will also
involve the transfer to IronX of 100% (one hundred per cent) of the stock capital of MMX Metlicos Amap
Ltda. and Bay Service Servios Porturios Ltda.

In addition to certain other conditions that are customary in transactions of this nature, in order to carry out the
Reorganization, IronX, LLX and MMX must obtain the relevant approvals from their shareholders in a
shareholders' meeting, called in accordance with the Law and the regulation issued by the CVM. The
Acquisition is subject to registration of the Tag-Along Offer before CVM and to its completion by Anglo
American Participaes. The process will be notified to the competent antitrust bodies, while MMX, IronX and
LLX will keep their shareholders and the market timely and sufficiently informed of all the steps of the
transaction until conclusion.

Information regarding the Restructuring and Acquisition, Public Offering of shares from sale and capital
control, as well as the continuity of MMX and LLXs operations as publicly-held companies, listed in Bovespas
Novo Mercado, may obtained in the Public Announcement disclosed on March 31,2008, which is available at
the Investor Relations section of MMXs website: www.mmx.com.br

7
 Parent Company Financial Statements
Listed below are the highlights for the 1Q08:

Net income in the 1Q08 totaled R$184.2 million, mainly due to the capital gain obtained as a result of
the financial settlement of the sale of a 15% stake in LLX to OTPP, for US$185 million;

Net financial revenue of R$15.7 million;

General and administrative expenses of R$13.7 million;

Shareholders Equity of R$1.9 billion at the quarter end.

MMX in Novo Mercado

MMX is listed on Bovespas Novo Mercado, under the ticker MMXM3. The Company is included in the Special
Corporate Governance Stock Index (IGC), the differentiated tag along index (ITAG) and the Brasil Index
(IBrX-100). Shares are priced at unitary price and traded in 100 share lots.

The capital stock is composed exclusively of common shares and minority shareholders are entitled to the
same treatment given to the controlling shareholder in the eventuality of a control block trade (100% tag along
rights), as stated in the Companys Bylaws.

On April 7, 2008, following the Companys share split program, disclosed on the IPO memorandum, the third
split of the Company's common shares was approved, in the proportion of 20 shares for each existing share.
Therefore, Companys capital stock is now represented by 304,610 thousand shares.

By the end of the 1Q08 MMXs free float reached 33.3%, represented by approximately 709 shareholders.
International investors share in the free float was of 91% and of 30% in the Companys total capital.

MMXs share price reached R$945.00 in March 31, 2008, corresponding to a 0.53% appreciation in the first
three months of 2008 and 138% appreciation in 12 months. The market value reached R$ 14.4 billion.

In the first quarter of 2008, 3,044 thousand shares were traded in 7,366 transactions. MMXs shares were
present in 100% of the stock exchanges trading days, with a daily average of 123 transactions, 46% higher
than in the 4Q07, indicating an increase in the Companys share liquidity.

MMXs GDRs on the TSX

MMX is listed at the Toronto Stock Exchange (TSX) with its Level 1 Global Depositary Receipts (GDR),
being the first Brazilian company to be listed in Canada.

After the share split approved in April 2008, each MMX share, which previously corresponded to 20 GDRs,
now corresponds to 1 (one) GDR. On March 31, 2008, the GDRs represented 9% of the Companys free float,
corresponding to 444 thousand commom shares.

8
 CAPEX and Acquisitions

In the 1Q08 the Company, through its subsidiary AVX Minerao e Participaes Ltda., concluded the
acquisition of 100% of the issued and outstanding shares of capital stock of Minerminas Mineradora Minas
Gerais Ltda. for US$125 million, payable in 7 semi-annual consecutive installments.

The Company estimates that the integrated operations of AVG and Minerminas will result in iron ore
production of 6.1 million tons in 2008 and of 6.6 million tons in 2009. For this, the Company approved
investments of nearly US$ 40.1 million to improve operations over these two years, which alone will enable
AVX to reach production capacity of 8 million tons in 2010.

Subsequent Events

Main Decisions of the Partial Split-up Board Meeting

MMXs Board of Directors has decided the following at the Board Meeting held on April 7, 2008, at the
Companys headquarters:

To ratify the signature by the Company of the "Indemnities Agreement" celebrated with LLX Logstica,
IronX and Anglo American on March 31st, 2008.

To approve the Protocol and Justification of the Company's Partial Split-up, with the allocation of
portions of the net worth of MMX to IronX and LLX Logstica, signed on March 31st.

To approve the Appraisal Report of the portions of MMX's net worth to be allocated to IronX and LLX
Logstica, prepared by KPMG Auditores Independentes.

To authorize the call of an Extraordinary Shareholders' Meeting to decide upon the partial split-up of
the Company (to take place in a date to be defined).

To accept the resignation of MMX's Officers Luiz Rodolfo Landim Machado and Paulo Carvalho de
Gouva, who were then recommended to be appointed to become members of MMX's Board of
Directors, whose appointment will be, of course, subject to approval by MMX's Shareholders gathered
at the relevant Shareholders' Meeting.

To elect MMX's Officer Joaquim Martino Ferreira, as the Executive President.

To elect MMX's Chief Financial Officer Nelson Jos Guitti Guimares, as Investor Relations Officer.

To approve the reelection of the following members of the Company's Board of Officers, for a 1-year
term: Eike Fuhrken Batista as CEO; Joaquim Martino Ferreira as Executive President and Mining
Officer; Adriano Jos Negreiros Vaz Netto as Officer; Dalton Nos as Officer; Jos Luiz Amarante
Arajo as Commercial Officer; Nelson Jos Guitti Guimares as Chief Financial and Investor
Relations Officer.

9
Information regarding MMXs Proposed Partial Split-up

On April 8, MMX informed, through a Public Announcement, that its management will submit for approval by
the shareholders, in an Extraordinary Meeting, the partial Split-Up of the Company, with allocation of portions
of its net worth to IronX Minerao S.A. and to LLX Logstica S.A., both companies currently in the process of
obtaining their listed company registration.

The goals and benefits of the Partial Split-up, the right of withdrawal, and other information regarding the
Partial Split-up may be read in full on the document, which is available at the Companys investor relations
website.

10
MMX Minerao e Metlicos S.A.
(Public company)
Balance Sheet
as of March 31, 2008 and December 31, 2007
(In R$ '000)

Parent Company Consolidated

Assets 3/31/08 12/31/07 3/31/08 12/31/07

Current
Cash and equivalents 439,531 368,931 1,430,257 1,424,938
Accounts receivable - - 85,332 40,510
Inventories - - 131,963 153,968
Sundry Advances 4,067 5,715 40,172 41,147
Recoverable taxes 29,154 23,118 48,604 36,479
Restricted deposits 5,570 6,375 5,570 6,375
Contractual retentions 44,117 42,992 44,117 42,992
Prepaid expenses 59 58 1,633 1,924
Accounts receivable - transfer of fixed assets - 13,359 - -
Other credits 29 6 1,781 1,368

522,527 460,554 1,789,429 1,749,701

Non Current
Long Term
Sundry Advances - - 41,243 41,621
Recoverable taxes 166 124 52,468 47,877
Prepaid expenses 192 203 247 257
Judicial deposits 8 8 85,603 611
Subsidiaries and associated companies 153,876 316,417 2,760 4,449
Loans to third party - - 3,211 2,774

154,242 316,752 185,532 97,589

Permanent Assets
Investments 1,343,523 1,077,377 3,396 3,396
Intangible 810 810 871,467 744,746
Provision for investments losses (9,780) (9,780) (9,780) (9,780)
Goodwill from the acquisitioon of subsidiary 9,990 9,990 630,933 457,499
Mining rights and concessions 600 600 237,280 285,156
Obligations related to withdrawal of assets - - 11,504 10,101
Right of way - - 1,530 1,770
Fixed 29,667 16,698 1,361,204 1,115,104
Deferred - - 502,229 458,155

1,374,000 1,094,885 2,738,296 2,321,401

2,050,769 1,872,191 4,713,257 4,168,691

11
MMX Minerao e Metlicos S.A.
(Public company)
Balance Sheet
as of March 31, 2008 and December 31, 2007
(In R$ '000)

Parent Company Consolidated

Liabilities 3/31/08 12/31/07 3/31/08 12/31/07

Current
Suppliers 10,769 15,351 100,681 129,116
Loans and financing 708 548 1,263,553 701,900
Taxes and contributions payable 6,139 13,594 57,333 61,420
Salaries and payroll 358 4,528 5,124 17,564
Provission for losses from derivatives - - 37,675 20,495
Investment acquisition liabilities - - 182,896 149,192
Fixed assets acquisition liabilities - - 11,239 12,004
Subsidiaries and associated companies 802 682 - -
Third party payables 112 2,851
Income tax and social contribution payable - - 103,336 84,859
Provision for uncovered liabilities 24,411 12,959 - -
Other liabilities 2,446 2,948 31,218 41,360

45,633 50,610 1,793,167 1,220,761

Non current
Long term
Loans and financing 7,497 7,909 14,835 388,239
Taxes and contributions payable - - 529 972
Investment acquisition liabilities - - 488,794 437,038
Obligation related to withdrawal of assets and reforestation - - 14,980 12,431
Provision for contingencies - - 242 242
Fixed assets acquisition liabilities - 0
Results for future years - - 267,512 247,976
Other liabilities - - 4,202 3,776

7,497 7,909 791,094 1,090,674

Minority interest - - 131,357 43,584

Shareholders' Equity
Capital stock 1,142,804 1,142,804 1,142,804 1,142,804
Profit reserve 670,868 670,868 670,868 670,868
Accumulated losses 183,967 - 183,967 -

1,997,639 1,813,672 1,997,639 1,813,672

2,050,769 1,872,191 4,713,257 4,168,691

12
MMX Minerao e Metlicos S.A.
(Public Company)
Income of Statement
As of March 31, 2008 and 2007
(In R$ '000)

Parent Company Consolidated

3/31/08 3/31/07 3/31/08 3/31/07

Gross operating revenue - - 168,003 25,378

Deductions - - (7,923) (311)

Net Operating Revenue - - 160,080 25,067

Costs of goods sold and services rendered - - (159,695) (27,264)

Gross Income (Loss) - - 385 (2,197)

Other operating revenues (expenses)

Administrative and general (13,705) (8,967) (52,955) (13,399)
Selling - - (33,514) (3,548)
Financial revenues 17,405 29,629 38,842 29,406
Financial expenses (310) (889) (44,763) (9,529)
Exchange rate variation, net (1,401) 225 13,348 4,994
Equity result (60,039) (5,252) - -
Provision for uncovered liabilities (11,453) - - -
Gain with capital increase -
Provision for inventories losses - - - -
Other operating revenues (expenses) - (6,770) (15,194) (2,901)
Operating income (loss) (69,503) 7,976 (93,851) 2,826

Non operating result 253,718 - 254,668 -

Income (loss) before income tax and social contribution 184,215 7,976 160,817 2,826

Income tax and social contribution - (4,190) (1,191) (4,190)

Income (loss) before minority interest 184,215 3,786 159,626 (1,364)

Minority interest - - 24,589 5,150

Net income (loss) for the period 184,215 3,786 184,215 3,786

Net income (loss) per '000 shares - R$ - 1

Number of shares at the end of the period (per '000 shares) 3,804

13
MMX Minerao e Metlicos S.A.
(Public Company)
Statement of Cash Flow
As of March 31, 2008 and 2007
(In R$ '000)

Parent Company Consolidated

3/31/08 3/31/07 3/31/08 3/31/07

Cash flow from operating activities

Net income (loss) for the period 184,215 3,786 184,215 3,786
Items not affecting working capital
Depreciation and amortization 254 12 23,713 2,298
Equity result (60,039) 5,252 - -
Provision for uncovered liabilities 11,452 6,770 - -
Monetary variation and interest 16,093 (3,863) 15,796 (8,975)
Minority interest - - 87,773 (463)
Gain from change in percentage of interest held in subsidiaries - -
Residual cost on disposal of fixed assets 15 - 30,405 -
Changes in assets and liabilities - -
Increase in contractual retentions (1,125) (13) (1,125) (13)
Increase in restricted deposits 805 (25) 805 (25)
Increase (decrease) in inventories - - 22,005 (12,354)
Increase in trade accounts receivable - (400) (44,822) (16,704)
Subsidiaries and associated companies - (1,050) -
Increase (decrease) in other credits 8,916 - (100,904) -
Decrease in suppliers (4,583) (2,172) (28,434) 7,312
Increase in payable income tax and social contribution - - 18,477 -
Increase in payable taxes and contributions (7,455) - (4,530) -
Increase in investment acquisition liabilities - - 85,460 -
Increase (decrease) in other liabilities (4,673) 4,801 (20,372) 44,973
Increase in future results - - 19,536 -
Net effect of the proportional consolidation starting from July 18. 2007

Net cash from

operating activities 143,875 14,148 286,948 19,835

Cash flow from investing activities

Credit from related parties
Acquired loans (126,574) (53,232) -
Settled loans 276,441 21,363 -
Provision for losses with derivatives - - 17,180 -
Acquisition of permanent investments in other companies (206,354) (11,250) -
Goodwill from the acquisition of subsidiary (173,681)
Decrease in investment acquisition liabilities - - - 525
Obligation related to withdrawal of assets - - (1,403)
Acquisition of permanent assets (13,238) (173) (300,218) (141,174)
Acquisition of mining rights - - (4,961) (85,989)
Effect of the evaluation of present value 53,077
Additions to deferred assets - - (44,074) 3,284

Net cash from

investing activities (69,725) (43,292) (454,080) (223,354)

Cash flow from financing activities

Capital increase, net - - - -
Loans and financing
Acquired loans - - 370,984 193,715
Settled financing (334) (10,038) (198,533) (41,298)
Deposits with related parties
Acquired loans 54,257 - -
Settled financing (57,473) - -

Net cash from

financing activities (3,550) (10,038) 172,451 152,417

Statement of the increase (decrease) in cash and equivalents

At the beginning of the period 368,931 727,843 1,424,938 779,212

At the end of the period 439,531 688,661 1,430,257 728,110

Increase (decrease) in cash and equivalents 70,600 (39,182) 5,319 (51,102)

14