The financial result in the year ended December 31, 2014 was a net expense of R$2,126.8 million,
compared to a net expense of R$2,031.0 million in the year ended December 31, 2013.
The 4.7% increase in the financial result was primarily due to the Company participating in the REFIS
tax amnesty program in August, which generated interest expense and cumulative fine of R$ 117.4
million, followed by the deferral of costs with issues made to reduce borrowing costs, which, on the
other hand, supported a reduction of R$98.2 million in interest expenses compared to the prior
year.