The Corporation and its subsidiaries are exposed to market risks related to exchange rate
gains (losses), interest rate and commodities price fluctuations of a nature considered
normal to their business. In order to minimize these risks, the Corporation has policies and
procedures to minimize these exposures and may use hedging instruments, as long as
previously approved by the Board of Directors.
Among the Corporation’s policies we highlight: Monitoring levels of exposure to each
market risk; measuring these risks; setting limits for making decisions and using hedging
mechanisms, always aiming at minimizing the foreign exchange exposure of its debts, cash
flows and interest rates.