EFTA01366833.pdf

Amendment #4 Page 404 of 868 NIKO. The class/it:elan of financial instruments that are rreasaed at fair value n we condensed combned interim financial statements by fair value herarcry level is as forlows Fair value as of Parch 31,2016 Much 31, Level Description 2016 Level 1 2 Level 3 Assets Short-term •vestments 36,784 36.784 Market risk—T he market risk reflects ale pcssibilty of monetary bosses Oa to the charges in variables that impact the prices and rates traded n the rrerket These fluctuations unitary impod all sectors and, therelcee, represent financial risk factors. Ire Groups principal market risk expostre is to wisest rare nsk specificalty verse* rate COI interest received on the Group's sron term investments and restncted deposes and to the TJLP rate on borrowings with BNCES Firthermore Tie Group's borrowings are concentrated with BNB and BNIDES The oontrachel rules appecable to financial liabilities represent risks related to these exposures Tre following table details the sensitivity of me expected varebon 0110% of the exposure to the rates of rtereat on finance assets and Itabilmes es of March 31, 2015 Tits percentage is the average rate sensitivity used to internally pesert risks b key managemert persorrel and corresponds to rrenagement's assessment of the possible changes ri these rates. Impact on incom0 and Risk equity Financial assets Short-term nvestrrerts COI decrease (396) Restocted deposits COI decrease (1,642) Finance, Etat:arty/ Borrowings TJLIo increase (4,633) egviditynsk—LiothOty risk is the risk associated with the Gimps ability to meet its obligators underlying its financial letsktes Cash flow from operating activities provides the finds to service inancel lialaties on a dayto-day basis The Grouperders into borrowings solely to leverage ils °poising capaoty Tits assumplan is comeFred based on the characteristics of the Groups borrowings F-84 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058361 CONFIDENTIAL SDNY_GM_00204545 EFTA01366833