Analyze CFO, CFI, CFF and free cash flow following the cash flow statement Consolidated Statements of Cash Flows USD ($) 12 Months Over 31 December 2016 31 December 2015 31 December 2014 Operation activities net earnings 900 416 000 $ 193 030 000 $ 778 564 000 $ Adjustments Depreciation 613 192 000 625 757 000 652 000 000 depreciation 73 862 000 74 260 000 72 423 000 Stock based compensation 56 511 000 45 794 000 46 384 000 Deferred income taxes 71 455 000 (246 836 000) 70 801 000 Distributions from affiliates 40 602 000 15 132 000 53 738 000 Equity in the earnings of unconsolidated associates (38 757 000) (5 329 000) (13 505 000) Impairment and losses in assets 244 833 000 25 393 000 Changes in assets and liabilities (excluding acquisitions and disposals) Accounts receivable (217 736 000) 655 489 000 (179 181 000) stocks (132 639 000) 1 061 202 000 11 326 000 Accounts payable 236 788 000 (438 788 000) (111 859 000) federal income taxes 3 555 000 62 656 000 (111 687 000) Salaries, wages and related accruals 133 544 000 (56 267 000) 67 973 000 Other business activities (3 260 000) (73 890 000) (19 472 000) Cash from operating activities 1 737 533 000 2 157 043 000 1 342 898 000 Investment activities capital expenditures (604 840 000) (374 123 000) (667 982 000) Investments and advances to affiliates (63 167 000) (80 409 000) (97 841 000) divestment of affiliates 135 000 000 Repayment of advances to affiliates 122 000 000 Disposal of plant and equipment 18 571 000 29 390 000 36 563 000 Purchases (excluding cash acquired) (474 788 000) (19 089 000) (768 581 000) investment purchases (650 000 000) (111 927 000) (100 000 000) Income from the sale of investments 600 000 000 111 452 000 27 529 000 Other investment activities 14 106 000 3 010 000 10 250 000 Cash used in investment activities (1 025 118 000) (441 696 000) (1 438 062 000) Financial movements Net change in short term debt (33 360 000) (155 816 000) 178 308 000 Repayment of long term debt (16 300 000) (5 358 000) Ordinary stock issuance 15 751 000 424 000 5 614 000 Excess tax benefits from stock based compensation 2 784 000 2 000 000 3 400 000 Distributions to non controlling interests (99 588 000) (71 938 000) (63 705 000) cash dividend (481 083 000) (479 432 000) (475 123 000) Purchase of treasury shares (5 173 000) (66 505 000) 0 Other financing activities (13 297 000) (2 184 000) (2 183 000) Cash used in financing activities (613 966 000) (789 751 000) (359 047 000) The effect of exchange rate changes on cash 8 043 000 (10 271 000) (4 897 000) Increase (decrease) in cash and cash equivalents 106 492 000 915 325 000 (459 108 000) Cash and cash equivalents beginning of the year 1 939 469 000 1 024 144 000 1 483 252 000 Cash and cash equivalents year end 2 045 961 000 1 939 469 000 1 024 144 000 Non cash investment activity Change in accrued plant and equipment purchases 12 837 000 $ $ (9 355 000) $ (99 115 000)

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Analyze CFO, CFI, CFF and free cash flow following the cash flow statement: Consolidated Statements of Cash Flows - USD ($) 12 Months Over 31

Analyze CFO, CFI, CFF and free cash flow following the cash flow statement:

Consolidated Statements of Cash Flows - USD ($)	12 Months Over
Consolidated Statements of Cash Flows - USD ($)	31 December 2016	31 December 2015	31 December 2014
Operation activities:
net earnings	900.416.000 $	193.030.000 $	778.564.000 $
Adjustments:
Depreciation	613.192.000	625.757.000	652.000.000
depreciation	73.862.000	74.260.000	72.423.000
Stock-based compensation	56.511.000	45.794.000	46.384.000
Deferred income taxes	71.455.000	(246.836.000)	70.801.000
Distributions from affiliates	40.602.000	15.132.000	53.738.000
Equity in the earnings of unconsolidated associates	(38.757.000)	(5.329.000)	(13.505.000)
Impairment and losses in assets		244.833.000	25.393.000
Changes in assets and liabilities (excluding acquisitions and disposals):
Accounts receivable	(217.736.000)	655.489.000	(179.181.000)
stocks	(132.639.000)	1.061.202.000	11.326.000
Accounts payable	236.788.000	(438.788.000)	(111.859.000)
federal income taxes	3.555.000	62.656.000	(111.687.000)
Salaries, wages and related accruals	133.544.000	(56.267.000)	67.973.000
Other business activities	(3.260.000)	(73.890.000)	(19.472.000)
Cash from operating activities	1.737.533.000	2.157.043.000	1.342.898.000
Investment activities:
capital expenditures	(604.840.000)	(374.123.000)	(667.982.000)
Investments and advances to affiliates	(63.167.000)	(80.409.000)	(97.841.000)
divestment of affiliates	135.000.000
Repayment of advances to affiliates			122.000.000
Disposal of plant and equipment	18.571.000	29.390.000	36.563.000
Purchases (excluding cash acquired)	(474.788.000)	(19.089.000)	(768.581.000)
investment purchases	(650.000.000)	(111.927.000)	(100.000.000)
Income from the sale of investments	600.000.000	111.452.000	27.529.000
Other investment activities	14.106.000	3.010.000	10.250.000
Cash used in investment activities	(1.025.118.000)	(441.696.000)	(1.438.062.000)
Financial movements:
Net change in short-term debt	(33.360.000)	(155.816.000)	178.308.000
Repayment of long-term debt		(16.300.000)	(5.358.000)
Ordinary stock issuance	15.751.000	424.000	5.614.000
Excess tax benefits from stock-based compensation	2.784.000	2.000.000	3.400.000
Distributions to non-controlling interests	(99.588.000)	(71.938.000)	(63.705.000)
cash dividend	(481.083.000)	(479.432.000)	(475.123.000)
Purchase of treasury shares	(5.173.000)	(66.505.000)	0
Other financing activities	(13.297.000)	(2.184.000)	(2.183.000)
Cash used in financing activities	(613.966.000)	(789.751.000)	(359.047.000)
The effect of exchange rate changes on cash	8.043.000	(10.271.000)	(4.897.000)
Increase (decrease) in cash and cash equivalents	106.492.000	915.325.000	(459.108.000)
Cash and cash equivalents-beginning of the year	1.939.469.000	1.024.144.000	1.483.252.000
Cash and cash equivalents year-end	2.045.961.000	1.939.469.000	1.024.144.000
Non-cash investment activity:
Change in accrued plant and equipment purchases	12.837.000 $	$ (9.355.000)	$ (99.115.000)

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