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Tel.: + 55 (11) 3138-5000 Fax.: + 55 (11) 3138-5227 www.bdobrazil.com.br

BDO Auditores Independentes Rua Bela Cintra, 952 – 3º andar São Paulo – SP – Brasil 01415-000

INDEPENDENT AUDITORS’ REPORT

The Shareholders and Management

Elekeiroz S.A.

Várzea Paulista - SP

1. We have examined the accompanying individual and consolidated balance sheet of Elekeiroz S.A. (the “Company”) as of December 31, 2009 and 2008, and the related statements of income, of changes in shareholders’ equity, of cash flows and of value added for the years then ended, all prepared under the responsibility of the Management. Our responsibility is to express an opinion on these financial statements.

2. Our examinations were conducted in accordance with auditing standards applicable in Brazil and comprised: (a) planning of the work, taking into consideration the significance of the balances, volume of transactions, and the accounting and internal control systems of the Company, (b) checking, on a test basis, the evidence and records that support the amounts and accounting information disclosed, and (c) evaluating the significant accounting practices used, and estimates made, by management, as well as the presentation of the financial statements as a whole.

3. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Elekeiroz S.A. as of December 31, 2009 and 2008, the results of its operations, the changes in its shareholders’ equity, its cash flows and value added for the year then ended, in conformity with Brazilian accounting practices.

São Paulo, January 29, 2010

Orlando Octávio de Freitas Júnior

Partner - Accountant

CRC 1SP 178871/0-4

BDO Auditores Independentes

CRC 2SP013439/0-5

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