The topics addressed in this report were based on the materiality matrix, which was defined and disclosed in the 2011 Annual Report.

The matrix was initially developed by considering four major groups of stakeholders: customers, suppliers, employees and shareholders, who were requested to answer a questionnaire consisting of nine questions, which tackled relevant issues, such as social, economic, environmental and corporate governance aspects.

The topics considered to be of utmost relevance were:

       ■   Strategy
       ■   Information related to the market, sector and operations
       ■   Stakeholders` engagement in decision-making processes and management of impacts and displacements
       ■    Remuneration and benefits
       ■    Career management



Other aspects also considered to be of high relevance:

       ■   Corporate governance model
       ■   Risk Management
       ■   Economic & financial performance and financial indicators
       ■   Investments in the business
       ■   Investments and expenditures on environmental protection
       ■   Training and development
       ■   Management of outsourced workforce
       ■   Impact on communities
       ■   Fight against corruption
       ■   System efficiency
       ■   Service quality and customer satisfaction
       ■   Emergency measures

Over the next years, the Company plans to move forward in building up the Materiality Matrix, by targeting other groups of stakeholders.