Capitalization

(In R$ thousands) 2012 2013 2014 2015 2016
Short-Term Debt 104,037 278,113 257,658 404,186 481,575
Loans 37,755 103,724 40,809 77,849 181,525
Debentures and Promissory Notes 66,282 174,389 216,849 326,337 281,706
Leasing - - - - 18,344
Long-Term Debt 476,738 615,407 552,309 501,400 503,433
Loans 32,966 0 0 101,238 -
Debentures and Promissory Notes 443,772 615,407 552,309 400,162 490,518
Leasing - - - - 12,915
Total Debt 580,775 893,520 809,967 905,586 985,008
Shareholders‘ Equity 613,381 675,891 724,518 748,629 776,682
Total Capitalization 1,194,156 1,569,411 1,534,485 1,654,215 1,761,690