Capitalization

The table below presents, in accordance with the Company´s Financial Statements, prepared according to the IFRS definitions, Hotéis Othon S.A.´s Capitalization:

R$ Million As of June 30, 2012
Total Capitalization (1) 440,2
Total Indebtness 13,2
Short-term debt 11,2
Long-term debt 2,1
Tax liabilities 279,1
Short-term 7,3
Long-term 2571,8
Total Shareholders Equity / (Liabilities Short Position) (147,9)

(1) Total Capitalization represents Total debt (short and long term debt) + Tax Liabilities and Shareholders´ Equity.