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 Shareholders Equity / (Liabilities Short Position)||(147,9)|
(1) Total Capitalization represents Total debt (short and long term debt) + Tax Liabilities and Shareholders´ Equity.