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<SEC-DOCUMENT>0001047469-06-015087.txt : 20061218
<SEC-HEADER>0001047469-06-015087.hdr.sgml : 20061218
<ACCEPTANCE-DATETIME>20061218171221
ACCESSION NUMBER:		0001047469-06-015087
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20061218
FILED AS OF DATE:		20061218
DATE AS OF CHANGE:		20061218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		061284152

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a2175201z6-k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#06LON2595_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P><FONT SIZE=2>
<hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>FORM 6-K  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 under the<BR>
Securities Exchange Act of 1934  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>For the month of December, 2006  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Commission File Number 1-14732  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>COMPANHIA SIDER&Uacute;RGICA NACIONAL<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>National Steel Company<BR>  </B></FONT><FONT SIZE=2>(Translation of Registrant's name into English) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Av. Brigadeiro Faria Lima 3400, 20<SUP>o</SUP> andar<BR>
S&atilde;o Paulo, SP, Brazil<BR>
04538-132<BR>  </B></FONT><FONT SIZE=2>(Address of principal executive offices) </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant files or will file annual reports under cover Form&nbsp;20-F or Form&nbsp;40-F: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Form&nbsp;20-F&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT>
Form&nbsp;40-F&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission
pursuant to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of 1934. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Yes&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT>
No&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P><FONT SIZE=2><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_da2595_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2595_exhibit_list"> </A>
<A NAME="toc_da2595_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT LIST    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="95%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Posting Announcement for the Information Document relating to the Recommended Pre-Conditional Cash Acquisition</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Information Document relating to the Recommended Pre-Conditional Cash Acquisition</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="1",CHK=623584,FOLIO='2',FILE='DISK124:[06LON5.06LON2595]DA2595A.;3',USER='GPEARMO',CD='16-DEC-2006;00:04' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_jc2595_1_3"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc2595_signature"> </A>
<A NAME="toc_jc2595_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>Date: December 18, 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>COMPANHIA SIDER&Uacute;RGICA NACIONAL</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>OT&Aacute;VIO DE GARCIA LAZCANO</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B>Ot&aacute;vio de Garcia<BR>
Lazcano<BR>
Financial Director</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc2595_forward-looking_statements"> </A>
<A NAME="toc_jc2595_2"> </A>
<BR></FONT><FONT SIZE=2><B>FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view
and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar
expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating
and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of
forward-looking statements. Such statements reflect the current
views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many
assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ
materially from current expectations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="1",CHK=423608,FOLIO='3',FILE='DISK124:[06LON5.06LON2595]JC2595A.;7',USER='RGALLAG',CD='18-DEC-2006;16:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka2595_exhibit_index"> </A>
<A NAME="toc_ka2595_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="95%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Posting Announcement for the Information Document relating to the Recommended Pre-Conditional Cash Acquisition</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Information Document relating to the Recommended Pre-Conditional Cash Acquisition</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="1",CHK=964489,FOLIO='blank',FILE='DISK124:[06LON5.06LON2595]KA2595A.;2',USER='GPEARMO',CD='16-DEC-2006;00:10' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="06LON2595_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_da2595_1">EXHIBIT LIST</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc2595_1">SIGNATURE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_jc2595_2">FORWARD-LOOKING STATEMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ka2595_1">EXHIBIT INDEX</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RGALLAG,SEQ=,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a2175201zex-99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#06LON2595_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;99.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>15
December&nbsp;2006 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg2595_recommended_pre-conditional_ca__rec08919"> </A>
<A NAME="toc_kg2595_1"> </A>
<BR></FONT><FONT SIZE=2><B>RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION<BR>  of<BR>  Corus Group plc ("Corus")<BR>  by<BR>  CSN Acquisitions Limited ("CSN Acquisitions"), a wholly-owned subsidiary of<BR>  Companhia Sider&uacute;rgica Nacional
("CSN")<BR>  Posting of the Information Document    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 11&nbsp;December 2006, the boards of CSN and Corus announced their agreement on the terms of a recommended pre-conditional cash acquisition by
CSN Acquisitions of the entire issued and to be issued share capital of Corus at a price of 515 pence for each Corus Share, valuing Corus at approximately &pound;4.9&nbsp;billion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN
confirms that the Information Document setting out further details of the Acquisition and certain information relating to the CSN Group is being posted to Corus Shareholders today. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Scheme Document will be posted to Corus Shareholders within 28&nbsp;days of satisfaction or waiver of the Pre-Condition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the context otherwise requires, terms defined in the Information Document have the same meaning in this announcement. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="2",CHK=96952,FOLIO='blank',FILE='DISK124:[06LON5.06LON2595]KG2595A.;3',USER='GPEARMO',CD='16-DEC-2006;01:34' -->
<BR>

<P><FONT SIZE=2><B>Enquiries:  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2><B>CSN</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>Tel: +55 11 3049 7511</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Otavio de Garcia Lazcano, Chief Financial Officer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Jose Marcos Treiger, Director of Investor Relations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><BR><FONT SIZE=2><B>Lazard</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
Tel: +44 (0)&nbsp;20 7187 2000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2><B>(lead financial adviser to CSN and CSN Acquisitions)</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Antonio Weiss</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Nicholas Jones</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Paul Gismondi</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Richard Shaw</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><BR><FONT SIZE=2><B>Goldman Sachs International</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
Tel: +44 (0)&nbsp;20 7774 1000</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="76%" VALIGN="TOP"><FONT SIZE=2><B>(financial adviser and joint broker to CSN and CSN Acquisitions)</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Yoel Zaoui</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Simon Dingemans</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Mark Sorrell</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Phil Raper</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><BR><FONT SIZE=2><B>UBS (joint broker to CSN and CSN Acquisitions)</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
Tel: +44 (0)&nbsp;20 7567 8000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>John Woolland</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><BR><FONT SIZE=2><B>The Maitland Consultancy (PR advisers to CSN)</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2><I>UK</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>Tel: +44 (0)&nbsp;20 7379 5151</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Angus Maitland</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Martin Leeburn</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Liz Morley</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Tom Siveyer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><BR><FONT SIZE=2><I>Netherlands</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
Tel: +31 2 0647 8181</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="76%"><FONT SIZE=2>Kees Jongsma</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote
or approval in any jurisdiction pursuant to the Proposals or otherwise. The Proposals will be made solely through the Scheme Document and the relevant Dutch Bond Proposals Document, which will contain
the full terms and conditions of the Proposals, including details of how to vote in respect of the Proposals. Any response to the Proposals should be made only on the basis of the information
contained in the Scheme Document or, in relation to the Dutch Bond Proposals, the relevant Dutch Bond Proposals Document.</I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Lazard&nbsp;&amp; Co., Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as lead financial adviser to
CSN and CSN Acquisitions in connection with the Proposals and is not acting for any other person in relation to the Proposals and will not be responsible to anyone other than CSN and CSN Acquisitions
for providing the protections afforded to clients of Lazard&nbsp;&amp; Co., Limited, nor for providing advice in relation to the Proposals or any matters referred to herein.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Goldman Sachs International, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser and joint
corporate broker to CSN and CSN Acquisitions in connection with the Proposals and is not acting for any other person in relation to the Proposals and will not be responsible to anyone other than CSN
and CSN Acquisitions for providing the protections afforded to clients of Goldman Sachs International, nor for providing advice in relation to the Proposals or any matters referred to
herein.</I></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>UBS Limited, is acting as joint broker to CSN and CSN Acquisitions and is not acting for any other person in connection with the matters referred to in this
announcement and will not be responsible to anyone other than CSN and CSN Acquisitions for providing the protections afforded to clients of UBS Limited nor for providing advice in relation to any
matter referred to herein.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The availability of the Proposals to persons who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. Persons who are
not so resident should inform themselves about and
observe any applicable requirements. Further details in relation to overseas shareholders and bondholders will be contained in the Scheme Document and the relevant Dutch Bond Proposals
Document.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The distribution of this announcement in jurisdictions other than England and Wales may be restricted by law and therefore persons in such jurisdictions into
whose possession this announcement comes should inform themselves about and observe such restrictions. Any failure to comply with the applicable restrictions may constitute a violation of the
securities laws of any such jurisdiction. This announcement has been prepared for the purposes of complying with English law and the Takeover Code, and the information disclosed may not be the same as
that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside of England and Wales.</I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>CSN Acquisitions reserves the right to elect to implement the acquisition of the Corus Shares by way of a takeover offer (as such term is defined in
paragraph&nbsp;1 of Schedule&nbsp;2 to the Takeovers Directive (Interim Implementation) Regulations 2006). In such event, the Offer will be implemented on the same terms (subject to appropriate
amendments), so far as applicable, as those which would apply to the Scheme, except that any such Offer may exclude Corus Shareholders resident in Canada. If CSN Acquisitions exercises its right to
implement the Acquisition by means of an Offer, any such Offer will be made in compliance with applicable laws and regulations.</I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The Loan Notes that may be issued pursuant to the Proposals have not been and will not be registered under the Securities Act of 1933, as amended (the
"</I></FONT><FONT SIZE=2><B><I>Securities Act</I></B></FONT><FONT SIZE=2><I>") or under the relevant securities laws of any state or territory or other jurisdiction of the United States. Accordingly, Loan Notes
may not be offered or sold in the United States, except in a transaction not subject to, or in reliance on an exemption from, the registration requirements of the Securities Act and such state
securities laws.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Any Loan Notes which may be issued pursuant to the Proposals have not been and will not be registered under the relevant securities laws of the Netherlands or
Japan and any relevant clearances and registrations have not been, and will not be, obtained from the securities commission of any province of Canada. No prospectus in relation to the Loan Notes has
been, or will be, lodged with, or registered with, the Australian Securities and Investments Commission, the Dutch Listing Authority or the Japanese Ministry of Finance. Accordingly, unless otherwise
determined by CSN Acquisitions and permitted by applicable law and regulation, the Loan Notes may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly in or into
the Netherlands, Canada, Australia or Japan or any other jurisdiction where to do so would violate the laws of that jurisdiction or would require registration thereof in such
jurisdiction.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The Dutch Listing Authority has not reviewed, approved or disapproved this announcement, the Proposals or the Loan Notes nor has it expressed a view on the
accuracy or adequacy of this announcement.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The Proposals relate to the shares of a UK company and are proposed to be made by means of a scheme of arrangement under English company law. A transaction
effected by means of a scheme of arrangement is not subject to the tender offer rules under the Exchange Act. Accordingly, the Scheme is subject to the
disclosure requirements, rules and practices applicable in the United Kingdom to schemes of arrangement, which differ from the requirements of US tender offer rules.</I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Financial information included in the relevant documentation will have been prepared in accordance with accounting standards applicable in the UK and Brazil that
may not be comparable to the financial statements of US companies. If CSN Acquisitions exercises its right to implement the Acquisition by means of an Offer, the Offer will be made in compliance with
the applicable US laws and regulations, including filing Offer documents with the United States Securities and Exchange Commission (SEC). If any such offer or solicitation is made and such offer to
purchase and related materials are filed with the SEC, Corus  </I></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="2",CHK=609486,FOLIO='blank',FILE='DISK124:[06LON5.06LON2595]KG2595A.;3',USER='GPEARMO',CD='16-DEC-2006;01:34' -->
<BR>

<P><FONT SIZE=2><I> Shareholders should read those materials carefully because they would contain important information, including the terms and conditions of any offer or solicitation. Corus Shareholders would be able
to obtain any such offer to purchase and related materials free at the SEC's website at www.sec.gov or from CSN.</I></FONT></P>

<P><FONT SIZE=2><B><I>Dealing disclosure requirements  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Under the provisions of Rule&nbsp;8.3 of the Takeover Code, if any person is, or becomes, "interested' (directly or indirectly) in one
per cent. or more of any class of "relevant securities" of Corus, all "dealings" in any "relevant securities" of Corus (including by means of an option in respect of, or a derivative referenced to,
any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will
continue until the date on which the Scheme becomes effective, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an
agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Corus, they will be deemed to be a single person for the purpose of
Rule&nbsp;8.3.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Under the provisions of Rule&nbsp;8.1 of the Takeover Code, all "dealings" in "relevant securities" of Corus by CSN, CSN Acquisitions, Tata Steel Limited, Tata
or Corus, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant
transaction.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can
be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In
particular, a person will be treated as having an
"interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Terms in quotation marks are defined in the Takeover Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are
required to disclose a "dealing" under Rule&nbsp;8 you should consult the Panel.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>CSN Acquisitions has reserved the right to purchase Corus Shares outside the United States, otherwise than pursuant to the transactions described herein, in
compliance with applicable English law and the Takeover Code, the rules and regulations of the UKLA and the laws of the United States.</I></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR>
<P><br><A NAME="06LON2595_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kg2595_1">RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION of Corus Group plc ("Corus") by CSN Acquisitions Limited ("CSN Acquisitions"), a wholly-owned subsidiary of Companhia Sider&uacute;rgica Nacional ("CSN") Posting of the
Information Document</A></FONT><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a2175201zex-99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#06LON2595_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P><FONT SIZE=2><B>THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.  </B></FONT></P>

<P><FONT SIZE=2>If you are in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, accountant or
other independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are taking advice in the United Kingdom, or from another appropriately authorised independent
financial adviser if you are taking advice in a territory outside the United Kingdom. </FONT></P>

<P><FONT SIZE=2>If
you have sold or otherwise transferred all of your Corus Shares, please send this document together with the accompanying documents at once to the purchaser or transferee, or to the stockbroker,
bank or other agent through whom the sale or transfer was effected, for transmission to the purchaser or transferee. However, such documents should not be forwarded or transmitted in or into any
jurisdiction in which such act would constitute a violation of the relevant laws of such jurisdiction. </FONT></P>

<P><FONT SIZE=2><B>The distribution of this document in or into jurisdictions other than the United Kingdom may be restricted by the laws of those jurisdictions and therefore persons into whose
possession this document comes should inform themselves about, and observe, any such restrictions. Failure to comply with any such restrictions may constitute a violation of the securities laws of any
such jurisdiction.</B></FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=6><B>Information Document<BR>  </B></FONT><FONT SIZE=4><B>relating to the<BR>
Recommended Pre-Conditional Cash Acquisition<BR>
of<BR>  </B></FONT><FONT SIZE=6><B>Corus Group plc<BR>  </B></FONT><FONT SIZE=4><B>to be implemented by means of a scheme of arrangement<BR>
under section&nbsp;425 of the Companies Act 1985<BR>
by<BR>  </B></FONT><FONT SIZE=6><B>CSN Acquisitions Limited<BR>  </B></FONT><FONT SIZE=4><B>a wholly-owned indirect subsidiary of Companhia Sider&uacute;rgica Nacional  </B></FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2><B>This document should be read as a whole.  </B></FONT></P>

<P><FONT SIZE=2>Lazard&nbsp;&amp; Co., Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as lead financial adviser to CSN and CSN
Acquisitions in connection with the Proposals and is not acting for any other person in relation to the Proposals and will not be responsible to anyone other than CSN and CSN Acquisitions for
providing the protections afforded to clients of Lazard&nbsp;&amp; Co., Limited, nor for providing advice in relation to the Proposals or any matters referred to herein. </FONT></P>

<P><FONT SIZE=2>Goldman
Sachs International, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser and joint corporate broker to CSN and CSN
Acquisitions in connection with the Proposals and is not acting for any other person in relation to the Proposals and will not be responsible to anyone other than CSN and CSN Acquisitions for
providing the protections afforded to clients of Goldman Sachs International, nor for providing advice in relation to the Proposals or any matters referred to herein. </FONT></P>

<P><FONT SIZE=2>UBS
Limited is acting as joint broker to CSN and CSN&nbsp;Acquisitions and is not acting for any other person in connection with the matters referred to in this document and will not be responsible
to anyone other than CSN for providing the protections afforded to clients of UBS&nbsp;Limited nor for providing advice in relation to any matter referred to herein. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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NAME="page_bf2536_1_2"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bf2536_important_notice"> </A>
<A NAME="toc_bf2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>IMPORTANT NOTICE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The availability of the Proposals to persons who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. Persons who are not so
resident should inform themselves about and observe any applicable requirements. Further details in relation to overseas shareholders and bondholders will be contained in the Scheme Document and the
relevant Dutch Bond Proposals Document. </FONT></P>

<P><FONT SIZE=2>The
distribution of this Information Document in jurisdictions other than England and Wales may be restricted by law and therefore persons in such jurisdictions into whose possession this Information
Document comes should inform themselves about and observe such restrictions.&nbsp;Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any
such jurisdiction. This Information Document has been prepared for the purposes of complying with English law and the Takeover Code, and the information disclosed may not be the same as that which
would have been disclosed if this Information Document had been prepared in accordance with the laws of jurisdictions outside of England and Wales. </FONT></P>

<P><FONT SIZE=2>Subject
to satisfaction (or waiver) of the Pre-Condition, Corus will prepare the Scheme Document in relation to the Proposals. CSN and CSN Acquisitions urge Corus Shareholders to read the Scheme
Document when it becomes available because it will contain important information relating to the Proposals. </FONT></P>

<P><FONT SIZE=2>CSN
Acquisitions reserves the right to elect to implement the acquisition of the Corus Shares by way of a takeover offer (as such term is defined in paragraph&nbsp;1 of Schedule&nbsp;2 to the
Takeovers Directive (Interim Implementation) Regulations 2006). In such event, the Offer will be implemented on the same terms (subject to appropriate amendments), so far as applicable, as those which
would apply to the Scheme, except that any such Offer may exclude Corus Shareholders resident in Canada. If CSN Acquisitions exercises its right to implement the Acquisition by means of an Offer, any
such Offer will be made in compliance with applicable laws and regulations. </FONT></P>

<P><FONT SIZE=2>The
Loan Notes that may be issued pursuant to the Proposals have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or under the relevant
securities laws of any state or territory or other jurisdiction of the United States. Accordingly, Loan Notes may not be offered or sold in the United States, except in a transaction not subject to,
or in reliance on an exemption from, the registration requirements of the Securities Act and such state securities laws. </FONT></P>

<P><FONT SIZE=2>Any
Loan Notes which may be issued pursuant to the Proposals have not been and will not be registered under the relevant securities laws of the Netherlands or Japan and any relevant clearances and
registrations have not been, and will not be, obtained from the securities commission of any province of Canada. No prospectus in relation to the Loan Notes has been, or will be, lodged with, or
registered with, the Australian Securities and Investments Commission, the Dutch Listing Authority or the Japanese Ministry of Finance. Accordingly, unless otherwise determined by CSN Acquisitions and
permitted by applicable law and regulation, the Loan Notes may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly in or into the Netherlands, Canada, Australia
or Japan or any other jurisdiction where to do so would violate the laws of that jurisdiction or would require registration thereof in such jurisdiction. </FONT></P>

<P><FONT SIZE=2>Corus
has not reviewed or approved the contents of this document. </FONT></P>

<P><FONT SIZE=2>The
Dutch Listing Authority has not reviewed, approved or disapproved this Information Document, the Proposals or the Loan Notes nor has it expressed a view on the accuracy or adequacy of this
Information Document. </FONT></P>

<P><FONT SIZE=2>The
Proposals relate to the shares of a UK company and are proposed to be made by means of a scheme of arrangement under English company law.&nbsp;A transaction effected by means of a scheme of
arrangement is not subject to the tender offer rules under the Exchange Act.&nbsp;Accordingly, the Scheme is subject to the disclosure requirements, rules and practices applicable in the United
Kingdom to schemes of arrangement, which differ from the requirements of US tender offer rules.&nbsp;Financial information included in the relevant documentation will have been prepared in
accordance with accounting standards applicable in the UK and Brazil that may not be comparable to the financial statements of US companies. If CSN Acquisitions exercises its right to implement the
Acquisition by means of an Offer, the Offer will be made in compliance with the applicable US laws and regulations, including filing Offer documents with the United States Securities and Exchange
Commission (SEC). If any such offer or solicitation is made and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_bf2536_1_3"> </A>
<BR>

<P><FONT SIZE=2>such
offer to purchase and related materials are filed with the SEC, Corus Shareholders should read those materials carefully because they would contain important information, including the terms and
conditions of any offer or solicitation. Corus Shareholders would be able to obtain any such offer to purchase and related materials free at the SEC's website at www.sec.gov or from CSN. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bf2536_cautionary_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_bf2536_2"> </A>
<BR></FONT><FONT SIZE=2><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of
future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they
relate to a company or group, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing
strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking
statements. Such statements reflect the current views of management and are subject to a number of risks and
uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market
conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bf2536_dealing_disclosure_requirements"> </A>
<A NAME="toc_bf2536_3"> </A>
<BR></FONT><FONT SIZE=2><B>DEALING DISCLOSURE REQUIREMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>Under the provisions of Rule&nbsp;8.3 of the Takeover Code, if any person is, or becomes, "interested" (directly or indirectly) in one per cent. or more of any class of
"relevant securities" of Corus, all "dealings" in any "relevant securities" of Corus (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must
be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the
Scheme becomes effective, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal
or informal, to acquire an "interest" in "relevant securities" of Corus, they will be deemed to be a single person for the purpose of Rule&nbsp;8.3. </FONT></P>

<P><FONT SIZE=2>Under
the provisions of Rule&nbsp;8.1 of the Takeover Code, all "dealings" in "relevant securities" of Corus by CSN, CSN Acquisitions or Corus, or by any of their respective "associates", must be
disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. </FONT></P>

<P><FONT SIZE=2>A
disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's
website at www.thetakeoverpanel.org.uk. </FONT></P>

<P><FONT SIZE=2>"Interests
in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated
as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. </FONT></P>

<P><FONT SIZE=2>Terms
in quotation marks are defined in the Takeover Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under
Rule&nbsp;8 you should consult the Panel. </FONT></P>

<P><FONT SIZE=2>CSN
Acquisitions has reserved the right to purchase Corus Shares outside the United States, otherwise than pursuant to the transactions described herein, in compliance with applicable English law and
the Takeover Code, the rules and regulations of the UKLA and the laws of the United States. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_bg2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="71%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2>PART ONE:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2>LETTER FROM THE CHAIRMAN OF CSN</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2><BR>
PART TWO:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
ANNOUNCEMENT OF THE RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2><BR>
PART THREE:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
FINANCIAL INFORMATION ON THE CSN GROUP</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
42</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2><BR>
PART FOUR:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
SUMMARY OF THE TERMS OF THE LOAN NOTES</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
43</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2><BR>
PART FIVE:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
ADDITIONAL INFORMATION</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
49</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2><BR>
PART SIX:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
DEFINITIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
60</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<TD WIDTH="37%"><FONT SIZE=1>Companhia Sider&uacute;rgica Nacional</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=1>Sede:<BR>
Rua S&aacute;o Jos&eacute;, n<SUP>o</SUP>&nbsp;20, Grupo 1602,<BR>
parte&nbsp;&#151;&nbsp;Centro&nbsp;&#151;&nbsp;cep 20010-020&nbsp;&#151;<BR>
Rio de Janeiro - RJ<BR>
Fone\Fax&nbsp;(21)&nbsp;2121-1804</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=1>Escrit&oacute;rio Comercial:<BR>
Faria Lima Financial Center<BR>
Av. Brig. Faria Lima, 3.400, 20<SUP>o</SUP> andar<BR>
04538-132 - S&aacute;o Paulo - SP<BR>
Fone\Fax&nbsp;(11)&nbsp;3049-7100</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="bi2536_part_one_letter_from_the_chairman_of_csn"> </A>
<A NAME="toc_bi2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART ONE<BR>  <BR>  LETTER FROM THE CHAIRMAN OF CSN<BR> </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g122660.jpg" ALT="GRAPHIC" WIDTH="178" HEIGHT="52">
  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>15&nbsp;December&nbsp;2006
 </FONT></P>

<P><FONT SIZE=2><I>To Corus
Shareholders and ADS Holders and, for
information only, to participants in the
Corus
Share&nbsp;Schemes   </I></FONT></P>

<P><FONT SIZE=2>Dear
Shareholder or ADS Holder, </FONT></P>

<P><FONT SIZE=2><B>Recommended
Pre-Conditional Cash
Acquisition of Corus by CSN
Acquisitions   </B></FONT></P>

<P><FONT SIZE=2>I
am writing to you on behalf of Companhia
Sider&uacute;rgica Nacional
("</FONT><FONT SIZE=2><B>CSN</B></FONT><FONT SIZE=2>").
As you are no doubt aware, on 11&nbsp;December 2006
the boards of Corus and CSN announced
their agreement on a recommended
pre-conditional cash
acquisition of Corus by CSN for
515&nbsp;pence in cash per Corus Share.
This represents a price of
1,030&nbsp;pence in cash for each
Corus&nbsp;ADS. </FONT></P>

<P><FONT SIZE=2>Upon
satisfaction of the
Pre-Condition, a Scheme
Document will be sent to each Corus
Shareholder setting out full details of
the Proposals including expectations as to
timing and details on how Corus
Shareholders can vote in favour of the
Proposals. However, there can be no
certainty if and when the
Pre-Condition will be
satisfied or waived. Accordingly, at the
request of the Panel, CSN and CSN
Acquisitions have agreed to send certain
information to Corus Shareholders in
addition to that provided in the
announcement of
11&nbsp;December&nbsp;2006. This
document contains such information. This
document is not intended to replace or
substitute the Scheme Document. </FONT></P>


<P><FONT SIZE=2>Subject
to satisfaction of the
Pre-Condition, the Corus Directors intend
unanimously to recommend that Corus
Shareholders vote in favour of the Scheme
to implement the acquisition of Corus
by&nbsp;CSN. </FONT></P>

<P><FONT SIZE=2>CSN
believes that the combination of CSN
and Corus has a compelling industrial
logic as it&nbsp;would: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>create
a top five global steel group with approximately 24&nbsp;million
tonnes of annual steel production and, by 2010, approximately 50&nbsp;million tonnes of annual
iron ore&nbsp;production;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>enable
Corus to secure supply of high quality, low cost iron ore from
CSN's Casa de Pedra mine, one of the largest captive mines in the world, leading to incremental
annual cash-flow in Corus of approximately US$450&nbsp;million (on&nbsp;a
pre-tax basis) by&nbsp;2009;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
time, provide Corus with access to increasing quantities of low cost
semi-finished steel for further processing through its downstream facilities
in&nbsp;Europe;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>allow
Corus greater access to fast growing markets as well as providing
opportunities for cross-selling the enlarged portfolio of&nbsp;products;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>create
the potential to capture significant annual synergy benefits of
approximately US$300&nbsp;million (on&nbsp;a pre-tax basis) by 2009, through
initiatives including global procurement savings, optimisation of product flows, integrated
commercial policy and the sharing of best practices;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>give
CSN the ability to leverage Corus' exceptional research and
development and engineering expertise across the combined&nbsp;group.  </FONT><P><FONT SIZE=2>$_$_DATA_CELL,5,1,1
</FONT></P>

</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<TD WIDTH="37%"><FONT SIZE=1>Companhia Sider&uacute;rgica Nacional</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=1>Sede:<BR>
Rua S&aacute;o Jos&eacute;, n<SUP>o</SUP>&nbsp;20, Grupo 1602,<BR>
parte&nbsp;&#151;&nbsp;Centro&nbsp;&#151;&nbsp;cep 20010-020&nbsp;&#151;<BR>
Rio de Janeiro - RJ<BR>
Fone\Fax&nbsp;(21)&nbsp;2121-1804</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=1>Escrit&oacute;rio Comercial:<BR>
Faria Lima Financial Center<BR>
Av. Brig. Faria Lima, 3.400, 20<SUP>o</SUP> andar<BR>
04538-132 - S&aacute;o Paulo - SP<BR>
Fone\Fax&nbsp;(11)&nbsp;3049-7100</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=1>The
price of 515&nbsp;pence per Corus share represents:  </FONT></P>

<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>&#149;</FONT></DT><DD><FONT SIZE=1>a
premium of approximately 42.9&nbsp;per cent. to the average closing
mid-market price of 360.5&nbsp;pence per Corus Share for the twelve months to and including
4&nbsp;October 2006, being the last business day before the announcement by Tata that it was
evaluating various opportunities, including Corus;
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>&#149;</FONT></DT><DD><FONT SIZE=1>a
premium of approximately 26.4&nbsp;per cent. to the closing
mid-market price of 407.5&nbsp;pence per Corus Share on 4&nbsp;October 2006; and
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>&#149;</FONT></DT><DD><FONT SIZE=1>a
premium of approximately 3.0&nbsp;per cent. to the revised offer
price made by Tata at 500&nbsp;pence per Corus Share.  </FONT></DD></DL>
<BR>

<P><FONT SIZE=1>CSN
recognises the strong contribution made by Corus' management and employees to the development of
Corus including their achievements in the Restoring Success programme and we view them as being
critical to the success of the combined group going forward. The combination of the businesses of
CSN and Corus will be driven by a common vision and strategy with the intention of being at the
forefront of the steel industry in the near future. The enlarged group will consolidate and embed
principles of continuous improvement, focusing on sharing best practices, manufacturing excellence
and cost reduction initiatives. CSN supports Corus' strategy for the development of its European
businesses.   </FONT></P>

<P><FONT SIZE=1>In
addition, we are pleased to have reached an understanding with the committees of the relevant
boards of the pension trustees of Corus' two main UK pension schemes, the Corus Engineering Steels
Pension Scheme and the British Steel Pension Scheme, whereby CSN has offered to fund upfront the
IAS&nbsp;19 deficit in the Corus Engineering Steels Pension Scheme by paying
&pound;138&nbsp;million into the scheme and increase contributions to the British Steel
Pension&nbsp;Scheme from 10&nbsp;per cent. to 12&nbsp;per cent. until 31&nbsp;March 2009.
This framework agreement will be recommended by the committees to the full trustee boards for their
approval.   </FONT></P>

<P><FONT SIZE=1>The
Acquisition is to be implemented by way of a court sanctioned scheme of arrangement and is
subject to the satisfaction or waiver of the Pre-Condition that either Corus
Shareholders reject the proposed scheme of arrangement to implement the acquisition of Corus by Tata
Steel (the&nbsp;"</FONT><FONT SIZE=2><B>Tata Scheme</B></FONT><FONT SIZE=2>") or the Tata Scheme
is otherwise withdrawn by Corus or lapses. The Pre-Condition is set out in full in
Appendix&nbsp;I to&nbsp;Part Two of this&nbsp;document.   </FONT></P>

<P><FONT SIZE=2>Shareholders
need take no action in relation to the Proposals at this stage. </FONT></P>

<P><FONT SIZE=2>Part
Two of this document sets out in full the announcement made by CSN on
11&nbsp;December&nbsp;2006 detailing the Proposals. Part Three of this document sets out certain
financial information relating to CSN. Part Four sets out details of the proposed Loan Note
Alternative that will form part of the Proposals and Part Five sets out further information on the
Proposals requested to be provided by the&nbsp;Panel.   </FONT></P>

<P><FONT SIZE=2>Yours
sincerely,   </FONT></P>

<P><FONT SIZE=2>Benjamin
Steinbruch<BR></FONT> <FONT SIZE=2><I>Chairman and Chief Executive Officer</I></FONT><BR><FONT SIZE=2><I>Companhia Sider&uacute;rgica
Nacional</I></FONT></P>

<P><FONT SIZE=2>$_$_DATA_CELL,5,1,1
</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bk2536_part_two_announcement_of_the_r__par02932"> </A>
<A NAME="toc_bk2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART TWO<BR>  <BR>    ANNOUNCEMENT OF THE RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>The following is the full text of the announcement made by CSN on 11&nbsp;December&nbsp;2006.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bk2536__not_for_release,_publication____no07737"> </A>
<A NAME="toc_bk2536_2"> </A></FONT> <FONT SIZE=2>"NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD  CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
<BR></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>11
December&nbsp;2006 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bk2536_recommended_pre-conditional_ca__rec07425"> </A>
<A NAME="toc_bk2536_3"> </A>
<BR></FONT><FONT SIZE=2><B>RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION<BR>  <BR>    of<BR>  <BR>    Corus Group plc ("Corus")<BR>  <BR>    by<BR>  <BR>    CSN Acquisitions Limited ("CSN Acquisitions"), a wholly-owned subsidiary of<BR>  Companhia
Sider&uacute;rgica Nacional ("CSN")    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Highlights  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Recommended
pre-conditional cash acquisition at 515 pence for each Corus Share.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Values
Corus' issued and to be issued share capital at approximately &pound;4.9&nbsp;billion.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Strategically
compelling industrial logic for a combination of CSN and Corus, creating a top five global steel player. </FONT></DD></DL>

<P><FONT SIZE=2><B>Summary  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
boards of CSN and Corus are pleased to announce their agreement on the terms of a recommended pre-conditional cash acquisition by CSN Acquisitions of the
entire issued and to be issued share capital of Corus at a price of 515 pence for each Corus Share, valuing Corus at approximately &pound;4.9&nbsp;billion.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>CSN
believes there is compelling strategic and industrial logic for a combination with Corus as it would:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>create
a top five global steel group with approximately 24&nbsp;million tonnes of annual steel production and, by 2010, approximately 50&nbsp;million tonnes of annual
iron ore production;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>enable
Corus to secure supply of high quality, low cost iron ore from CSN's Casa de Pedra mine, one of the largest captive mines in the world, leading to incremental annual
cash-flow in Corus of approximately US$450&nbsp;million (on a pre-tax basis) by 2009;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>in
time, provide Corus with access to increasing quantities of low cost semi-finished steel for further processing through its downstream facilities in Europe;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>allow
Corus greater access to fast growing markets as well as providing opportunities for cross-selling the enlarged portfolio of products;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>create
the potential to capture significant annual synergy benefits of approximately US$300&nbsp;million (on a pre-tax basis) by 2009, through initiatives
including global procurement savings, optimisation of product flows, integrated commercial policy and the sharing of best practices; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>give
CSN the ability to leverage Corus' exceptional research and development and engineering expertise across the combined group.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
price of 515 pence per Corus Share represents:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>a
premium of approximately 42.9 per cent. to the average closing mid-market price of 360.5 pence per Corus share for the twelve months to and including 4
October&nbsp;2006, being the last business </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<UL>
<UL>

<P><FONT SIZE=2>day
before the announcement by Tata that it was evaluating various opportunities, including Corus; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>a
premium of approximately 26.4 per cent. to the closing mid-market price of 407.5 pence per Corus Share on 4 October&nbsp;2006; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>a
premium of approximately 3.0 per cent. to the revised offer price made by Tata at 500 pence per Corus share.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>CSN
Acquisitions has held constructive and satisfactory discussions with the trustees of Corus' two main UK pension schemes and has agreed with committees of the relevant
boards of pension trustees an arrangement, which will be recommended to the full boards of the pensions trustees, whereby CSN Acquisitions will:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>fund
upfront the IAS 19 deficit on the Corus Engineering Steels Pension Scheme by paying &pound;138&nbsp;million into the scheme; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>increase
the contribution rate on the British Steel Pension Scheme from 10 per cent. to 12 per cent. until 31 March&nbsp;2009.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Acquisition is subject to the satisfaction or waiver of the Pre-Condition that either Corus Shareholders reject the Tata Scheme or the Tata Scheme is
otherwise withdrawn by Corus or lapses. The Pre-Condition is set out in full in Part&nbsp;I of Appendix&nbsp;I.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Subject
to the satisfaction or waiver of the Pre-Condition, the Acquisition will be made by CSN Acquisitions, an indirect wholly-owned subsidiary of CSN, and is
proposed to be implemented by way of a scheme of arrangement under section&nbsp;425 of the Companies Act. The Scheme will be put to Corus Shareholders at the Court Meeting and at the Extraordinary
General Meeting, which will be convened in due course. The Scheme Document will be posted to Corus Shareholders within 28&nbsp;days of satisfaction or waiver of the Pre-Condition. In
addition, a further document (the "</FONT><FONT SIZE=2><B>Information Document</B></FONT><FONT SIZE=2>") setting out further details of the Acquisition and information relating to the CSN Group will
be sent to Corus Shareholders as soon as possible.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Loan Note Alternative will be made available to Corus Shareholders (other than certain overseas shareholders).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>As
at the date of this announcement, the CSN Group owns 34,072,613 Corus Shares, representing approximately 3.8 per cent. of Corus' existing issued share capital.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Corus Directors, who have been so advised by Credit Suisse (as lead financial adviser), JPMorgan Cazenove and HSBC (as independent financial adviser to Corus for the
purposes of Rule&nbsp;3 of the Takeover Code), consider the terms of the Acquisition to be fair and reasonable, so far as Corus Shareholders are concerned. Accordingly, the Corus Directors intend
unanimously to recommend that Corus Shareholders vote in favour of the Scheme at the Court Meeting and Extraordinary General Meeting to be convened in relation to the Acquisition. In providing their
advice, Credit Suisse, JPMorgan Cazenove and HSBC have taken into account the commercial assessments of the Corus Directors. </FONT></DD></DL>

<P><FONT SIZE=2>Commenting
on this announcement, Benjamin Steinbruch, Chairman and Chief Executive Officer of CSN, said: </FONT></P>

<P><FONT SIZE=2>"The
strategic impetus for this combination is growth&#151;growth in Brazil, in Europe and for our combined workforces. Our goal is to unlock the value of our iron ore assets through Corus,
transforming them into cost effective, high quality steel products using Corus' advanced engineering capabilities and its excellent European distribution platform. This is a winning combination for
all stakeholders." </FONT></P>

<P><FONT SIZE=2>Commenting
on the Acquisition, Jim Leng, Chairman of Corus, said: </FONT></P>

<P><FONT SIZE=2>"As
I informed shareholders in my letter of 27 November&nbsp;2006, once the Corus Directors received an approach from CSN, we provided information and made our senior management available to enable
CSN to meet its pre-conditions and complete its due diligence. </FONT></P>

<P><FONT SIZE=2>This
offer is both higher than the initial proposal by CSN as well as the revised Tata offer of 500 pence per share. It is also consistent with our strategic objective of securing access to raw
materials, low cost production and growth markets. The combination of the two businesses will create a strong platform from which to compete and grow in an increasingly global market." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>Lazard
is acting as lead financial adviser, Goldmans Sachs International as financial adviser and joint broker, and UBS as joint broker to CSN and CSN Acquisitions in relation to the Acquisition.
Credit Suisse is acting as lead financial adviser, JPMorgan Cazenove as joint financial adviser and corporate broker and HSBC as independent financial adviser for the purposes of Rule&nbsp;3 of the
Takeover Code to Corus. </FONT></P>

<P><FONT SIZE=2>This
summary should be read in conjunction with, and is subject to, the full text of the following announcement and the Appendices. </FONT></P>

<P><FONT SIZE=2>Appendix&nbsp;I
sets out the Pre-Condition to which the Acquisition is subject and sets out certain further terms and conditions of the Scheme. Appendix&nbsp;II sets out the bases and
sources of certain of the information contained in this announcement. Appendix&nbsp;III contains the definitions of certain terms used in this announcement. </FONT></P>

<P><FONT SIZE=2><B>Enquiries:  </B></FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2><B>CSN</B></FONT><FONT SIZE=2><BR>
Otavio de Garcia Lazcano, Chief Financial Officer<BR>
Jose Marcos Treiger, Director of Investor Relations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>Tel: +55 11 3049 7511</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Lazard<BR>
(lead financial adviser to CSN and CSN Acquisitions)<BR> </B></FONT><FONT SIZE=2>Antonio Weiss<BR>
Nicholas Jones<BR>
Paul Gismondi<BR>
Richard Shaw</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7187 2000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Goldman Sachs International<BR>
(financial adviser and joint broker to CSN and CSN Acquisitions)</B></FONT><FONT SIZE=2><BR>
Yoel Zaoui<BR>
Simon Dingemans<BR>
Mark Sorrell</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7774 1000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>UBS<BR>
(joint broker to CSN and CSN Acquisitions)</B></FONT><FONT SIZE=2><BR>
John Woolland</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7567 8000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>The Maitland Consultancy<BR>
(PR advisers to CSN)</B></FONT><BR>
<FONT SIZE=2><I>UK</I></FONT><FONT SIZE=2><BR>
Angus Maitland<BR>
Martin Leeburn<BR>
Liz Morley<BR>
Tom Siveyer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7379 5151</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><I>Netherlands</I></FONT><FONT SIZE=2><BR>
Kees Jongsma</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
<BR>
Tel: +31 2 0647 8181</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Corus Group plc</B></FONT><FONT SIZE=2><BR>
David Lloyd, Chief Financial Officer<BR>
Emma Tovey, Director, Investor Relations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
<BR>
Tel: +44 (0) 20 7717 4557<BR>
Tel: +44 (0) 20 7717 4514</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Credit Suisse<BR>
(lead financial adviser to Corus)</B></FONT><FONT SIZE=2><BR>
James Leigh Pemberton<BR>
Jeremy Fletcher<BR>
Zachary Brech</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7888 8888</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>JPMorgan Cazenove<BR>
(joint financial adviser and corporate broker to Corus)</B></FONT><FONT SIZE=2><BR>
Edmund Byers<BR>
Barry Weir<BR>
Matthew Lawrence</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7588 2828</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<TD WIDTH="71%"><BR><FONT SIZE=2><B>HSBC<BR>
(Rule 3 adviser to Corus)</B></FONT><FONT SIZE=2><BR>
Adrian Coates<BR>
Charles Packshaw<BR>
Raj Kohli<BR>
Jan Sanders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7991 8888</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Brunswick<BR>
(PR adviser to Corus)</B></FONT><FONT SIZE=2><BR>
Kevin Byram<BR>
Laura Cummings<BR>
Ash Spiegelberg</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7404 5959</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bm2536_not_for_release,_publication_o__not07469"> </A>
<A NAME="toc_bm2536_1"> </A>
<BR></FONT><FONT SIZE=2>NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE THE SAME WOULD CONSTITUTE A VIOLATION OF THE  RELEVANT LAWS OF SUCH JURISDICTION    <BR></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>11
December&nbsp;2006 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bm2536_recommended_pre-conditional_ca__rec07425"> </A>
<A NAME="toc_bm2536_2"> </A>
<BR></FONT><FONT SIZE=2><B>RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION<BR>  <BR>    of<BR>  <BR>    Corus Group plc ("Corus")<BR>  <BR>    by<BR>  <BR>    CSN Acquisitions Limited ("CSN Acquisitions"), a wholly-owned subsidiary of<BR>  Companhia
Sider&uacute;rgica Nacional ("CSN")    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction  </B></FONT></P>

<P><FONT SIZE=2>On 20 October&nbsp;2006, Tata and Corus announced a recommended cash acquisition of Corus at 455 pence per Corus Share, to be effected by way of a scheme of arrangement under
section&nbsp;425 of the Companies Act. </FONT></P>

<P><FONT SIZE=2>On
17 November&nbsp;2006, CSN announced that it had approached the board of Corus regarding a proposal to acquire the Company at a price of 475 pence per Corus Share in cash which may or may not
lead to a possible recommended offer. This proposal was subject to, amongst other things, completion of confirmatory due diligence, finalisation of financing arrangements and a recommendation
from the Corus Directors. On 4 December&nbsp;2006, Corus announced that the court meeting and extraordinary general meeting convened in relation to the Tata Scheme had been adjourned until 20
December&nbsp;2006. On 10&nbsp;December 2006, Tata increased its offer price to 500 pence per Corus Share. </FONT></P>

<P><FONT SIZE=2>Following
completion of due diligence, CSN and CSN Acquisitions are pleased to announce their agreement with the Corus Directors on the terms of a recommended pre-conditional cash
acquisition of the entire issued and to be issued share capital of Corus at a price of 515 pence for each Corus Share. </FONT></P>

<P><FONT SIZE=2>The
terms of the Acquisition value the issued and to be issued share capital of Corus at approximately &pound;4.9&nbsp;billion and imply an enterprise value for Corus of approximately
&pound;5.8&nbsp;billion. This includes net debt as at 30 September&nbsp;2006, option proceeds from the exercise of options and an upfront pension payment, totalling approximately
&pound;0.9&nbsp;billion in aggregate. </FONT></P>

<P><FONT SIZE=2>The
Acquisition will be made by CSN Acquisitions, a wholly-owned subsidiary of CSN, recently incorporated in England and Wales for the purpose of making the Acquisition. It is intended that the
Acquisition, which is subject to the Pre-Condition being satisfied or waived, will be implemented by way of a Court sanctioned scheme of arrangement under section&nbsp;425 of the
Companies Act. The terms of the Pre-Condition are set out in Part&nbsp;I of Appendix&nbsp;I. If the Pre-Condition is satisfied or waived, the Scheme Document will be posted
within 28&nbsp;days. </FONT></P>

<P><FONT SIZE=2>A
further document (the "</FONT><FONT SIZE=2><B>Information Document</B></FONT><FONT SIZE=2>") setting out details of the Acquisition and containing certain information relating to the CSN Group will
be sent to Corus Shareholders as soon as possible. </FONT></P>

<P><FONT SIZE=2>Further
information on CSN and CSN Acquisitions is set out in paragraph&nbsp;10 of this announcement. </FONT></P>

<P><FONT SIZE=2><B>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquisition  </B></FONT></P>

<P><FONT SIZE=2>Under the terms of the Scheme, which is subject to the Pre-Condition and will be subject to the further terms and conditions set out in Appendix&nbsp;I to this
announcement, and to the full terms and conditions to be set out in the Scheme Document, Corus Shareholders holding Corus Shares at the Scheme Record Date will receive, subject to elections made under
the Loan Note Alternative: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>for each Corus Share&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 pence in cash  </B></FONT></P>

<P><FONT SIZE=2>This represents a price of 1,030 pence in cash for each Corus ADS. </FONT></P>

<P><FONT SIZE=2>The
terms of the Acquisition value the entire existing issued and to be issued ordinary share capital of Corus at approximately &pound;4.9&nbsp;billion. As at the date of this announcement,
the CSN Group owns 34,072,613 Corus Shares, representing approximately 3.8 per cent. of Corus' existing issued share capital. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P><FONT SIZE=2>The
price of 515 pence per Corus Share represents: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
premium of approximately 42.9 per cent. to the average closing mid-market price of 360.5 pence per Corus share for the twelve months to and including 4
October&nbsp;2006, being the last business day before the announcement by Tata that it was evaluating various opportunities including Corus;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
premium of approximately 26.4 per cent. to the closing mid-market price of 407.5 pence per Corus Share on 4 October&nbsp;2006; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
premium of approximately 3.0 per cent. to the revised offer price made by Tata of 500 pence per Corus share. </FONT></DD></DL>

<P><FONT SIZE=2>If
the Scheme becomes effective, subject to elections made under the Loan Note Alternative, a payment of 515 pence in cash per Corus Share will be despatched or, where appropriate, credited through
CREST, to Corus Shareholders within 14&nbsp;days of the Effective Date. ADS Holders will receive their consideration from the ADS Depositary through the Corus ADS programme in accordance with the
terms of the Deposit Agreement. </FONT></P>

<P><FONT SIZE=2>Holders
of interests in Corus Shares which are held through Euroclear Nederland will receive their consideration in accordance with customary Dutch clearing and settlement practice. </FONT></P>

<P><FONT SIZE=2>If
the Scheme becomes effective, the ADS Depositary will provide registered holders of Corus ADSs with information regarding the surrender of their Corus ADSs. Additional settlement arrangements for
ADS Holders will be set out in the Scheme Document. </FONT></P>

<P><FONT SIZE=2>Under
the Scheme, US Holders, ADS Holders and Restricted Overseas Persons will only be eligible to receive cash consideration, and will not be eligible to elect to receive Loan Notes as consideration
pursuant to the Loan Note Alternative. </FONT></P>

<P><FONT SIZE=2>Appropriate
proposals equivalent to those proposed by Tata will be made in due course to participants in the Corus Share Schemes. Appropriate proposals will also be made to the holders of the Dutch
Bonds. </FONT></P>

<P><FONT SIZE=2>It
is proposed that the Corus Deferred Shares will be cancelled for no consideration pursuant to the Proposals. </FONT></P>

<P><FONT SIZE=2><B>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Background to and reasons for the Acquisition  </B></FONT></P>

<P><FONT SIZE=2>CSN's key strategy has been to maximise its full potential as one of the world's lowest cost steel producers. Over the past few years CSN has been seeking opportunities to
strengthen its position as a major global player through expanding its presence within Brazil, Portugal and in the United States and optimising its infrastructure assets (mine, ports and railways) and
their competitive cost advantages through organic growth and acquisitions. </FONT></P>

<P><FONT SIZE=2>The
Acquisition would transform CSN into one of the five largest global steel producers, substantially enhancing its scale and growth potential. The transaction has a compelling strategic and
commercial rationale and is consistent with CSN's existing strategy to further integrate its low cost production in Brazil with finishing and distribution in developed markets. The key benefits of the
Acquisition are: </FONT></P>

<P><FONT SIZE=2><B><I>To realise full benefits of raw material integration  </I></B></FONT></P>

<P><FONT SIZE=2>The Acquisition would enable CSN to realise the full potential of its vertically integrated business model by instantly providing substantial captive iron ore demand for the
expanding output of its Casa de Pedra mine in Brazil, one of the largest iron ore projects worldwide. The supply of high quality and low cost iron ore to Corus' upstream operations in the UK and the
Netherlands would be cost effective and have an immediate and significant impact on the profitability and cash generation of Corus, leading to incremental annual cash-flow in Corus of
approximately US$450&nbsp;million (on a pre-tax basis) by 2009. CSN also believes that Corus would benefit from long-term intra-group supplies, providing an important hedge
against input price volatility. </FONT></P>

<P><FONT SIZE=2><B><I>Market-leading research and development (</I></B></FONT><FONT SIZE=2><I>"</I></FONT><FONT SIZE=2><B><I>R&amp;D</I></B></FONT><FONT SIZE=2><I>"</I></FONT><FONT SIZE=2><B><I>) and
engineering capabilities  </I></B></FONT></P>

<P><FONT SIZE=2>CSN believes that Corus has industry-leading R&amp;D capabilities in a number of product segments, an increasingly important factor as customers seek complete solutions and
partners for product development. The combined group would have the increased scale necessary to sustain investment in R&amp;D activities, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<P><FONT SIZE=2>support
customers over product development cycles and maintain a position as preferred supplier to end customers. </FONT></P>

<P><FONT SIZE=2><B><I>Significant cost savings and increased revenue  </I></B></FONT></P>

<P><FONT SIZE=2>As a result of the Acquisition, CSN expects to generate annual pre-tax cost savings of approximately US$300&nbsp;million by 2009, primarily in the areas of global
procurement, optimisation of product flows, integrated commercial policy and application of best practices to the enlarged asset base. CSN expects to generate additional revenue opportunities through
the cross-selling of the enlarged product portfolio to the combined customer base, improved product mix with Corus' finishing capabilities, reduced volatility through geographic and product
diversification and increased market share by selling lower cost steel produced by CSN through Corus' distribution network. </FONT></P>

<P><FONT SIZE=2>The
Acquisition provides a significant opportunity for CSN to deliver on its strategic ambitions, seeking sustainable long-term and profitable growth to shareholders through industry
consolidation. CSN believes that the Acquisition will create significant value for its shareholders by delivering a powerful new combination with market leading positions and exceptional distribution
networks across both developed and emerging markets. </FONT></P>


<P><FONT SIZE=2><B><I>To maximise growth potential through the downstream capabilities of Corus  </I></B></FONT></P>

<P><FONT SIZE=2>CSN believes that Corus' strong position in downstream processing and distribution would create substantial benefits for both companies. The Acquisition would provide
downstream finishing capabilities for intermediate steel products from CSN, increasing sales of higher value-added products, as well as a distribution network in close proximity to important end
customers in Western Europe. CSN is one of the lowest cost steel producers in the world and has announced plans for a greenfield slab project at Itagua&iacute; (in Brazil) to expand production
by 4.5&nbsp;million tonnes annually by 2011. Over time Corus would gain a sustainable cost advantage from increased supply of low cost intermediate steel products. </FONT></P>

<P><FONT SIZE=2><B>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Background to and reasons for the recommendation  </B></FONT></P>

<P><FONT SIZE=2>Since the placing and open offer and the launch of the "Restoring Success" programme, introduced by Philippe Varin in June&nbsp;2003, Corus has delivered substantial value
for Corus Shareholders. </FONT></P>

<P><FONT SIZE=2>The
"Restoring Success" programme was designed to deliver a &pound;680&nbsp;million improvement in earnings before interest, tax and depreciation and has underpinned the significant
improvement in Corus' financial performance. As well as savings through cost reductions and improved operational efficiency, the programme has also delivered significant improvements in Corus' safety
performance and customer service levels. </FONT></P>

<P><FONT SIZE=2>The
completion of the sale of Corus' downstream aluminium assets in August&nbsp;2006 was also an important step in the Company's strategy to focus on and develop its carbon steel businesses, in
addition to further strengthening its balance sheet. </FONT></P>

<P><FONT SIZE=2>In
August&nbsp;2005, the Corus Board set out how it intended to take Corus forward, beyond Restoring Success. Corus has developed a strategy to further enrich the product mix and the operational
efficiency of its existing Western European asset base. In addition to the launch of a group wide continuous improvement programme, Corus has substantially increased the level of its capital
expenditure, including the two previously announced major investments, namely at IJmuiden to expand Corus' product range capabilities for the automotive and construction markets and at Scunthorpe to
strengthen Corus' competitive position in structural sections, rail and wire rod markets. As part of this strategy, Corus would look beyond Western Europe, where the large majority of its assets are
based, to those parts of the world where it could secure access to lower cost steel production to support the future cost competitiveness of its European assets, as well as pursuing opportunities in
high growth markets. </FONT></P>

<P><FONT SIZE=2>Corus
has consistently acknowledged the benefits of a combination with a producer in a low cost region, particularly one with access to raw materials, and has worked with its advisers to investigate a
range of options. Since August&nbsp;2005, Corus has had talks with a number of parties regarding a range of possible transactions, including with CSN. The combination of the two businesses will
enable Corus to compete on a global scale in an increasingly competitive environment. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2><B>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recommendation  </B></FONT></P>

<P><FONT SIZE=2>The Corus Directors, who have been so advised by Credit Suisse (as lead financial adviser), JPMorgan Cazenove and HSBC, consider the terms of the Acquisition to be fair and
reasonable, so far as Corus Shareholders are concerned. Accordingly, the Corus Directors intend unanimously to recommend that Corus Shareholders vote in favour of the Scheme at the Court Meeting and
Extraordinary General Meeting of the Company. </FONT></P>

<P><FONT SIZE=2>Although
Credit Suisse is acting as lead financial adviser to Corus, other members of the Credit Suisse Group are, with the consent of Corus, providing acquisition finance and related services to Tata
in
relation to the Tata Proposals and, as a consequence, is a connected party to Tata. JPMorgan Cazenove, as part of the JPMorgan group, has historical relationships with the Tata companies and, as a
consequence, is also a connected party to Tata. HSBC is therefore providing independent advice to the Corus Directors on the Acquisition for the purposes of Rule&nbsp;3 of the Code. In providing
advice to the Corus Directors, Credit Suisse, JPMorgan Cazenove and HSBC have taken into account the commercial assessments of the Corus Directors. </FONT></P>

<P><FONT SIZE=2><B>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN's intentions regarding the business of Corus  </B></FONT></P>

<P><FONT SIZE=2>The combination of the businesses of CSN and Corus will be driven by a common vision and strategy with the intention of being at the forefront of the steel industry in the near
future. The enlarged group will consolidate and embed principles of continuous improvement, focusing on sharing best practices, manufacturing excellence and cost reduction initiatives. CSN supports
Corus' strategy for the development of its European businesses as described above in paragraph&nbsp;4. </FONT></P>

<P><FONT SIZE=2><B>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management, employees and locations  </B></FONT></P>

<P><FONT SIZE=2>CSN recognises the strong contribution made by Corus' management and employees to the development of Corus including their achievements in the Restoring Success programme and
view them as being critical to the success of the combined group going forward. </FONT></P>

<P><FONT SIZE=2>Following
completion of the Acquisition, Mr J W Leng will step down as Chairman of the Board of Corus, which will then be chaired by Mr B Steinbruch, the Chairman of the Board of CSN and which will
comprise executives drawn from the enlarged group. At its request, CSN will invite Mr J W Leng to join the Board of CSN. </FONT></P>


<P><FONT SIZE=2>At
the request of CSN, it is intended that Mr P Varin will remain as Chief Executive of Corus, working with Mr B Steinbruch on the integration of the businesses. Mr P Varin's contract will be amended
to a six month term with an option for this to be extended on agreement of both parties. It is also intended that Mr&nbsp;D&nbsp;Lloyd, Finance Director of Corus, will remain in his current role
for a minimum twelve month period following completion of the Acquisition. Mr R Henstra would retain his existing role and responsibilities within Corus. </FONT></P>

<P><FONT SIZE=2>Immediately
on completion, a Convergence Committee will be formed, chaired by Mr B Steinbruch, and will comprise executives drawn from the enlarged Group including Mr P Varin, Mr D Lloyd and
Mr&nbsp;R&nbsp;Henstra. </FONT></P>

<P><FONT SIZE=2>The
board of CSN has given the Corus board assurances that, following the Scheme becoming effective, the existing contractual and statutory employment and pension rights of all management and
employees of Corus will be fully safeguarded. </FONT></P>

<P><FONT SIZE=2>CSN's
plans do not involve any material change in the conditions of employment of Corus Group's employees, nor are there any current plans to change the principal locations of Corus Group's business.
CSN will continue to be headquartered in Brazil. </FONT></P>

<P><FONT SIZE=2><B>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension schemes  </B></FONT></P>

<P><FONT SIZE=2>CSN Acquisitions and committees of the boards of the trustees of the British Steel Pension Scheme and Corus Engineering Steels Pension Scheme, being the two main Corus Group UK
pension schemes, have reached an understanding in respect of Corus' obligations in relation to these schemes following completion of the Acquisition. CSN Acquisitions has offered to fund, upfront, the
IAS 19 deficit on the Corus Engineering Steel Pension Scheme, by paying &pound;138&nbsp;million into the scheme and to increase the contribution rate on the British Steel Pension Scheme from
10 per cent. to 12 per cent. until 31&nbsp;March 2009. The schemes will, subject to certain limitations in time and amount, have a security and guarantee </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2>structure
similar to that of the new debt facilities (which are described in paragraph&nbsp;13 below). This framework arrangement will be recommended by the committees to the full trustee boards for
their approval. </FONT></P>

<P><FONT SIZE=2><B>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information on Corus  </B></FONT></P>

<P><FONT SIZE=2>Corus is one of the world's largest steel producers. Operations are organised into three principal divisions: Strip Products, Long Products and Distribution&nbsp;&amp; Building
Systems. Corus employs approximately 41,000 people, the majority of whom are based in the UK, the Netherlands and other Western European locations. </FONT></P>


<P><FONT SIZE=2>Corus'
strategy is focused on carbon steel to further develop a strong and sustainable competitive position in its Western European markets and locations and to improve its exposure to lower cost,
higher growth regions. </FONT></P>

<P><FONT SIZE=2>The
Corus Group produces carbon steel at three integrated steelworks in the UK at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at IJmuiden. Engineering steels are produced in
the UK at Rotherham using the electric arc furnace method. Corus also has processing facilities in North America and Europe. </FONT></P>

<P><FONT SIZE=2>Corus
has sales offices, stockholders, service centres and joint venture or associate arrangements in a number of markets for distribution and further processing of steel products. These are supported
by various agency agreements. There is an extensive network in the EU, while outside the EU Corus has sales offices in around 30 countries, supported by a worldwide trading network. Combining this
global expertise with local consumer service, Corus offers value, reliability and innovation. The Corus brand represents a mark of quality, loyalty and strength. </FONT></P>

<P><FONT SIZE=2>In
2005, approximately 60 per cent. of Corus' crude steel production was rolled into hot rolled coil. Most of the remainder was further processed into sections, plates, engineering steels or wire rod,
or sold in semi finished form. Approximately 35 per cent. of hot rolled coil was sold without further processing in cold rolling mills and coating lines, and the remainder was transferred to Corus
tube mills for the manufacture of welded tubes. Principal end markets for the Corus Group's steel products are the construction, automotive, packaging, mechanical and electrical engineering, metal
goods, and oil and gas industries. </FONT></P>

<P><FONT SIZE=2>For
the year ended 31 December&nbsp;2005, Corus reported revenues of approximately &pound;9.2&nbsp;billion, earnings before interest, tax, depreciation and amortisation before restructuring,
impairment and disposals of &pound;947&nbsp;million and profit after tax of &pound;432&nbsp;million (all as re-stated for continuing operations in the first quarter results
announcement, thus excluding the downstream aluminium rolled products and extrusions businesses which were sold in August&nbsp;2006). </FONT></P>

<P><FONT SIZE=2>Corus
announced on 2 August&nbsp;2006 that it had completed the sale of its downstream aluminium rolled products and extrusions businesses to Aleris International for a gross consideration of
&euro;826&nbsp;million (c.&nbsp;&pound;570&nbsp;million), achieving its stated aim to focus on its carbon steel operations. A provisional profit on disposal of
&pound;20&nbsp;million was reported in the third quarter of 2006. Under the terms of the share purchase agreement, the final consideration payable and profit on disposal remain subject to a
net working capital adjustment to be agreed as part of the completion accounts. </FONT></P>

<P><FONT SIZE=2>For
the nine months ended 30 September&nbsp;2006, Corus reported revenues of approximately &pound;7.2&nbsp;billion, earnings before interest, tax, depreciation and amortisation before
restructuring, impairment and disposals of &pound;668&nbsp;million and profit after tax of &pound;223&nbsp;million (all on a continuing operations basis). </FONT></P>

<P><FONT SIZE=2><B>10&nbsp;&nbsp;&nbsp;&nbsp;Information relating to CSN and CSN Acquisitions  </B></FONT></P>

<P><FONT SIZE=2><B><I>CSN Acquisitions  </I></B></FONT></P>

<P><FONT SIZE=2>CSN Acquisitions, a UK resident wholly owned indirect subsidiary of CSN was formed for the purpose of making the Acquisition, and has not traded since incorporation, nor has it
entered into any obligations, other than in connection with the Acquisition. </FONT></P>


<P><FONT SIZE=2>The
current directors of CSN Acquisitions are Benjamin Steinbruch, Otavio de Garcia Lazcano and Eneas Garcia Diniz. Further information in relation to CSN Acquisitions will be contained in the Scheme
Document and the Information Document. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2><B><I>CSN  </I></B></FONT></P>

<P><FONT SIZE=2>CSN is one of the most competitive integrated global steel producers with operations in Brazil, the United States and Portugal and is listed on the S&atilde;o Paulo and
New York stock exchanges with a market capitalisation of approximately US$8.6&nbsp;billion. CSN is the second largest fully-integrated steel producer in Brazil and one of the largest in Latin
America in terms of crude steel production with current capacity of 5.6 mtpa of crude steel, 5.1 mtpa of rolled products and 2.9 mtpa of coated steel. </FONT></P>

<P><FONT SIZE=2>CSN's
integrated operations cover the entire steel production process, from ore extraction to delivery of the end product to the client. The synergies captured between its mining, steel production and
logistical activities, together with its self sufficiency in almost all the main inputs, enables CSN to minimise costs and consequently to maximise returns in the production and commercialisation of
flat steel. CSN's clients come from a wide range of areas, including the automotive, civil construction, packaging, home appliance and OEM industries, both in Brazil and abroad. </FONT></P>

<P><FONT SIZE=2><B><I>Steel  </I></B></FONT></P>

<P><FONT SIZE=2>CSN's steel operations cover the entire steel chain from the production of slabs to distribution of the finished products. CSN's facilities comprises its Presidente Vargas
Steelworks in Volta Redonda, Rio de Janeiro, two galvanising plants in GalvaSud and CSN Parana (also in Brazil), a cold rolling and galvanising line at CSN LLC in the United States and the Lusosider
steel mill in Portugal. CSN is also Brazil's only producer of tin-plate, which is used in the packaging industry and Galvalume, a steel coated with zinc and aluminium used in civil
construction. In addition, CSN expects to start operation of a newly built steel mill in Itaguai, Rio de Janeiro in 2011, with slab production capacity of 4.5 mtpa. </FONT></P>

<P><FONT SIZE=2><B><I>Mining  </I></B></FONT></P>

<P><FONT SIZE=2>CSN's mining activities are geared towards inputs for the steel business, producing iron ore, limestone, dolomite and tin. All limestone, dolomite and tin are produced solely
for CSN's own consumption. CSN's iron ore mine, Casa de Pedra is one of the largest captive mines in the world and following CSN's expansion project is expected to reach full capacity in
July&nbsp;2010, increasing the plant's iron ore output in sequential modules from 21 through 40 and to 50 mtpa. </FONT></P>


<P><FONT SIZE=2><B><I>Logistics  </I></B></FONT></P>

<P><FONT SIZE=2>CSN has its own infrastructure capabilities with management of two port terminals in Rio de Janeiro State, which currently handle coal and coke only. Expansion is underway to
prepare the terminal to also export iron ore and once fully concluded will have capacity of 30 mtpa. This will help establish the Sepetiba port complex as one of the leading facilities in Brazil. </FONT></P>

<P><FONT SIZE=2>In
addition, CSN holds stakes in two railway companies, Companhia Ferroviaria do Nordeste (CFN) and MRS Logistica which plays a vital role in bringing raw materials and outflow of end products. </FONT></P>


<P><FONT SIZE=2><B><I>Other  </I></B></FONT></P>

<P><FONT SIZE=2>CSN is one of the biggest industrial consumers of electricity in Brazil and is a partner in two hydroelectric plants and a thermo power plant in Brazil. CSN is also currently
constructing a cement facility to produce 1.2 mtpa of cement using the slag generated by its blast furnaces. </FONT></P>

<P><FONT SIZE=2>For
the year ended 31 December&nbsp;2005, CSN reported net revenues of approximately US$3.8&nbsp;billion, earnings before interest, tax, depreciation and amortisation before restructuring,
impairment and disposals of US$1.8&nbsp;billion and profit after tax of US$902&nbsp;million. </FONT></P>

<P><FONT SIZE=2>For
the nine months ended 30 September&nbsp;2006, CSN reported revenues of approximately US$3.0&nbsp;billion, earnings before interest, tax, depreciation and amortisation before restructuring,
impairment and disposals of US$1.4&nbsp;billion and profit after tax of US$496&nbsp;million. </FONT></P>

<P><FONT SIZE=2><B>11&nbsp;&nbsp;&nbsp;&nbsp;Corus Share Schemes and Dutch Bonds  </B></FONT></P>

<P><FONT SIZE=2>Appropriate proposals equivalent to those proposed by Tata will be made in due course to participants in the Corus Share Schemes. Appropriate proposals will also be made to the
holders of the Dutch Bonds. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P><FONT SIZE=2><B>12&nbsp;&nbsp;&nbsp;&nbsp;Corus Deferred Shares  </B></FONT></P>

<P><FONT SIZE=2>As at the date hereof, the issued share capital of Corus includes 3,130,418,153 deferred shares of 40 pence each. These Corus Deferred Shares were created in connection with a
capital reorganisation of Corus effected in December&nbsp;2003. They carry no voting or dividend rights and are effectively worthless. </FONT></P>

<P><FONT SIZE=2>It
is anticipated that Corus will exercise its authority, pursuant to Article&nbsp;5 (note&nbsp;3(ii)(d)) of the Corus Articles, to elect a transfer thereof to a nominee which will be registered
as the Corus Deferred Shareholder. As part of the Proposals, it is intended that the Corus Deferred Shares be cancelled for no consideration on the Effective Date. It is intended that the reserve
arising from the cancellation of the Corus Deferred Shares will be capitalised in favour of CSN Acquisitions (and/or its nominee(s)). </FONT></P>

<P><FONT SIZE=2>Further
information on the proposed cancellation of the Corus Deferred Shares will be contained in the Scheme Document. </FONT></P>

<P><FONT SIZE=2><B>13&nbsp;&nbsp;&nbsp;&nbsp;Financing  </B></FONT></P>

<P><FONT SIZE=2>The Acquisition will be funded by a cash contribution from a subsidiary of CSN to CSN Acquisitions to the extent of approximately US$3.3&nbsp;billion. To finance the balance
of the consideration due under the Acquisition, CSN Holdings has in place a senior and subordinated bridge facility and a revolving loan facility with a total aggregate amount of
&pound;4,350&nbsp;million (comprising senior term loan facilities of &pound;2,000&nbsp;million, a &pound;350&nbsp;million senior revolving credit facility and a
&pound;2,000&nbsp;million subordinated high yield bridge facility), which have been jointly arranged by Barclays Capital (the investment banking division of Barclays Bank PLC), Goldman Sachs
International and ING Bank N.V., London Branch and fully underwritten by Barclays Bank PLC, ING Bank N.V., London Branch and Portfolio Acquisitions 1&nbsp;Ltd (an indirect wholly-owned subsidiary of
The Goldman Sachs Group&nbsp;Inc.). These debt facilities will also be available, amongst other things, to refinance the existing debt of the Corus Group (including the existing public debt),
provide working capital for the Corus Group after completion of the Acquisition and pay certain fees and expenses associated with the Acquisition. </FONT></P>


<P><FONT SIZE=2>Lazard
and Goldman Sachs International are satisfied that sufficient resources are available to CSN Acquisitions to satisfy in full the consideration payable to Corus Shareholders under the terms of
the Scheme as set out in this announcement. Further information on the financing of the Proposals will be set out in the Scheme Document and the Information Document. </FONT></P>

<P><FONT SIZE=2>Under
the agreement for the provision of the debt facilities, CSN Acquisitions has agreed, save as may be required by the Panel, the Takeover Code or the Court, not to amend, waive or modify any
material condition to the Scheme in any material respect without the prior consent of Barclays Bank PLC as Facility Agent. </FONT></P>


<P><FONT SIZE=2><B>14&nbsp;&nbsp;&nbsp;&nbsp;Structure of the Acquisition, delisting and re-registration  </B></FONT></P>

<P><FONT SIZE=2>It is intended that, subject to satisfaction or waiver of the Pre-Condition, the Acquisition will be effected by means of a Court sanctioned scheme of arrangement
between Corus and Corus Shareholders under section&nbsp;425 of the Companies Act. The procedure will involve an application by
Corus to the Court to sanction the Scheme and confirm the cancellation (or, where applicable including in relation to Loan Note Elected Shares, the transfer) of all Scheme Shares, in consideration for
which Corus Shareholders will receive cash (or, other than US Holders, ADS Holders and Restricted Overseas Persons, Loan Notes pursuant to the Loan Note Alternative in respect of Loan Note Elected
Shares) as described in paragraph&nbsp;2 of this announcement. The Scheme will not be proposed unless and until the Pre-Condition is satisfied or CSN and Corus agree with the consent of
the Panel to waive it as a pre-condition to the Acquisition. The terms of the Pre-Condition are set out in Part&nbsp;I of Appendix&nbsp;I. There can be no certainty as to
whether or when the Pre-Condition will be satisfied or waived. The implementation of the Scheme is also subject to the further terms and conditions set out in Part&nbsp;II of
Appendix&nbsp;I and the full terms and conditions which will be set out in the Scheme Document and will only become effective if, among other things, the following events occur: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
resolution to approve the Scheme is passed by a majority in number of the Scheme Shareholders present and voting (and entitled to vote), either in person or by proxy at
the Court Meeting, representing not less than three quarters in value of the Scheme Shares held by such Scheme Shareholders; </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
special resolution to implement the Scheme and to amend the Corus Articles is passed at the Extraordinary General Meeting; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Scheme is sanctioned (with or without modification), and the associated Reduction of Capital is confirmed, by the Court and the Scheme becomes effective by registration
of the Reduction Court Order with the Registrar of Companies and the issue by the Registrar of Companies of a certificate under section&nbsp;138 of the Companies Act in relation to the Reduction of
Capital associated with the Scheme. </FONT></DD></DL>

<P><FONT SIZE=2>The
purpose of the Scheme is to provide for CSN Acquisitions to become the owner of the whole of the issued ordinary share capital of Corus. This is to be achieved by: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
cancellation of the Corus Deferred Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
cancellation of the Cancellation Shares (including those represented by Corus ADSs) held by Cancellation Shareholders and the application of the reserve arising from
such cancellation in paying up in full a number of new Corus Shares (which is equal to the number of Cancellation Shares cancelled) and issuing them to CSN Acquisitions, in consideration for which
Cancellation Shareholders will receive cash on the basis set out in paragraph&nbsp;2 of this announcement; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>immediately
after the cancellation of the Cancellation Shares and the issue of new Corus Shares to CSN Acquisitions, the transfer by Corus Shareholders to CSN Acquisitions
of the Loan Note Elected Shares in accordance with the Scheme in consideration for which relevant Scheme Shareholders will be issued Loan Notes, on the basis set out in paragraph&nbsp;15 of this
announcement, instead of the cash to which they would otherwise have been entitled to receive. </FONT></DD></DL>

<P><FONT SIZE=2>Under
the Implementation Agreement, CSN Acquisitions has reserved the right to instruct Corus to alter the terms of the Scheme so as to designate all the Scheme Shares (including Cancellation Shares)
as Transfer Shares. Any Scheme Shares so designated will not be cancelled but will be transferred to CSN Acquisitions pursuant to the Scheme. </FONT></P>

<P><FONT SIZE=2>Subject
to satisfaction or waiver of the Pre-Condition and the conditions set out in Appendix&nbsp;I to this announcement, the consideration payable under the Acquisition will be
despatched by CSN Acquisitions to Corus Shareholders and the ADS Depositary on behalf of ADS Holders no later than 14&nbsp;days after the Effective Date. If the Scheme has not become effective by 31
December&nbsp;2007, or such later date as CSN Acquisitions and Corus may agree (with, where applicable, the consent of the Panel) and the Court may allow, it will lapse. </FONT></P>

<P><FONT SIZE=2>Upon
the Scheme becoming effective, it will be binding on all Corus Shareholders and ADS Holders irrespective, in the case of Corus Shareholders, of whether or not they attended or voted at the Court
Meeting or the EGM (and if they attended and voted, whether or not they voted in favour). Although ADS Holders will not be entitled to attend the Court Meeting or the EGM, they will be given the
opportunity to instruct the ADS Depositary as to how to vote the Corus Shares underlying their ADSs. </FONT></P>

<P><FONT SIZE=2>It
is expected that application will be made to the London Stock Exchange for Corus Shares to cease to be admitted to trading on its market for listed securities after the Effective Date. After the
Effective Date, it is also intended that application will be made to the UK Listing Authority for the listing of Corus Shares on the Official List to be cancelled and that the listing of Corus Shares
on the Amsterdam Stock Exchange will be terminated. It is also expected that, following the Effective Date, the Corus ADS programme and the Deposit Agreement will be terminated, the Corus ADSs will be
delisted from the New York Stock Exchange and the Corus ADSs and the underlying Corus Shares will be de registered with the United States Securities and Exchange Commission. CSN Acquisitions intends
to re register Corus as a private company as soon as it is appropriate to do so under the provisions of the Companies Act. </FONT></P>

<P><FONT SIZE=2>The
Scheme will contain a provision for Corus to consent, on behalf of all persons concerned, to any modification of or addition to the Scheme or to any condition that the Court may approve or impose.
Corus has been advised that it is unlikely that the Court would impose any condition to the Scheme that might be material to the interests of Corus Shareholders unless Corus Shareholders were informed
in advance. </FONT></P>

<P><FONT SIZE=2>CSN
Acquisitions reserves the right to elect to implement the acquisition of the Corus Shares by way of a takeover offer. In such event, it is proposed such Offer will be implemented on the same terms
(subject to appropriate amendments), so far as applicable, as those which would apply to the Scheme except that any such Offer may exclude Corus Shareholders resident in Canada. In addition, any Offer
would be made on the terms set out in Part&nbsp;III of Appendix&nbsp;I. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_bn2536_1_19"> </A> </FONT> <FONT SIZE=2>
Further details of the Scheme, including an indicative timetable for its implementation, will be contained in the Scheme Document, together with details on how Corus Shareholders and ADS Holders may
participate in the Proposals. The Scheme Document will be posted no later than 28&nbsp;days after the satisfaction of the Pre-Condition. </FONT></P>


<P><FONT SIZE=2><B>15&nbsp;&nbsp;&nbsp;&nbsp;Loan Note Alternative  </B></FONT></P>

<P><FONT SIZE=2>As an alternative to some or all of the cash consideration which would otherwise be receivable under the Scheme, Corus Shareholders (other than Restricted Overseas Persons, US
Holders and ADS Holders and Convertible Bondholders in respect of their Convertible Bonds, who may not participate in the Loan Note Alternative) will be entitled to elect to receive Loan Notes to be
issued by CSN Acquisitions on the following basis: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>For every &pound;1 of cash consideration&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&pound;1 nominal value of Loan Notes  </B></FONT></P>


<P><FONT SIZE=2>This will be subject to the conditions and further terms which will be set out in the Scheme Document and the Loan Note form of election. US Holders, ADS Holders and Restricted
Overseas Persons may not participate in the Loan Note Alternative. </FONT></P>

<P><FONT SIZE=2>The
Loan Notes will be issued credited as fully paid, in amounts and integral multiples of &pound;1 and fractional entitlements to Loan Notes will be disregarded. The Loan Notes which will be
governed by the English law will constitute direct, unsecured and subordinated obligations of CSN Acquisitions and will be guaranteed as to payment of principal and interest by Barclays Bank PLC. The
Loan Notes will bear interest at a rate of 1 per cent. below six-month sterling LIBOR to be determined on the first business day of each interest period. Interest will be payable by half
yearly instalments in arrear (less any tax) on 30 June and 31&nbsp;December in each year. The first payment of interest will be made on the First Payment Date. On the First Payment Date, interest
will be paid in respect of the period from (and including) the date of issue of the relevant Loan Notes to (but excluding) the First Payment Date. The Loan Notes will be redeemable, on not less than
14&nbsp;days notice, in whole or in part for cash at par at the option of noteholders on any date falling on either 30 June or 31 December between the first date on which all of the relevant holding
of Loan Notes has been in issue for more than six months and 31 December&nbsp;2013. </FONT></P>

<P><FONT SIZE=2>CSN
Acquisitions reserves the right not to issue Loan Notes on or before the date on which the Scheme becomes effective in accordance with its terms, if valid elections are received for an aggregate
of less than &pound;20&nbsp;million in nominal value of Loan Notes. If such aggregate nominal value is less than &pound;20&nbsp;million, any such election shall, unless CSN
Acquisitions decides otherwise, be void and the relevant Corus Shareholders will instead receive the cash consideration in accordance with the terms of the Acquisition. CSN Acquisitions may redeem all
(but not some only) of the Loan Notes (so long as they have been in issue for more than 6&nbsp;months) if the aggregate nominal value of the outstanding Loan Notes falls below
&pound;2&nbsp;million. CSN Acquisitions may purchase any Loan Notes which have been in issue for more than 6&nbsp;months at a price by tender available to all holders of Loan Notes alike
(provided that under the terms of such tender offer, no holders of Loan Notes will be required to sell their Loan Notes to CSN Acquisitions), or otherwise by agreement with any holders of Loan Notes.
The Loan Notes may be redeemed in minimum denominations of &pound;500. If not previously redeemed, the final redemption date will be 31&nbsp;December 2013. Any Loan Notes outstanding on the
final redemption date will be redeemed at par together with any accrued interest (less any tax) on that date. </FONT></P>

<P><FONT SIZE=2>Up
to a maximum amount of &pound;400&nbsp;million of Loan Notes in aggregate, nominal value will be available under the Loan Note Alternative. To the extent that Corus Shareholders validly
elect to receive Loan Notes pursuant to the Loan Note Alternative which in aggregate nominal value exceed such amount, the entitlement of each Corus Shareholder who so validly elects will be scaled
down pro rata to the number of Corus Shares in respect of which he has elected for the Loan Note Alternative. </FONT></P>


<P><FONT SIZE=2>The
Loan Notes will not be transferable, other than by a holder of Loan Notes to a spouse/civil partner, parent, child, certain other family members, or a family trust, or by the trustee of the Corus
Group Employee Share Ownership Plan to the relevant beneficial owner of the Loan Notes. No application will be made for the Loan Notes to be listed on, or dealt on, any stock exchange or other trading
facility. </FONT></P>

<P><FONT SIZE=2>Loan
Notes that may be issued pursuant to the Proposals have not been and will not be registered under the Securities Act or under the relevant securities laws of any state or territory or other
jurisdiction of the United States. Accordingly, Loan Notes may not be offered or sold in the United States, except in a transaction not subject to, or in reliance on an exemption from, the
registration requirements of the Securities Act and state securities laws. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<P><FONT SIZE=2>Unless
CSN Acquisitions otherwise determines, the relevant clearances and registrations have not been, nor will they be, sought or obtained, nor have any steps been taken, nor will any steps be taken,
to enable the Loan Notes to be publicly offered in compliance with applicable securities laws of the Netherlands, Australia, Canada or Japan (or any province or territory thereof, if applicable) or
any other jurisdiction. Accordingly, the Loan Notes (subject to certain exceptions) may not be offered, sold, resold, transferred, or delivered, directly or indirectly, in, into or from, the
Netherlands, Australia, Canada or Japan or any other jurisdiction where to do so would violate the laws of that jurisdiction or would require registration thereof in such jurisdiction. The Dutch
Listing Authority has not reviewed, approved or disapproved of this announcement, the Proposals or the Loan Notes, nor has it expressed a view on the accuracy or adequacy of this announcement. </FONT></P>

<P><FONT SIZE=2>The
Loan Note Alternative will be conditional upon the Scheme becoming unconditional and effective and will remain open for election until the Loan Note Deadline. </FONT></P>

<P><FONT SIZE=2>Full
details of the Loan Notes and the Loan Note Alternative will be contained in the Scheme Document. </FONT></P>


<P><FONT SIZE=2><B>16&nbsp;&nbsp;&nbsp;&nbsp;Implementation Agreement  </B></FONT></P>

<P><FONT SIZE=2>CSN, CSN Acquisitions and Corus have entered into an Implementation Agreement which contains certain assurances in relation to the implementation of the Scheme and related
matters. Further information regarding the Implementation Agreement will be set out in the Scheme Document. In particular, the Implementation Agreement contains the principal provisions set out below. </FONT></P>

<P><FONT SIZE=2><B><I>Undertakings to implement the Scheme  </I></B></FONT></P>

<P><FONT SIZE=2>Corus has undertaken, subject to the satisfaction of the Pre-Condition, to CSN and CSN Acquisitions to take certain steps to implement the Scheme, in accordance
with an agreed indicative timetable, including the despatch of the Scheme Document, convening the Court Meeting and the EGM, and taking steps to seek the Court Orders at the Court hearings to make the
Scheme effective. </FONT></P>

<P><FONT SIZE=2>Corus'
obligations under the Implementation Agreement to take steps to implement the Scheme are conditional upon satisfaction of the Pre-Condition and subject to the fiduciary duties of
the Corus Directors as follows. In summary: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
implementation obligations cease if, prior to the posting of the Scheme Document, a Relevant Event occurs and the Corus Directors (in light of such Relevant Event and
after taking legal and financial advice) determine that to give (or not withdraw or adversely modify) a recommendation of the Scheme would be a breach of their fiduciary duties or their obligations
under the Code;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
implementation obligations (other than the obligation to hold the Court Meeting and the EGM and obligations related thereto) cease if, following the posting of the
Scheme Document but prior to the holding of such meetings, a Relevant Event occurs and the Corus Directors (in light of such Relevant Event and after taking legal and financial advice) determine that
not to withdraw, or adversely modify their recommendation of the Scheme would be a breach of their fiduciary duties or their obligations under the Code; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
implementation obligations cease if, following the resolutions at the Court Meeting and the EGM being passed by the requisite majorities but before the Court has granted
the Scheme Court Order, a Relevant Event occurs and the Corus Directors (in light of such Relevant Event and after taking legal and financial advice) determine that to seek the Scheme Court Order at
the Scheme Hearing (or any ancillary or preparatory step) would be a breach of their fiduciary duties or their obligations under the Code. In addition, Corus has certain rights to seek an adjournment
of the Court Meeting and/or the EGM and to delay the despatch of the Scheme Document where a Relevant Event occurs and the Corus Directors (in light of such Relevant Event and after taking legal and
financial advice) determine that not to do so would be a breach of their fiduciary duties or their obligations under the Code. In addition, subject to the fiduciary duties of the Corus Directors, CSN
Acquisitions has certain rights to require, acting reasonably, the Corus Directors to seek an adjournment of the Court Meeting and/or the EGM. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<P><FONT SIZE=2><B><I>Inducement Fee  </I></B></FONT></P>

<P><FONT SIZE=2>As a pre-condition to CSN Acquisitions agreeing to announce the proposed Acquisition, Corus has agreed in the Implementation Agreement to pay the Inducement Fee to
CSN Acquisitions if: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>after
the announcement of the Scheme, the Acquisition is withdrawn or lapses (whether or not the Pre-Condition has been satisfied at the time of such withdrawal or lapse)
without becoming unconditional in all respects ("</FONT><FONT SIZE=2><B>Acquisition Failure</B></FONT><FONT SIZE=2>"), save that Corus and CSN have agreed that any such withdrawal or lapse that would
not have occurred but for there being any legal or regulatory issues concerning the Pre-Condition forming part of the proposed Acquisition structure shall not constitute Acquisition
Failure; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>in
addition any of the following occurs:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>prior
to the time of such Acquisition Failure, the Corus Directors (as constituted for this purpose in accordance with the Code) either (a)&nbsp;do not unanimously recommend the
Acquisition to Corus Shareholders (other than where such failure to unanimously recommend is because the Acquisition has been withdrawn or lapsed by reason of a condition set out in Part&nbsp;II of
Appendix&nbsp;I of this announcement being invoked); or (b)&nbsp;having made such a recommendation, withdraw or adversely modify it; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>(in
the case where the Pre-Condition has been satisfied and the Acquisition is being made by way of the Scheme) following the resolutions to be proposed at each of the
Court Meeting and the EGM having been passed by the requisite majorities the Corus Directors do not, in breach of the Implementation Agreement or because their fiduciary duties require them not to do
so, seek the Scheme Court Order at the Scheme Hearing; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>prior
to the time of Acquisition Failure, a public announcement of an Alternative Proposal is made and subsequently (whether before or after the Acquisition Failure) such
Alternative Proposal is declared unconditional in all respects, becomes effective or otherwise completes. </FONT></DD></DL>
</DD></DL>

<P><FONT SIZE=2>In
relation to the provisions described above, Corus will not be regarded as having withdrawn or adversely modified its recommendation where any adjournment of the Court Meeting and/or the EGM or any
postponement of the despatch of the Scheme Document is made with the consent of CSN and CSN Acquisitions. </FONT></P>

<P><FONT SIZE=2>Nothing
in the Implementation Agreement obliges Corus to pay any amount, calculated on the date on which the Inducement Fee becomes due for payment, which either (i)&nbsp;the Panel determines would
not be permitted by Rule&nbsp;21.2 of the Code or (ii)&nbsp;is in excess of that which is permitted to be paid, without the prior approval of Corus shareholders, pursuant to rule&nbsp;10.2.7R of
the Listing Rules of the UKLA (the "</FONT><FONT SIZE=2><B>Permitted Inducement Fee Amount</B></FONT><FONT SIZE=2>"). Further, Corus, CSN and CSN Acquisitions agree that if the aggregate amount of
any inducement fee payable to CSN and any inducement fee paid to Tata exceeds the Permitted Inducement Fee Amount, then the Inducement Fee will be reduced to an amount equal to the Permitted
Inducement Fee Amount less the amount of any inducement fee paid to Tata. </FONT></P>

<P><FONT SIZE=2><B><I>Non solicitation arrangements  </I></B></FONT></P>

<P><FONT SIZE=2>Corus has undertaken in the Implementation Agreement not to solicit, encourage, initiate or otherwise seek to procure any Competing Proposal, nor to enter into or participate
in any discussions or negotiations or correspondence relating to any Competing Proposal, save that Corus shall not be prohibited from responding to unsolicited enquiries from third parties (nor from
providing due diligence information to them) to the extent that the Corus Directors consider that they would be in breach of their fiduciary duties not to do so. Corus is also free to provide any
information duly requested by any regulatory authority. </FONT></P>

<P><FONT SIZE=2>Corus
has also agreed to inform CSN Acquisitions promptly of any approach received from a third party relating to a Competing Proposal, including the material terms thereof. Corus has also agreed to
inform CSN Acquisitions of any request for information by a third party received by it under Rule&nbsp;20.2 of the Code. </FONT></P>


<P><FONT SIZE=2><B><I>Termination  </I></B></FONT></P>

<P><FONT SIZE=2>The Implementation Agreement may be terminated in the following circumstances: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
agreement in writing between CSN, CSN Acquisitions, and Corus at any time; </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the Effective Date has not occurred (or if the Acquisition is being implemented by way of the Offer the Offer has not been declared wholly unconditional) by 31
December&nbsp;2007 or such lesser period permitted or required by the Panel;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>upon
service of a written notice by CSN Acquisitions on Corus stating that: (i)&nbsp;either the Pre-Condition or any of the conditions to the Scheme or Offer
which has not been waived is (or has become) incapable of satisfaction and (where capable of waiver) will not be waived, and (ii)&nbsp;the Panel has finally determined that the circumstances are of
such material significance that it has permitted the Acquisition to be withdrawn;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>one
month following the date of the Court Meeting or Corus EGM (or such lesser period of time as may be permitted or required by the Panel), if the Scheme is not approved by
the requisite majority of Corus Shareholders at the Court Meeting of Corus Shareholders or the EGM Resolution is not passed by the requisite majority at the Corus EGM and CSN Acquisitions has not
exercised its right to implement the Acquisition by means of an Offer within such period;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>one
month following the date of the Scheme Reduction Hearing if the Court refuses to sanction the Scheme and CSN Acquisitions has not exercised its right to implement the
Acquisition by means of an Offer within such period; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
Corus pays the Inducement Fee to CSN Acquisitions; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
no Inducement Fee is payable under the Implementation Agreement and no Offer is subsequently made by CSN within such period as the Panel may allow. </FONT></DD></DL>

<P><FONT SIZE=2><B>17&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of interests in Corus  </B></FONT></P>

<P><FONT SIZE=2>Except as disclosed in this paragraph, as at the date of this announcement neither CSN or CSN Acquisitions, nor any of the directors of CSN or CSN Acquisitions, nor, so far as
CSN and CSN Acquisitions are aware, any person acting in concert with CSN or CSN Acquisitions, (i)&nbsp;has any interest in or right to subscribe for any relevant Corus securities, nor
(ii)&nbsp;has any short positions in respect of
relevant Corus securities (whether conditional or absolute and whether in the money or otherwise), including any short position under a derivative, any agreement to sell or any delivery obligation or
right to require another person to take delivery, nor (iii)&nbsp;has borrowed or lent any relevant Corus securities (save for any borrowed shares which have been on lent or sold). </FONT></P>

<P><FONT SIZE=2>As
at the date of this announcement, the CSN Holdings owns 34,072,613 Corus Shares, representing approximately 3.8 per cent. of Corus' existing issued share capital. </FONT></P>

<P><FONT SIZE=2><B>18&nbsp;&nbsp;&nbsp;&nbsp;Overseas shareholders  </B></FONT></P>

<P><FONT SIZE=2>The availability of the Proposals to Corus Shareholders who are not resident in the United Kingdom may be affected by the laws of their relevant jurisdiction. Such persons
should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdiction. If you remain in any doubt, you should consult an appropriate independent professional
adviser in the relevant jurisdiction without delay. </FONT></P>

<P><FONT SIZE=2>The
Loan Note Alternative will not be available to US Holders, ADS Holders or Restricted Overseas Persons and consequently will not be eligible to receive Loan Notes. </FONT></P>

<P><FONT SIZE=2>Under
the terms of the Proposals, CSN Acquisitions has reserved the right to make an Offer for Corus as an alternative to a Scheme. If CSN Acquisitions exercises its right to implement the Acquisition
by means of an Offer, any such Offer will be made in compliance with applicable laws and regulations. </FONT></P>


<P><FONT SIZE=2><B>19&nbsp;&nbsp;&nbsp;&nbsp;General  </B></FONT></P>

<P><FONT SIZE=2>The Acquisition is subject to the Pre-Condition set out in Part&nbsp;I of Appendix&nbsp;I. If the Pre-Condition is satisfied or waived, the Scheme
will be made on the terms and subject to the Scheme Conditions set out herein and in Part&nbsp;II of Appendix&nbsp;I, and to be set out in the Scheme Document. The Scheme Document will be posted
to Corus Shareholders and ADS Holders and made available, for information only, to participants in the Corus Share Schemes as soon as practicable and in any event within 28&nbsp;days of the date of
that the Pre-Condition is satisfied or waived unless agreed otherwise with the Takeover Panel. In addition, the Information Document setting out further details of the Acquisition and
containing certain information relating to the CSN Group will be sent to Corus Shareholders as soon as possible. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR>

<P><FONT SIZE=2>On
4 December&nbsp;2006, the extraordinary general meeting and the court meeting of Corus to be held in conjunction with the Tata Scheme were adjourned to 20 December&nbsp;2006. The Corus Board
intends to advise shareholders as appropriate in due course and in any event in advance of those meetings on the action that shareholders should take at those meetings. </FONT></P>


<P><FONT SIZE=2>The
Scheme will be governed by English law. The Scheme will be subject to the applicable requirements of the Takeover Code, the Takeover Panel, the London Stock Exchange, the UK Listing Authority and
the Amsterdam Stock Exchange. </FONT></P>

<P><FONT SIZE=2>Neither
CSN nor CSN Acquisitions nor, so far as CSN and CSN Acquisitions are aware, any person acting in concert with CSN or CSN Acquisitions, has any arrangement in relation to relevant Corus
securities. For these purposes, "arrangement" includes any indemnity or option arrangement, any agreement or understanding, formal or informal, of whatever nature, relating to relevant Corus
securities which may be an inducement to deal or refrain from dealing in such securities. </FONT></P>


<P><FONT SIZE=2>Appendix&nbsp;I
sets out the Pre-Condition, the Scheme Conditions and certain further terms of the Scheme. Appendix&nbsp;II sets out the bases and sources of certain of the information
contained in this announcement. Appendix&nbsp;III contains the definitions of certain terms used in this announcement. </FONT></P>

<P><FONT SIZE=2><B>Enquiries:  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2><B>CSN</B></FONT><FONT SIZE=2><BR>
Otavio de Garcia Lazcano, Chief Financial Officer<BR>
Jose Marcos Treiger, Director of Investor Relations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>Tel: +55 11 3049 7511</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Lazard<BR>
(lead financial adviser to CSN and CSN Acquisitions)<BR> </B></FONT><FONT SIZE=2>Antonio Weiss<BR>
Nicholas Jones<BR>
Paul Gismondi<BR>
Richard Shaw</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7187 2000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Goldman Sachs International<BR>
(financial adviser and joint broker to CSN and CSN Acquisitions)</B></FONT><FONT SIZE=2><BR>
Yoel Zaoui<BR>
Simon Dingemans<BR>
Mark Sorrell</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7774 1000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>UBS<BR>
(joint broker to CSN and CSN Acquisitions)</B></FONT><FONT SIZE=2><BR>
John Woolland</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7567 8000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>The Maitland Consultancy<BR>
(PR advisers to CSN)</B></FONT><BR>
<FONT SIZE=2><I>UK</I></FONT><FONT SIZE=2><BR>
Angus Maitland<BR>
Martin Leeburn<BR>
Liz Morley<BR>
Tom Siveyer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7379 5151</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><I>Netherlands</I></FONT><FONT SIZE=2><BR>
Kees Jongsma</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
<BR>
Tel: +31 2 0647 8181</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Corus Group plc</B></FONT><FONT SIZE=2><BR>
David Lloyd, Chief Financial Officer<BR>
Emma Tovey, Director, Investor Relations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>
Tel: +44 (0) 20 7717 4557<BR>
Tel: +44 (0) 20 7717 4514</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Credit Suisse<BR>
(lead financial adviser to Corus)</B></FONT><FONT SIZE=2><BR>
James Leigh Pemberton<BR>
Jeremy Fletcher<BR>
Zachary Brech</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7888 8888</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>JPMorgan Cazenove<BR>
(joint financial adviser and corporate broker to Corus)</B></FONT><FONT SIZE=2><BR>
Edmund Byers<BR>
Barry Weir<BR>
Matthew Lawrence</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7588 2828</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>HSBC<BR>
(Rule 3 adviser to Corus)</B></FONT><FONT SIZE=2><BR>
Adrian Coates<BR>
Charles Packshaw<BR>
Raj Kohli<BR>
Jan Sanders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7991 8888</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><BR><FONT SIZE=2><B>Brunswick<BR>
(PR adviser to Corus)</B></FONT><FONT SIZE=2><BR>
Kevin Byram<BR>
Laura Cummings<BR>
Ash Spiegelberg</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Tel: +44 (0) 20 7404 5959</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><I>This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in
any jurisdiction pursuant to the Proposals or otherwise. The Proposals will be made solely through the Scheme Document and the relevant Dutch Bond Proposals Document, which will contain the full terms
and conditions of the Proposals, including details of how to vote in respect of the Proposals. Any response to the Proposals should be made only on the basis of the information contained in the Scheme
Document or, in relation to the Dutch Bond Proposals, the relevant Dutch Bond Proposals Document.</I></FONT></P>

<P><FONT SIZE=2><I>Lazard&nbsp;&amp; Co., Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as lead financial adviser to CSN and CSN
Acquisitions in connection with the Proposals and is not acting for any other person in relation to the Proposals and will not be responsible to anyone other than CSN and CSN Acquisitions for
providing the protections afforded to clients of Lazard&nbsp;&amp; Co., Limited, nor for providing advice in relation to the Proposals or any matters referred to herein.</I></FONT></P>

<P><FONT SIZE=2><I>Goldman Sachs International, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser and joint corporate
broker to CSN and CSN Acquisitions in connection with the Proposals and is not acting for any other person in relation to the Proposals and will not be responsible to anyone other than CSN and CSN
Acquisitions for providing the protections afforded to clients of Goldman Sachs International, nor for providing advice in relation to the Proposals or any matters referred to
herein.</I></FONT></P>

<P><FONT SIZE=2><I>UBS, is acting as joint broker to CSN and is not acting for any other person in connection with the matters referred to in this announcement and will not be responsible to
anyone other than CSN for providing the protections afforded to clients of UBS nor for providing advice in relation to any matter referred to herein</I></FONT><FONT SIZE=2>. </FONT></P>


<P><FONT SIZE=2><I>Credit Suisse, which is authorised and regulated by the Financial Services Authority, is acting for Corus in connection with the Proposals and the Tata Proposals, and members
of the Credit Suisse Group are providing acquisition finance and related services to Tata in relation to the Tata Proposals. No member of the Credit Suisse Group is acting for any other person in
relation to the Proposals or the Tata Proposals and will not be responsible to any other person other than Corus and Tata for providing the protections afforded to clients of Credit Suisse, nor for
providing advice in relation to the Proposals, the Tata Proposals, or any matters referred to herein.</I></FONT></P>

<P><FONT SIZE=2><I>JPMorgan Cazenove, which is authorised and regulated by the Financial Services Authority, is acting for Corus in connection with the Proposals and the Tata Proposals and is not
acting for any other person in relation to the Proposals or the Tata Proposals and will not be responsible to anyone other than Corus for providing the protections afforded to clients of JPMorgan
Cazenove, nor for providing advice in relation to the Proposals, the Tata Proposals, or any matters referred to herein.</I></FONT></P>

<P><FONT SIZE=2><I>HSBC, which is authorised and regulated by the Financial Services Authority, is acting for Corus in connection with the Proposals and the Tata Proposals and is not acting for
any other person in relation to
the Proposals or the Tata Proposals and will not be responsible to anyone other than Corus for providing the protections afforded to clients of HSBC, nor for providing advice in relation to the
Proposals, the Tata Proposals, or any matters referred to herein.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

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<P><FONT SIZE=2><I>The availability of the Proposals to persons who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. Persons who are not so
resident should inform themselves about and observe any applicable requirements. Further details in relation to overseas shareholders and bondholders will be contained in the Scheme Document and the
relevant Dutch Bond Proposals Document.</I></FONT></P>

<P><FONT SIZE=2><I>The distribution of this announcement in jurisdictions other than England and Wales may be restricted by law and therefore persons in such jurisdictions into whose possession
this announcement comes should inform themselves about and observe such restrictions. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any
such jurisdiction. This announcement has been prepared for the purposes of complying with English law and the Takeover Code, and the information disclosed may not be the same as that which would have
been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside of England and Wales.</I></FONT></P>

<P><FONT SIZE=2><I>CSN will prepare the Information Document to be distributed to Corus Shareholders and Corus will prepare the Scheme Document. CSN, CSN Acquisitions and Corus urge Corus
Shareholders to read the Information Document and the Scheme Document when they become available because they will contain important information relating to the Proposals.</I></FONT></P>

<P><FONT SIZE=2><I>CSN Acquisitions reserves the right to elect to implement the acquisition of the Corus Shares by way of a takeover offer (as such term is defined in paragraph&nbsp;1 of
Schedule&nbsp;2 to the Takeovers Directive (Interim Implementation) Regulations 2006). In such event, the Offer will be implemented on the same terms (subject to appropriate amendments), so far as
applicable, as those which would apply to the Scheme, except that any such Offer may exclude Corus Shareholders resident in Canada. If CSN Acquisitions exercises its right to implement the Acquisition
by means of an Offer, any such Offer will be made in compliance with applicable laws and regulations.</I></FONT></P>

<P><FONT SIZE=2><I>The Loan Notes that may be issued pursuant to the Proposals have not been and will not be registered under the Securities Act of 1933, as amended (the
"</I></FONT><FONT SIZE=2><B><I>Securities Act</I></B></FONT><FONT SIZE=2><I>") or under the relevant securities laws of any state or territory or other jurisdiction of the United States. Accordingly, Loan Notes
may not be offered or sold in the United States, except in a transaction not subject to, or in reliance on an exemption from, the registration requirements of the Securities Act and such state
securities laws.</I></FONT></P>

<P><FONT SIZE=2><I>Any Loan Notes which may be issued pursuant to the Proposals have not been and will not be registered under the relevant securities laws of the Netherlands or Japan and any
relevant clearances and registrations have not been, and will not be, obtained from the securities commission of any province of Canada. No prospectus in relation to the Loan Notes has been, or will
be, lodged with, or registered with, the Australian Securities and Investments Commission, the Dutch Listing Authority or the Japanese Ministry of Finance. Accordingly, unless otherwise determined by
CSN Acquisitions and permitted by applicable law and regulation, the Loan Notes may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly in or into the
Netherlands, Canada, Australia or Japan or any other jurisdiction where to do so would violate the laws of that jurisdiction or would require registration thereof in such
jurisdiction.</I></FONT></P>

<P><FONT SIZE=2><I>The Dutch Listing Authority has not reviewed, approved or disapproved this announcement, the Proposals or the Loan Notes nor has it expressed a view on the accuracy or adequacy
of this announcement.</I></FONT></P>

<P><FONT SIZE=2><I>The Proposals relate to the shares of a UK company and are proposed to be made by means of a scheme of arrangement under English company law. A transaction effected by means of
a scheme of arrangement is not subject to the tender offer rules under the Exchange Act. Accordingly, the Scheme is subject to the disclosure requirements, rules and practices applicable in the United
Kingdom to schemes of arrangement, which differ from the requirements of US tender offer rules.</I></FONT></P>

<P><FONT SIZE=2><I>Financial information included in the relevant documentation will have been prepared in accordance with accounting standards applicable in the UK and Brazil that may not be
comparable to the financial statements of US companies. If CSN Acquisitions exercises its right to implement the Acquisition by means of an Offer, the Offer will be made in compliance with the
applicable US laws and regulations, including filing Offer documents with the United States Securities and Exchange Commission (SEC). If any such offer or solicitation is made and such offer to
purchase and related materials are filed with the SEC, Corus Shareholders should read those materials carefully because they would contain important information, including the terms and conditions of
any offer or solicitation. Corus Shareholders would be able to obtain any such offer to purchase and related materials free at the SEC's website at <U>www.sec.gov</U> or from
CSN.</I></FONT></P>

<P><FONT SIZE=2><I>This announcement includes forward looking statements under United States securities laws, including statements about the expected timing of the Acquisition, the expected
effects on Corus of the Acquisition,  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<BR>

<P><FONT SIZE=2><I> anticipated earnings enhancements, estimated cost savings and other synergies, potential strategic options, plans for and benefits of integration, estimated future growth, market position and
steelmaking capacity and all other statements in this announcement other than statements of historical fact. Forward looking statements include, without limitation, statements that typically contain
words such as "will", "may", "should", "continue", "aims", "believes", "expects", "estimates", "intends", "anticipates", projects", "plans" or similar expressions. By their nature, forward looking
statements involve known or unknown risks and uncertainties because they relate to events and depend on circumstances that all occur in the future. Actual results may differ materially from those
expressed in the forward looking statements depending on a number of factors, including, but not limited to, the satisfaction of the conditions to the Acquisition, future market conditions, the
behavior of other market participants, an adverse change in the economic climate, a fluctuation in the level of clients' commercial activity, appropriate consultation with employee representative
bodies, a loss of key personnel and the extent to which the Corus and CSN businesses are successfully integrated. Many of these risks and uncertainties relate to factors that are beyond the companies'
abilities to control or estimate precisely, such as future market conditions and the behaviors of other market participants. The forward looking statements contained in this announcement are made as
of the date hereof and Corus, CSN and CSN Acquisitions assume no obligation and do not intend publicly to update or revise these forward looking statements, whether as a result of future events, new
information or otherwise except as required pursuant to applicable law.</I></FONT></P>

<P><FONT SIZE=2><B><I>Dealing disclosure requirements  </I></B></FONT></P>

<P><FONT SIZE=2><I>Under the provisions of Rule&nbsp;8.3 of the Takeover Code, if any person is, or becomes, "interested" (directly or indirectly) in one per cent. or
more of any class of "relevant securities" of Corus, all "dealings" in any
"relevant securities" of Corus (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm
(London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the Scheme becomes effective, lapses or is otherwise
withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in
"relevant securities" of Corus, they will be deemed to be a single person for the purpose of Rule&nbsp;8.3.</I></FONT></P>

<P><FONT SIZE=2><I>Under the provisions of Rule&nbsp;8.1 of the Takeover Code, all "dealings" in "relevant securities" of Corus by CSN, CSN Acquisitions, Tata Steel Limited, Tata or Corus, or
by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.</I></FONT></P>


<P><FONT SIZE=2><I>A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on
the Takeover Panel's website at www.thetakeoverpanel.org.uk.</I></FONT></P>

<P><FONT SIZE=2><I>"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a
person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to,
securities.</I></FONT></P>

<P><FONT SIZE=2><I>Terms in quotation marks are defined in the Takeover Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to
disclose a "dealing" under Rule&nbsp;8 you should consult the Panel.</I></FONT></P>

<P><FONT SIZE=2><I>CSN Acquisitions has reserved the right to purchase Corus Shares outside the United States, otherwise than pursuant to the transactions described herein, in compliance with
applicable English law and the Takeover Code, the rules and regulations of the UKLA and the laws of the United States.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_br2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX I    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="br2536_pre-condition_and_conditions_o__pre02869"> </A>
<A NAME="toc_br2536_2"> </A></FONT> <FONT SIZE=2><B>PRE-CONDITION AND CONDITIONS OF THE PROPOSALS AND<BR>  CERTAIN FURTHER TERMS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Part&nbsp;I&#151;Pre-Condition of the Acquisition  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;The Acquisition if implemented by way of the Scheme is subject to the pre-condition set out in this Part&nbsp;I and to the conditions set out in
Part&nbsp;II below. </FONT></P>

<P><FONT SIZE=2>&nbsp;Without
prejudice to its reserved rights to implement the Acquisition by way of takeover offer, the obligation on CSN to make its offer by way of the Scheme shall be conditional upon the
occurrence of any of the following on or before 20 July&nbsp;2007, or such later date, if any, as CSN and Corus may agree (with the consent of the Panel): </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>the
Tata EGM Resolution being put to a vote of Corus Shareholders at the Tata EGM and such resolution not being duly passed at that meeting; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>the
Tata Scheme being put to a vote of Corus Shareholders at the Tata Court Meeting and it not being duly approved at that meeting; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>the
Court refusing to sanction the Tata Scheme or to confirm the reduction of capital to be effected as part thereof at the Tata Scheme Hearing or the Tata Reduction Hearing; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Corus
publicly announcing that it has no intention to implement the Tata Scheme; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>the
Tata Scheme failing to become effective or becoming incapable of becoming effective on or before 20 July&nbsp;2007, or such later date, if any, as CSN and Corus may agree (with
the consent of the Panel). </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;CSN
reserves the right to waive this Pre-Condition, in whole or in part, with the prior consent of Corus and the Panel. CSN also reserves the right, with Panel consent, to
implement the Acquisition by way of a takeover offer. In the event that CSN exercises such latter right, any such offer will be implemented on the terms set out in Part&nbsp;III of this
Appendix&nbsp;I. </FONT></P>

<P><FONT SIZE=2><B>Part&nbsp;II&#151;Terms and conditions of the Scheme  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;The Scheme will comply with the applicable rules and regulations of the London Stock Exchange, the Amsterdam Stock Exchange, the UK Listing Authority, the
Takeover Code and the Takeover Panel, will be governed by English law and will be subject to the jurisdiction of the courts of England and to the terms and conditions set out below and to be set out
in the Scheme Document. </FONT></P>

<P><FONT SIZE=2>&nbsp;All
dates and times mentioned refer to London time. </FONT></P>

<P><FONT SIZE=2>&nbsp;The
Acquisition will be conditional upon the Scheme becoming effective and unconditional by not later than 31 December&nbsp;2007 (or such lesser period as may be required by the Panel
or such later date as CSN Acquisitions and Corus may, with the consent of the Panel, agree and the Court may allow). The Scheme will be conditional upon: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.1</FONT></DT><DD><FONT SIZE=2>approval
of the Scheme by a majority in number, of the Corus Shareholders present and voting (and entitled to vote), either in person or by proxy, at the Court Meeting or at any
adjournment of that meeting, representing not less than three quarters in value of the Scheme Shares held by such Scheme Shareholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.2</FONT></DT><DD><FONT SIZE=2>the
special resolution required, amongst other things to implement the Scheme, the cancellation of the Corus Deferred Shares and the Reduction of Capital being duly passed by the
requisite majority at the Extraordinary General Meeting or at any adjournment of that meeting;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.3</FONT></DT><DD><FONT SIZE=2>the
sanction of the Scheme and the confirmation of the cancellation of the Corus Deferred Shares and the Reduction of Capital by the Court (in either case, with or without
modification on terms acceptable to Corus and CSN Acquisitions); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.4</FONT></DT><DD><FONT SIZE=2>an
office copy of the Scheme Court Order and the Reduction Court Order (and the minute of the Reduction of Capital) being delivered for registration to the Registrar of Companies and
being registered by the Registrar of Companies and the issue by the Registrar of Companies of a certificate under section&nbsp;138 of the Companies Act in relation to the Reduction of Capital
associated with the Scheme. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>&nbsp;In
addition, Corus and CSN Acquisitions have agreed that the Acquisition will be conditional upon the matters set out in paragraphs 2 to 9 below and, accordingly, the necessary actions
to make the Scheme effective will not be taken unless such conditions (as amended if appropriate) have been satisfied or waived. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2</FONT></DT><DD><FONT SIZE=2>the
European Commission indicating in terms satisfactory to CSN Acquisitions that it does not intend to initiate proceedings under Article&nbsp;6(1)(c) of Council Regulation (EC)
139/2004 (the "</FONT><FONT SIZE=2><B>Merger Regulation</B></FONT><FONT SIZE=2>"), or make a referral to a competent authority in the United Kingdom or any other Member State of the European Union
under Article&nbsp;9(1) of the Merger Regulation in respect of the proposed acquisition of Corus by CSN Acquisitions or any matter arising therefrom;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3</FONT></DT><DD><FONT SIZE=2>all
filings having been made and all or any appropriate waiting periods, including any extensions thereof, applicable under the US Hart-Scott-Rodino Antitrust Improvements
Act of 1976 (as amended) and the regulations made under that act having expired, lapsed or been terminated as appropriate in each case in respect of the Acquisition;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4</FONT></DT><DD><FONT SIZE=2>no
central bank, government or governmental, quasi governmental, supranational, statutory, administrative, or regulatory or similar body, authority, trade agency, court, professional
association, institution, environmental body, employee representative body or any other body or person in any jurisdiction (including merger control authorities in any jurisdiction) (each a
"</FONT><FONT SIZE=2><B>Relevant Authority</B></FONT><FONT SIZE=2>") having decided or given notice of a decision to take, institute, implement or threaten any action, proceedings, suit,
investigation, enquiry or reference, or having required any action to be taken, or otherwise having done anything, or having enacted, made or proposed any statute, regulation, decision or order or
taken any other steps and there continuing to not be outstanding any statute, regulation, order or decision which would or might reasonably be expected, in each case to an extent which is material to
the wider Corus Group taken as a whole to:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.1</FONT></DT><DD><FONT SIZE=2>make
the Acquisition, its implementation or the acquisition or proposed acquisition of any of the Corus Shares by CSN Acquisitions void, unenforceable or illegal, or otherwise
restrict, restrain, prohibit or delay to a material extent or otherwise materially interfere with the implementation of, or impose material additional conditions or obligations with respect to, or
otherwise materially challenge or require material amendment of, the Scheme or the acquisition of any of the Corus Shares by CSN Acquisitions;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.2</FONT></DT><DD><FONT SIZE=2>result
in a delay in the ability of CSN Acquisitions, or render it unable, to acquire some or all of the Corus Shares or require a divestiture by CSN Acquisitions or CSN or any member
of the Wider CSN Group of any Corus Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.3</FONT></DT><DD><FONT SIZE=2>require,
prevent or delay the divestiture, or alter the terms envisaged for any proposed divestiture, by CSN Acquisitions or CSN or any member of the Wider CSN Group or by any member
of the Wider Corus Group, in any such case of all or any part of their respective businesses, assets or properties, or impose any limitation on their ability to conduct their respective businesses (or
any of them) or to own their respective assets or properties or any part of them;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.4</FONT></DT><DD><FONT SIZE=2>impose
any limitation on, or result in a delay in, the ability of CSN Acquisitions, CSN or any member of the Wider CSN Group to acquire or to hold or to exercise effectively, directly
or indirectly, all rights of ownership of shares, loans or other securities (or the equivalent) in, or to exercise management control over, Corus or the ability of any member of the Wider Corus Group,
CSN Acquisitions or CSN to hold or exercise effectively any rights of ownership of shares, loans or other securities in, or to exercise management control over any member of the Wider Corus Group;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.5</FONT></DT><DD><FONT SIZE=2>except
pursuant to Schedule&nbsp;2 of the Takeovers Directive (Interim Implementation) Regulations 2006, or should such Part be in force at the relevant time, Part&nbsp;28 of the
Companies Act, require any member of the Wider CSN Group or of the Wider Corus Group to acquire or offer to acquire any shares or other securities (or the equivalent) in, or any asset owned by, any
member of the Wider Corus Group or the Wider CSN Group owned by any third party;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.6</FONT></DT><DD><FONT SIZE=2>impose
any limitation on the ability of any member of the Wider Corus Group to co ordinate its business, or any part of it, with the businesses of any other members; </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.7</FONT></DT><DD><FONT SIZE=2>result
in any member of the Wider Corus Group ceasing to be able to carry on business under any name which it presently does so;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.8</FONT></DT><DD><FONT SIZE=2>otherwise
adversely affect the business, assets, liabilities or profits of any member of the Wider Corus Group, and all applicable waiting and other time periods during which any such
Relevant Authority could take, institute, implement or threaten any such action, proceeding, suit, investigation, enquiry or reference or otherwise so intervene having expired, lapsed or been
terminated;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5</FONT></DT><DD><FONT SIZE=2>save
as otherwise agreed in the Implementation Agreement, all necessary notifications and filings having been made in all necessary jurisdictions in connection with the Acquisition, in
accordance with applicable laws and contractual arrangements, and all statutory and regulatory obligations in connection with the Acquisition in any jurisdiction having been complied with and all
material authorisations, orders, recognitions, grants, consents, clearances, confirmations, certificates, licences, permissions and approvals
("</FONT><FONT SIZE=2><B>Authorisations</B></FONT><FONT SIZE=2>") deemed reasonably necessary or appropriate by CSN Acquisitions in any jurisdiction for, or in respect of, the Acquisition or the
proposed acquisition of the Corus Shares by CSN Acquisitions or any member of the CSN Group having been obtained in terms reasonably satisfactory to CSN Acquisitions from all appropriate Relevant
Authorities, or from any persons or bodies with whom any member of the Wider Corus Group has entered into contractual arrangements, all or any applicable waiting and other time periods (including any
extension thereof) under any applicable legislation or regulation of any jurisdiction, having expired, lapsed or been terminated (as appropriate) and all such Authorisations (together with all
material Authorisations deemed reasonably necessary or appropriate by CSN Acquisitions to carry on the business of any member of the Wider Corus Group) remaining in full force and effect and there
being no notice of any intention to revoke, suspend, restrict, amend or not to renew any such Authorisations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6</FONT></DT><DD><FONT SIZE=2>since
31&nbsp;December 2005 and save as disclosed in the Annual Report or as fairly disclosed to any member of the CSN Group or its advisers by or on behalf of Corus prior to the
date of this announcement or as publicly announced (by the delivery of an announcement to a Regulatory Information Service) by Corus prior to the date of this announcement, there being no provision of
any arrangement, agreement, lease, licence, permit or other instrument to which any member of the Wider Corus Group is a party or by or to which any such member or any of its assets is or may be
bound, entitled or be subject, which as a consequence of the Acquisition, or the proposed acquisition by CSN Acquisitions or any member of the Wider CSN Group of any shares or other securities (or the
equivalent) in Corus or because of a change in the control or management of any member of the Wider Corus Group or otherwise, would or might result, in any case to an extent which is material in the
context of the Wider Corus Group taken as a whole, in:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.1</FONT></DT><DD><FONT SIZE=2>any
monies borrowed by, or any other indebtedness, actual or contingent, of, any member of the Wider Corus Group being or becoming repayable, or being capable of being declared
repayable immediately or prior to their or its stated maturity, or the ability of any such member to borrow monies or incur any indebtedness being withdrawn or inhibited or becoming capable of being
withdrawn;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.2</FONT></DT><DD><FONT SIZE=2>the
creation or enforcement of any mortgage, charge or other security interest, over the whole or any substantial part of the business, property or assets of any member of the Wider
Corus Group or any such mortgage, charge or other security interest (whenever arising or having arisen) becoming enforceable;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.3</FONT></DT><DD><FONT SIZE=2>any
such arrangement, agreement, lease, licence, permit or other instrument being terminated or adversely modified or affected or any obligation or liability arising or any action of
an adverse nature being taken thereunder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.4</FONT></DT><DD><FONT SIZE=2>any
assets or interests of any member of the Wider Corus Group being or falling to be disposed of or charged or any right arising under which any such asset or interest could be
required to be disposed of or charged, other than in the ordinary course of business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.5</FONT></DT><DD><FONT SIZE=2>any
member of the Wider Corus Group ceasing to be able to carry on business under any name under which it presently does so;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.6</FONT></DT><DD><FONT SIZE=2>the
value or financial or trading position or profits of Corus or any member of the Wider Corus Group being prejudiced or adversely affected; or </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.7</FONT></DT><DD><FONT SIZE=2>the
creation of any liability (actual or contingent) by any member of the Wider Corus Group, and no event having occurred which, under any provision of any arrangement, agreement,
licence or other instrument to which any member of the Wider Corus Group is a party, or to which any such member or any of its assets may be bound, entitled or subject, could reasonably be expected to
result in any of the events or circumstances as are referred to in paragraphs 6.1 to 6.7 of this condition 6.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7</FONT></DT><DD><FONT SIZE=2>save
as disclosed in the Annual Report, or as publicly announced through a Regulatory Information Service prior to the date of this announcement or as fairly disclosed to any member of
the CSN Group, no member of the Wider Corus Group having since 3l December&nbsp;2005 in each case to an extent which is material in the context of the Corus Group taken as a whole:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.1</FONT></DT><DD><FONT SIZE=2>issued
or agreed to issue or authorised the issue of additional shares or securities of any class, or securities convertible into, or exchangeable for, or rights, warrants or options
to subscribe for or acquire, any such shares, securities or convertible securities (save as between Corus and wholly owned subsidiaries of Corus and save for options and awards granted, or awarded in
the regular operation of the Corus Share Schemes);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.2</FONT></DT><DD><FONT SIZE=2>sold
or transferred or agreed to sell or transfer any Treasury Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.3</FONT></DT><DD><FONT SIZE=2>recommended,
declared, paid or made or proposed to recommend, declare, pay or make any bonus issue, dividend or other distribution whether payable in cash or otherwise other than
dividends (or other distributions whether payable in cash or otherwise) lawfully paid or made by any wholly owned subsidiary of Corus to Corus or to any of its wholly owned subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.4</FONT></DT><DD><FONT SIZE=2>other
than pursuant to the Proposals, implemented, effected, or authorised any merger, demerger, reconstruction, amalgamation, scheme, commitment or acquisition or disposal of assets
or shares or loan capital (or the equivalent thereof) in any undertaking or undertakings other than in the ordinary course of trading;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.5</FONT></DT><DD><FONT SIZE=2>(save
for transactions between Corus and its wholly owned subsidiaries and transactions carried out in the ordinary course of business) acquired or disposed of, or transferred,
mortgaged or created any security interest over any asset or any right, title or interest in any asset;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.6</FONT></DT><DD><FONT SIZE=2>entered
into or varied to a material extent or authorised, or proposed or announced its intention to enter into or vary any contract, arrangement, agreement, transaction or commitment
(whether in respect of capital expenditure or otherwise) which is of a long term, unusual or onerous nature or magnitude or which involves or could involve an obligation of such a nature or magnitude
which is or could be, in any such case, materially restrictive on the business of any member of the Wider Corus Group;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.7</FONT></DT><DD><FONT SIZE=2>entered
into, or varied to a material extent, or terminated (other than by reason of serious breach of any service agreement or arrangement), or authorised the entry into, any service
agreement or arrangement with any director or executive committee member, save for salary increases, bonuses or variations of terms in the ordinary course of business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.8</FONT></DT><DD><FONT SIZE=2>save
in connection with the Proposals and the Dutch Bond Proposals, purchased, redeemed or repaid or authorised the purchase, redemption or repayment of any of its own shares or other
securities (or the equivalent) or reduced or made any other change to or proposed the reduction or other change to any part of its share capital, save for any shares allotted between Corus and any
wholly owned subsidiaries of Corus;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.9</FONT></DT><DD><FONT SIZE=2>waived,
compromised or settled any claim otherwise than in the ordinary course of business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.10</FONT></DT><DD><FONT SIZE=2>terminated
or varied the terms of any agreement or arrangement between any member of the Corus Group and any other person in a manner which would or might reasonably be expected to
have a material adverse effect on the financial position or prospects of the Corus Group taken as a whole;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.11</FONT></DT><DD><FONT SIZE=2>(save
as disclosed on publicly available registers) made any alteration to its memorandum or articles of association;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.12</FONT></DT><DD><FONT SIZE=2>save
as disclosed to any member of the CSN Group or its advisers by or on behalf of Corus prior to the date of this announcement or as publicly announced (by the delivery of an </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>announcement
to a Regulatory Information Service) by Corus prior to the date of this announcement, made or agreed or consented to any material change to the terms of the trust deeds and rules
constituting any pension schemes established for its directors and/or employees and/or their dependants or to the benefits which accrue, or to the pensions which are payable, thereunder, or to the
basis on which qualification for or accrual or entitlement to such benefits or pensions are calculated or determined or to the basis upon which the liabilities (including pensions) of such pension
schemes are funded or made, or agreed or consented to any change to the trustees; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.13</FONT></DT><DD><FONT SIZE=2>been
unable, or admitted in writing that it is unable, to pay its debts or having stopped or suspended (or threatened to stop or suspend) payment of its debts generally or ceased or
threatened to cease carrying on all or a substantial part of any business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.14</FONT></DT><DD><FONT SIZE=2>(other
than in respect of a member which is dormant and was solvent at the relevant time) taken or authorised any corporate action or had any action or proceedings or other steps
instituted or threatened against it for its winding up (voluntary or otherwise), dissolution or reorganisation or for it to enter into any arrangement or composition for the benefit of its creditors,
or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of all or any material part of its assets or revenues or any analogous proceedings in any
jurisdiction or appointed any analogous person in any jurisdiction; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.15</FONT></DT><DD><FONT SIZE=2>entered
into any agreement, arrangement or commitment to effect any of the transactions, matters or events referred to in this condition 7;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8</FONT></DT><DD><FONT SIZE=2>since
31&nbsp;December 2005, save as disclosed in the Annual Report or except as publicly announced by Corus (by the delivery of an announcement to a Regulatory Information Service),
in each case prior to the date of this announcement, there having been:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1</FONT></DT><DD><FONT SIZE=2>no
adverse change in the business, assets, financial or trading position or profits of any member of the Wider Corus Group which is material in the context of the Wider Corus Group
taken as a whole;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.2</FONT></DT><DD><FONT SIZE=2>no
litigation, arbitration proceedings, prosecution or other legal proceedings having been announced, threatened or instituted by or against or remaining outstanding against or in
respect of any member of the Wider Corus Group and no enquiry or investigation by or complaint or reference to any Relevant Authority against or in respect of any member of the Wider Corus Group
having been threatened, announced or instituted or remaining outstanding, against or in respect of any member of the Wider
Corus Group and which in any such case could have a material adverse effect on the Wider Corus Group taken as a whole; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.3</FONT></DT><DD><FONT SIZE=2>no
contingent or other liability having arisen, been incurred by any member of the Wider Corus Group which might reasonably be expected to materially adversely affect any member of
the Wider Corus Group and which in any such case is material in the context of the Wider Corus Group taken as a whole;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9</FONT></DT><DD><FONT SIZE=2>save
as publicly announced by the delivery of an announcement to a Regulatory Information Service prior to the date of this announcement or as otherwise disclosed in the Annual Report
or to any member of the Wider CSN Group or its advisers by or on behalf of Corus prior to the date of this announcement, CSN Acquisitions not having discovered:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.1</FONT></DT><DD><FONT SIZE=2>that
the financial, business or other information concerning the Wider Corus Group publicly announced or disclosed at any time by or on behalf of any member of the Wider Corus Group
is materially misleading, contains a material misrepresentation of fact or omits to state a fact necessary to make the information contained therein not materially misleading and which is, in any
case, material in the context of the Wider Corus Group;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2</FONT></DT><DD><FONT SIZE=2>that
any member of the Wider Corus Group is, otherwise than in the ordinary course of business, subject to any liability, contingent or otherwise, which is material in the context of
the Wider Corus Group taken as a whole;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.3</FONT></DT><DD><FONT SIZE=2>that
any past or present member of the Wider Corus Group has failed to comply in any material respect with any applicable legislation or regulations of any jurisdiction with regard to
the storage, disposal, discharge, spillage, release, leak or emission of any waste or </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_br2536_1_32"> </A>
<UL>
<UL>

<P><FONT SIZE=2>hazardous
or harmful substance or any substance likely to impair the environment or harm human health or otherwise relating to environmental matters or that there has been any such storage, presence,
disposal, discharge, spillage, release, leak or emission (whether or not the same constituted non compliance by any person with any such legislation or regulation, and wherever the same may have taken
place), any of which non compliance would be likely to give rise to any liability (whether actual or contingent) or cost on the part of any member of the Wider Corus Group and which is material, in
any such case, in the context of the Wider Corus Group taken as a whole; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.4</FONT></DT><DD><FONT SIZE=2>there
is, or is reasonably likely to be, any material obligation or liability (whether actual or contingent) to make good, repair, reinstate or clean up any property now or previously
owned, occupied, operated or made use of or controlled by any past or present member of the Wider Corus Group or its statutory predecessors under any environmental legislation, regulation, notice,
circular or
order of any Relevant Authority in any jurisdiction, in each case to an extent which is material in the context of the Wider Corus Group taken as a whole;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.5</FONT></DT><DD><FONT SIZE=2>circumstances
exist whereby a person or class of persons would be likely to have any claim or claims in respect of any product or process of manufacture, or materials used therein,
now or previously manufactured, sold or carried out by any past or present member of the Wider Corus Group which claim or claims would be likely to affect adversely any member of the Wider Corus
Group; or </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;Subject
to the requirements of the Panel, CSN Acquisitions reserves the right to waive, in whole or in part, all or any of the above conditions set out in paragraphs 2 to 9 (inclusive). </FONT></P>

<P><FONT SIZE=2><B>Part&nbsp;III&#151;Certain further terms and conditions of the Proposals  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;The terms and conditions of the Dutch Bond Proposals will be set out in the respective Dutch Bond Proposals Documents. </FONT></P>

<P><FONT SIZE=2>&nbsp;If
CSN is required by the Panel to make an offer for the Corus Shares under the provisions of Rule&nbsp;9 of the Takeover Code, CSN may make such alterations to any of the above
conditions, including condition 1 above, and to the terms of the Proposals, as are necessary to comply with the provisions of that Rule. </FONT></P>


<P><FONT SIZE=2>&nbsp;The
Proposals will lapse unless all the above conditions have (other than the conditions set out in paragraphs 1.3 and 1.4 of Part&nbsp;II above) been fulfilled or, where permitted,
waived or, where appropriate, have been determined by CSN Acquisitions to be or remain satisfied, by 11.59&nbsp;p.m. on the date immediately preceding the date of the Scheme Hearing. CSN
Acquisitions shall be under no obligation to waive (if capable of waiver), to determine to be or remain satisfied or to treat as fulfilled any of conditions 2 to 9 (inclusive) by a date earlier than
the latest date specified for the fulfilment of that condition notwithstanding that the other conditions of the Proposals may at such earlier date have been waived or fulfilled and that there are, at
such earlier date, no circumstances indicating that any of such conditions may not be capable of fulfilment. </FONT></P>

<P><FONT SIZE=2>&nbsp;The
Loan Note Elected Shares will be acquired by CSN Acquisitions fully paid with full title guarantee and free from all liens, equitable interests, charges, encumbrances, rights of
pre-emption and other third party rights of any nature whatsoever and together with all rights attaching to them, including the right to receive and retain all dividends and distributions
(if any) declared, made or payable after the date of this announcement. </FONT></P>

<P><FONT SIZE=2>&nbsp;CSN
and CSN Acquisitions reserve the right to elect to implement the Acquisition by way of a takeover offer. Any such Offer will be implemented on the same terms (subject to appropriate
amendments, including (without limitation), the following: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1</FONT></DT><DD><FONT SIZE=2>at
CSN Acquisitions' election, an exclusion of Corus Shareholders resident in Canada;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2</FONT></DT><DD><FONT SIZE=2>an
acceptance condition of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.1</FONT></DT><DD><FONT SIZE=2>90
per cent. (or such lower percentage as CSN may, subject to the Code, decide or the Panel may require) if CSN makes an Offer because it is unable to effect the Scheme as a result of
there being any legal or regulatory issues concerning the Pre-Condition forming part of the proposed Acquisition structure (save that withdrawal or lapse resulting from Corus Shareholders
voting down the Scheme shall not be such an issue); or </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_br2536_1_33"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.2</FONT></DT><DD><FONT SIZE=2>90
per cent. (or such lower percentage as CSN may, subject to the Code, decide or the Panel may require) if CSN elects to switch to an Offer and pursuant to that Offer:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.2.1</FONT></DT><DD><FONT SIZE=2>the
offer price per Corus Share pursuant to the Offer exceeds the offer price per Corus Share offered by CSN pursuant to the Scheme by 10 pence or more; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.2.2</FONT></DT><DD><FONT SIZE=2>the
offer price per Corus Share under the Offer is, at the time of the announcement by CSN of the firm intention to make the Offer (for the purposes of Rule&nbsp;2.5 of the Code),
higher than the offer price per Corus Share of any other then current offer for the entire issued and to be issued share capital of Corus that has been announced (for the purposes of Rule&nbsp;2.5
of the Code) or made at the time of the said announcement of a firm intention to make the Offer; or
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.3</FONT></DT><DD><FONT SIZE=2>75%
(or such higher percentage as CSN may agree with Corus (subject always to the requirements of the Code and the Panel)); if CSN elects to switch to an Offer and the events
described in paragraphs 2.1 and 2.2 above do not apply; and
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3</FONT></DT><DD><FONT SIZE=2>on
terms that the Offer shall remain open for acceptance for a period of at least 14&nbsp;days after the date on which the indication from the European Commission satisfying
condition 2.1 above is received. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;If
made, the Offer will be made in accordance with all applicable laws and regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;The
Proposals will lapse and the Scheme will not proceed if, after the date of this announcement and before the date of the Court Meeting, the Acquisition is referred to the Competition
Commission or the European Commission initiates proceedings under Article&nbsp;6(1)(c) of the Merger Regulation in respect of the Acquisition. </FONT></P>


<P><FONT SIZE=2>&nbsp;For
the purposes of this Appendix: </FONT></P>

<P><FONT SIZE=2>&nbsp;"subsidiary",
"subsidiary undertaking", "undertaking" and "associated undertaking" have the respective meanings given thereto by the Companies Act, but for this purpose ignoring
paragraph&nbsp;20(1)(b) of Schedule&nbsp;4A of the Companies Act; </FONT></P>

<P><FONT SIZE=2>&nbsp;"Wider
CSN Group" means CSN or any of its subsidiaries or subsidiary undertakings or any associated undertaking or any company of which 20&nbsp;per cent. or more of the voting capital
is held by any member or members of the CSN Group or any partnership, joint venture, firm or company in which any member of the CSN Group may be interested; and </FONT></P>

<P><FONT SIZE=2>&nbsp;"Wider
Corus Group" means Corus or any of its subsidiaries or subsidiary undertakings or any associated undertaking or any company of which 20 per cent. or more of the voting capital is
held by any member or members of the Corus Group or any partnership, joint venture, firm or company in which any member of the Corus Group may be interested. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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NAME="page_bt2536_1_34"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bt2536_appendix_ii_bases_and_sources"> </A>
<A NAME="toc_bt2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX II<BR>  <BR>    BASES AND SOURCES    <BR>    </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
value of Corus as implied by the Price is based upon the fully diluted number of Corus Shares being 946,404,976, including 898,743,330 Corus Shares in issue on 1
December&nbsp;2006 (including those represented by ADSs, but excluding those held in treasury), adjusted for the dilutive effect of in the money options and LEAP shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
premiums implied by the Price have been calculated based on closing Corus Share prices supplied by Datastream.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Unless
otherwise stated the financial information relating to CSN and Corus has been extracted without material adjustment from the respective published audited reports and
accounts for the relevant periods.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Brazil Real&#151;US Dollar exchange rate of 2.184 is based on the average exchange rate over the nine month period ended 30 September&nbsp;2006. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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NAME="page_bv2536_1_35"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bv2536_appendix_iii_definitions"> </A>
<A NAME="toc_bv2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX III<BR>  <BR>    DEFINITIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The following definitions apply throughout this announcement, unless the context requires otherwise. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>"Acquisition"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>the acquisition of the entire issued and to be issued share capital of Corus (including such share capital held in the form of ADSs) and for the avoidance of doubt includes an acquisition of the Corus Shares implemented
by way of the Scheme, or by way of an Offer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Act" or "Companies Act"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Companies Act 1985, as amended</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"ADS" or "Corus ADS"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
an American depositary share, evidenced by an American depositary receipt representing two Corus Shares, issued by the ADS Depositary in accordance with the Deposit Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"ADS Depository"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
The Bank of New York, as depositary under the Deposit Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"ADS Holder"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
a holder of Corus ADSs</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Alternative Proposal"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
any proposal put forward by any third party (including, for the avoidance of doubt, any modification of the Tata Proposals or any alternative proposal put forward by Tata, any member of the Tata Group or any person acting in concert with any of them)
which is not acting in concert with CSN in respect of or for: (i) a takeover offer (whether or not subject to pre conditions) or possible offer for the issued ordinary share capital of Corus or the sale, or possible sale (in one transaction or a
series of transactions) of the whole of the assets or undertaking of the Corus Group, or any part of the same which is material in the context of the Corus Group; (ii) a merger, acquisition or other business combination, scheme of arrangement,
exchange offer, or liquidation involving Corus or all or substantially all of the business of the Corus Group; or (iii) any proposal which would, if implemented result in a change of control (as such term is defined for the purposes of the Code) of
Corus</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Amsterdam Stock Exchange"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Euronext Amsterdam N.V. or Eurolist by Euronext</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Annual Report"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the annual report and accounts of Corus for the year ended 31&nbsp;December 2005</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Australia"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the commonwealth of Australia, its territories and possessions and all areas subject to the jurisdiction and all political sub divisions thereof</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Authorisations"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
all material authorisations, orders, recognitions, grants, consents, clearances, confirmations, certificates, licences, permissions and approvals</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"business day"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
any day other than a Saturday, Sunday and public holiday on which banks are generally open for business in London other than solely for trading and settlement of Euro</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Canada"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Canada, its provinces and territories and all areas subject to its jurisdiction and all political sub divisions thereof</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Cancellation Shareholders"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
holders of Cancellation Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Cancellation Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Scheme Shares other than Loan Note Elected Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Company" or "Corus"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Corus Group plc, a company incorporated in England and Wales under the Companies Act with registration number 3811373</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Competing Proposal"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
any proposal put forward by any third party which is not acting in concert with CSN (excluding proposals made by Tata), in respect of, or for: (i) a takeover offer (whether or not subject to pre conditions) or possible offer for, the issued ordinary
share capital of Corus or the sale, or possible sale (in one transaction or a series of transactions), of the whole of the assets or undertaking of the Corus Group, or any part of the same which is material in the context of the Corus Group; (ii) a
merger, acquisition or other business combination, scheme of arrangement, exchange offer, or liquidation involving Corus or all or substantially all of the business of the Corus Group; (iii) any proposal which would, if implemented result in a change
of control of Corus; (iv) any other transactions having a similar effect, the consummation of which could be reasonably expected to prevent, or impede, interfere with or delay the Acquisition, in each case howsoever it is proposed that such offer or
proposal be implemented; (v) or the acquisition of the voting rights in respect of 10 per cent. of the Corus Shares then in issue; or (vi) any material transaction (whether of a revenue or capital nature) outside the ordinary course of
business</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Convertible Bonds"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
(i) the Euro Bonds; and (ii) the Dutch Bonds</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Convertible Bondholders"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
holders of Convertible Bonds</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Corus Articles"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the articles of association of Corus</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Corus Board"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the board of directors of Corus</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
"Corus Deferred Shareholder"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP"><FONT SIZE=2><BR>
a holder of Corus Deferred Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Corus Deferred Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the deferred shares of 40 pence each in the capital of Corus</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Corus Directors"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the directors of Corus from time to time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Corus Group"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Corus, its subsidiaries and subsidiary undertakings from time to time and "member of the Corus Group" shall be construed accordingly</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
"Corus Shareholders" or "Shareholders"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP"><FONT SIZE=2><BR>
holders of Corus Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Corus Share Schemes"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Corus U.K. Executive Share Option Scheme, the Corus Overseas Executive Share Option Scheme, the Corus Executive Share Option Scheme, the Corus Sharesave Scheme, the Corus International Sharesave Scheme, the Corus Group Employee Share Ownership
Plan, and the Corus Group plc Leveraged Equity Acquisition Plan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Corus Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
ordinary shares of 50 pence each in the capital of Corus</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Court"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the High Court of Justice in England and Wales</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Court Meeting"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the meeting of the Scheme Shareholders that, subject to the Pre-Condition being satisfied or waived, is proposed to be convened by order of the Court pursuant to section 425 of the Act, notice of which will be set out in the Scheme Document for the
purposes of considering and if thought fit, approving the Scheme, including any adjournment thereof</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Court Orders"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Reduction Court Order and the Scheme Court Order</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Credit Suisse"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Credit Suisse Securities (Europe) Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=36,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=924278,FOLIO='36',FILE='DISK123:[06LON6.06LON2536]BV2536A.;18',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<A NAME="page_bv2536_1_37"> </A>
<!-- end of table folio -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Credit Suisse Group"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Credit Suisse and any subsidiary, subsidiary undertaking, or branch of Credit Suisse, its ultimate holding company and any subsidiary, subsidiary undertaking or branch of such holding company</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"CREST"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the relevant system (as defined in the CREST Regulations) in respect of which CRESTCo Limited is the Operator (as defined in the CREST Regulations) in accordance with which listed securities may be held and transferred in uncertificated
form</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"CREST Regulations"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Uncertificated Securities Regulations 2001 (SI 2001 No. 3755) as amended from time to time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"CSN"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Companhia Sider&uacute;rgica Nacional, a company registered in Brazil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"CSN Acquisitions"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
CSN Acquisitions Limited, a company incorporated in England and Wales under the Companies Act with registered number 6009596</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"CSN Group"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
CSN, its subsidiaries and its subsidiary undertakings from time to time and "member of the CSN Group" shall be construed accordingly</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"CSN Holdings"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
CSN Holdings (UK) Limited, a company incorporated in England and Wales under the Companies Act with registered number 5992349</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Deposit Agreement"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Amended and Restated Deposit Agreement among British Steel PLC, Corus Group plc, the ADS Depositary and ADS Holders, dated as of 23&nbsp;November 1988, as amended and restated as of 28&nbsp;April 1995, as further amended and restated 26&nbsp;July
1995 and 6&nbsp;October 1999</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Dutch Bond Proposals"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
any proposals made to in due course to Dutch Bondholders</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Dutch Bond Proposals Document"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
any document which sets out the terms and conditions of the Dutch Bond Proposals</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Dutch Bonds"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the NLG 345,000,000 4.625 per cent. convertible subordinated bonds due 2007 issued by Corus Nederland B. V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Dutch Listing Authority"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Autoriteit Financiele Markten</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Effective Date"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the date on which (i) the Scheme becomes effective by registration of the Court Orders by the Registrar of Companies and issue by the Registrar of Companies of a certificate under section 138 of the Companies Act in relation to the reduction of share
capital associated with the Scheme; or (ii) if CSN Acquisitions elects to implement the Acquisition by way of the Offer, such Offer becoming or being declared unconditional in all respects</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"EGM Resolution"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the special resolution to approve, amongst other things, the cancellation of the entire issued share capital of Corus (save to the extent that, prior to the date of the EGM, Corus shareholders (other than Restricted Overseas Persons, US Holders and
ADS Holders) have validly elected for the Loan Note Alternative in relation to such shares or CSN has elected to designate all of the shares which are the subject of the Scheme Transfer Shares), the alteration of Corus' articles of association and
such other matters as may be necessary to implement the Scheme and the de listing of Corus Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Euro Bonds"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the &euro;307,000,000 3.0 per cent. guaranteed convertible unsubordinated bonds due 2007 issued by Corus and guaranteed by Corus UK Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=37,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=808672,FOLIO='37',FILE='DISK123:[06LON6.06LON2536]BV2536A.;18',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<A NAME="page_bv2536_1_38"> </A>
<!-- end of table folio -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Euroclear Nederland"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Dutch depositary and settlement institute (</FONT><FONT SIZE=2><I>Nederlands Centraal Instituut voor Giraal Effectenverker B.V.</I></FONT><FONT SIZE=2>), defined as the central institute (</FONT><FONT SIZE=2><I>central instituut</I></FONT><FONT
SIZE=2>) under the Dutch Securities Giro Act</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Exchange Act"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Extraordinary General Meeting" or "EGM"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the extraordinary general meeting of Corus that, subject to the Pre-Condition being satisfied or waived, is proposed to be convened in connection with the Scheme and the Reduction of Capital, notice of which will be set out in the Scheme Document,
including any adjournment thereof</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"First Payment Date"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
30 June 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"HSBC"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
HSBC Bank plc</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Implementation Agreement"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the agreement between CSN, CSN Acquisitions and Corus dated 11&nbsp;December 2006 relating to, amongst other things, the implementation of the Scheme, further details of which are set out in paragraph&nbsp;16 of this announcement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Inducement Fee"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
1 per cent. of the value of the Acquisition calculated by reference to the price per Corus Share and the fully diluted share capital of Corus, together with an amount equal to any VAT which is recoverable by Corus (if applicable)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Information Document"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the document setting out details of the Acquisition and containing certain information relating to the CSN Group that will be sent to Corus Shareholders as soon as possible after the publication of this announcement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Japan"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Japan, its cities and prefectures, territories and possessions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"JPMorgan Cazenove"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
JPMorgan Cazenove Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Lazard"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Lazard &amp; Co., Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Listing Rules"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Listing Rules of the UK Listing Authority</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Loan Note Alternative"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the alternative available under the Scheme whereby Corus Shareholders (other than Restricted Overseas Persons, US Holders and ADS Holders) may elect, subject to certain limitations and conditions, to receive Loan Notes instead of all or part of the
cash consideration to which they would otherwise be entitled pursuant to the Scheme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Loan Note Deadline"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
3.00 p.m. on the business day immediately prior to the Scheme Hearing</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Loan Note Elected Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Scheme Shares (if any) in respect of which valid elections have been made under the Loan Note Alternative in accordance with its terms</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Loan Notes"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the loan notes to be issued by CSN Acquisitions pursuant to the Loan Note Alternative and to be guaranteed by Barclays Bank PLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"London Stock Exchange"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
London Stock Exchange plc</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"mtpa"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
million tonnes per annum</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Offer"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
should CSN Acquisitions elect to effect the Acquisition by way of a takeover offer, the offer to be made by or on behalf of CSN Acquisitions for all of the Corus Shares on the terms and subject to the conditions to be set out in the related offer
document and form of acceptance including, where the context requires, any subsequent revision, variation, extension or renewal thereof</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=38,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=930547,FOLIO='38',FILE='DISK123:[06LON6.06LON2536]BV2536A.;18',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<A NAME="page_bv2536_1_39"> </A>
<!-- end of table folio -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
"Panel" or "Takeover Panel"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP"><FONT SIZE=2><BR>
the UK Panel on Takeovers and Mergers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Pre-Condition"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the pre-condition set out in Part I of Appendix I to this announcement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Price"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the amount of 515 pence for each Corus Share</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Proposals"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the proposed acquisition of the Corus Shares by CSN Acquisitions to be effected, subject to the satisfaction or waiver of the Pre-Condition by means of the Scheme (or, should CSN Acquisitions so elect, by means of an Offer), and the Dutch Bond
Proposals</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Reduction Court Order"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the order of the Court confirming the reduction of share capital of Corus under section 137 of the Companies Act provided for by the Scheme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Reduction Hearing"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the hearing by the Court of the petition to confirm the reduction of share capital of Corus under section 137 of the Companies Act provided for by this Scheme, at which the Reduction Court Order is expected to be granted</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Reduction of Capital"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the reduction of the share capital of Corus by the cancellation of the Cancellation Shares, to be effected as part of the Scheme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Registrar of Companies"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Registrar of Companies in England and Wales</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Regulatory Information Service"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
any of the services set out in Appendix 3 to the Listing Rules from time to time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Relevant Authority"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
a central bank, government or governmental, quasi-governmental, supranational, statutory, administrative, or regulatory or similar body, authority, trade agency, court, professional association, institution, environmental body, employee
representative body or any other body or person in any jurisdiction</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Relevant Event"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
an event or change of circumstance occurring that is not the result of a breach by Corus of its obligations under the Implementation Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Restricted Overseas Persons"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
a person (including an individual, partnership, unincorporated syndicate, limited liability company, unincorporated organisation, trust, trustee, executor, administrator or other legal representative) in, or resident in, or any person whom CSN
Acquisitions believes to be in, or resident in, Australia, Canada, Japan or the Netherlands and any custodian, nominee or trustee holding Corus Shares for persons in or resident in Netherlands and who elects to receive the Loan Note Alternative in
respect of their Corus Shares and persons in any other jurisdiction (other than persons in the UK) whom CSN Acquisitions is advised to treat as restricted overseas persons in order to observe the laws of such jurisdiction or to avoid the requirement
to comply with any governmental or other consent or any registration, filing or other formality which CSN Acquisitions regards as unduly onerous</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Scheme" or "Scheme of Arrangement"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
of the scheme of arrangement proposed to be made subject to the satisfaction or waiver of the Pre-Condition under section 425 of the Act between Corus and Corus Shareholders, incorporating the Reduction of Capital, to be set out in full in the Scheme
Document, with or subject to any modification, addition or condition approved or imposed by the Court</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=39,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=233122,FOLIO='39',FILE='DISK123:[06LON6.06LON2536]BV2536A.;18',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<A NAME="page_bv2536_1_40"> </A>
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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Scheme Conditions"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the conditions of the Scheme as set out in Part&nbsp;II of Appendix&nbsp;I to this announcement and to be set out in full in the Scheme Document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Scheme Court Order"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the order of the Court sanctioning the Scheme pursuant to section&nbsp;425 of the Companies Act</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Scheme Document"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the circular in respect of the Scheme to be despatched to Corus Shareholders and others, setting out amongst other things, the full terms and conditions to implementation of the Scheme as well as the Scheme itself and the notice of meeting of each of
the Court Meeting and the EGM</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Scheme Hearing"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the hearing by the Court of the petition to sanction Scheme, at which the Scheme Court Order is expected to be granted</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Scheme Record Date"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
6.00 p.m. (London time) on the day immediately before the date of the Reduction Hearing</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Scheme Shareholders"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
holders of Scheme Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Scheme Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
all Corus Shares which are:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
(a)&nbsp;&nbsp;&nbsp;in issue at the date of the Scheme Document;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
(b)&nbsp;&nbsp;&nbsp;(if any) issued after the date of the Scheme Document and before the Voting Record Time; or</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
(c)&nbsp;&nbsp;&nbsp;(if any) issued on or after the Voting Record Time and prior to 6.00&nbsp;p.m. on the Scheme Record Date, on terms that the holder thereof shall be bound by the Scheme, or in respect of which the original or any subsequent holder
thereof agrees in writing to be bound by the Scheme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
but excluding any Corus Shares held by CSN Acquisitions, CSN Holdings or any other member of the CSN Group</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Securities Act"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the United States Securities Act of 1933, as amended and the rules and regulations promulgated thereunder</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
"Takeover Code" or "Code"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP"><FONT SIZE=2><BR>
the Code on Takeovers and Mergers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Tata Steel UK Limited, a company incorporated in England and Wales with registered number 05887351</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata Court Meeting"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the meaning given to the term "Court Meeting" in the Tata Scheme Document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata EGM"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the meaning given to the term "EGM" in the Tata Scheme Document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata EGM Resolution"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the special resolution to approve certain matters relating to the Tata Scheme as set out in the Tata Scheme Document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata Proposals"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the proposal made by Tata to acquire the entire issued and to be issued share capital of Corus, further details of which were set out in the circular sent to Corus Shareholders dated 10 November 2006 as revised in its announcement on 10 December
2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata Reduction Hearing"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the meaning given to "Reduction Hearing" in the Tata Scheme Document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata Scheme"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the scheme of arrangement under section 425 of the Act between Corus and holders of Scheme Shares (as defined in the Tata Scheme Document) to effect the proposed acquisition by Tata of Corus as set out in Part Four of the Tata Scheme Document (and/or
any subsequent circular to Corus Shareholders), with or subject to any modification, addition or condition which is either agreed by Corus and Tata and approved by the Court or is imposed by the Court</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=40,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=475248,FOLIO='40',FILE='DISK123:[06LON6.06LON2536]BV2536A.;18',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<A NAME="page_bv2536_1_41"> </A>
<!-- end of table folio -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata Scheme Document"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the circular in respect of the Tata Scheme dated 10 November 2006 and despatched to Corus Shareholders</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata Scheme Hearing"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
has the meaning given to the term Scheme Hearing in the Tata Scheme Document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Tata Steel Limited"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
Tata Steel Limited a company registered in India with registered number&nbsp;11-260</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Transfer Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
if CSN Acquisitions exercises its right under the Implementation Agreement, those Corus Shares which are designated as "Transfer Shares" for the purposes of the Scheme and which will not be cancelled but will be transferred to CSN Acquisitions
pursuant to the Scheme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Treasury Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
shares held as treasury shares as defined in Section 162A(3) of the Companies Act</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"UBS"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
UBS Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"UK Listing Authority"<BR>
or "UKLA"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the Financial Services Authority in its capacity as the competent authority for listing in the United Kingdom under Part VI of the Financial Services and Markets Act 2000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"uncertificated" or "in uncertificated form"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
a share or other security which is recorded on the register of shareholders of Corus as being held in uncertificated form (that is, in CREST) and title to which, by virtue of the CREST Regulations, may be transferred by means of CREST</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"United Kingdom" or "UK"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the United Kingdom of Great Britain and Northern Ireland</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"United States" or "US"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
United States of America, its territories and possessions, any state of the United States and the District of Columbia</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"US Holder"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
holders of Corus Shares in the United States or with a registered address in the United States, and any custodian, nominee or trustee holding Corus Shares for persons in the United States or with a registered address in the United States</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"VAT"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
value added tax in the UK including any similar tax which may be imposed in place thereof in the UK from time to time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"Voting Record Time"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
the time and date specified in the Scheme Document by reference to which entitlement to vote on the Scheme will be determined, expected to be 6.00&nbsp;p.m. (London time) on the day which is two days before the date of the Court Meeting or, if the
Court Meeting is adjourned, 6.00&nbsp;p.m. on the day which is two days before the date of such adjourned Court Meeting</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
"&pound;", "GBP, "sterling" and "pence"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%" VALIGN="TOP"><FONT SIZE=2><BR>
the lawful currency of the UK</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><BR>
"$", "US$", "USD"<BR>
and "US&nbsp;dollars"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
United States dollars, the lawful currency of the United States</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=41,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=341221,FOLIO='41',FILE='DISK123:[06LON6.06LON2536]BV2536A.;18',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_bx2536_1_42"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bx2536_part_three_financial_information_on_the_csn_group"> </A>
<A NAME="toc_bx2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART THREE<BR>  <BR>    FINANCIAL INFORMATION ON THE CSN GROUP    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>CSN's audited consolidated financial statements for the two years ended 31 December&nbsp;2005  </B></FONT></P>

<P><FONT SIZE=2>The financial information set out below has been extracted from CSN's audited consolidated financial statements for the two financial years ended 31&nbsp;December&nbsp;2005
without material adjustment. This information does not constitute statutory accounts within the meaning of section 240 of the Act. </FONT></P>

<P><FONT SIZE=2><B>Consolidated Statement of Income  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1><B>2005<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1><B>2004<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1><B>US$m<BR> </B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1><B>US$m<BR> </B></FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>Net Operating Revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,805</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,084</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>Income before income taxes and minority interests</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,282</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>999</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>Net Income</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>902</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>759</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Consolidated Balance Sheet  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1><B>2005<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1><B>2004<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1><B>US$m<BR> </B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1><B>US$m<BR> </B></FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>Current Assets</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,330</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,907</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,547</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,143</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>Investments and other assets</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,280</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,107</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2><B>Total Assets</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><B>7,157</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><B>6,157</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2><BR>
Current Liabilities</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,398</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,216</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>Long-Term Liabilities</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4,750</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3,615</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2><B>Total Liabilities</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><B>6,148</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><B>4,831</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><BR><FONT SIZE=2><B>Shareholders' Equity</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2><B>1,009</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><B><BR>
1,326</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cb2536_1_43"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cb2536_part_four_summary_of_the_terms_of_the_loan_notes"> </A>
<A NAME="toc_cb2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART FOUR<BR>  <BR>    SUMMARY OF THE TERMS OF THE LOAN NOTES    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;The
Loan Notes will be created in accordance with a resolution of the Board of CSN Acquisitions and will be constituted by the Loan Note Instrument. The issue of the Loan Notes will be
conditional upon the Scheme becoming effective in accordance with its terms. Unless CSN Acquisitions determines otherwise, no Loan Notes will be issued by CSN Acquisitions unless, on or before the
date on which the Scheme becomes effective in accordance with its terms, the aggregate nominal value of all Loan Notes to be issued as a result of valid elections by Scheme Shareholders for the Loan
Note Alternative is &pound;20&nbsp;million or more. If such aggregate nominal value is less than &pound;20&nbsp;million, any such election shall, unless CSN Acquisitions decides
otherwise, be void and the relevant Scheme Shareholders will receive the consideration to which they would otherwise be entitled under the Scheme. The maximum nominal value of Loan Notes available
under the Loan Note Alternative in connection with the Acquisition is &pound;400&nbsp;million. The Loan Note Instrument will contain provisions, among others, to the effect set out below. </FONT></P>

<P><FONT SIZE=2><B>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form and status  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.1</FONT></DT><DD><FONT SIZE=2>The
Loan Notes will be issued by CSN Acquisitions, credited as fully paid, in amounts and integral multiples of &pound;1, with the benefit of a guarantee as to payment of
principal and interest from Barclays Bank PLC (the "</FONT><FONT SIZE=2><B>Guarantor</B></FONT><FONT SIZE=2>") in favour of the holders of the Loan Notes (the
"</FONT><FONT SIZE=2><B>Noteholders</B></FONT><FONT SIZE=2>"). The balance of any entitlement that is not a whole multiple of &pound;1 will be disregarded and not issued. The Loan Notes will
constitute direct, unsecured and unsubordinated obligations of CSN Acquisitions. The Loan Note Instrument will not contain any restrictions on borrowings, disposals or charging of assets by CSN
Acquisitions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.2</FONT></DT><DD><FONT SIZE=2>The
Loan Note Alternative is not available to US Holders, ADS Holders or Restricted Overseas Persons, who may not participate in the Loan Note Alternative. </FONT></DD></DL>

<P><FONT SIZE=2><B>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.1</FONT></DT><DD><FONT SIZE=2>The
Loan Notes will bear interest (calculated on the basis of a 365&nbsp;day year) at the rate of 1 per cent. below six-month sterling LIBOR to be determined on the
first Business Day of each interest period.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.2</FONT></DT><DD><FONT SIZE=2>Interest
will accrue from day to day and will be payable on the principal amount (subject to the deduction of any withholding tax required by English law) at the rate specified above
in twice yearly instalments in arrear on 30&nbsp;June and 31 December in each year or, if such date is not a business day, on the next following business day ("</FONT><FONT SIZE=2><B>Interest
Payment Dates</B></FONT><FONT SIZE=2>").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.3</FONT></DT><DD><FONT SIZE=2>The
first payment of interest will be made on the First Payment Date. On the First Payment Date, interest will be paid in respect of the period from (and including) the date of issue
of the relevant Loan Notes to (but excluding) the First Payment Date. </FONT></DD></DL>

<P><FONT SIZE=2><B>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption, purchase, repayment and cancellation  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1</FONT></DT><DD><FONT SIZE=2>CSN
Acquisitions may, by giving the remaining Noteholders not less than thirty days' prior notice in writing, redeem at par with accrued interest all (but not some only) of the Loan
Notes if the aggregate value of the outstanding Loan Notes falls below &pound;2&nbsp;million at any time during their term so long as all of the Loan Notes so redeemed have been in issue for
more than six months.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.2</FONT></DT><DD><FONT SIZE=2>CSN&nbsp;Acquisitions
or any subsidiary may from time to time by agreement with the relevant Noteholder purchase any Loan Notes or additional notes then in issue for more than six
months at any price by tender available to all holders alike or by private treaty in each case at any price.&nbsp;Any Loan Notes or additional notes so purchased or redeemed shall be cancelled and
not be available for re-issue.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.3</FONT></DT><DD><FONT SIZE=2>A
Noteholder may, by giving not less than fourteen days notice to CSN Acquisitions, require CSN Acquisitions to repay at par the whole or part of any of its holding of Loan Notes on
either 30 June or 31 December in any year once the relevant holding of Loan Notes has been in issue for more than six months (or if such day is not a Business Day, on the next following Business Day).
Where a Noteholder requires repayment of any part (but not all) of his holding of Loan Notes, such Loan Notes may only be redeemed in multiples of &pound;500. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_cb2536_1_44"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.4</FONT></DT><DD><FONT SIZE=2>Save
to the extent previously redeemed or purchased, the final redemption date will be 31&nbsp;December 2013 (the "</FONT><FONT SIZE=2><B>Maturity Date</B></FONT><FONT SIZE=2>").
Any Loan Notes outstanding on the Maturity Date will be redeemed at par together with accrued interest (subject to any requirement of law to deduct or withhold tax therefrom) up to (but excluding)
such date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.5</FONT></DT><DD><FONT SIZE=2>Any
Loan Note redeemed, repaid or purchased in accordance with the provisions of the Loan Note Instrument will be cancelled and will not be available for re-issue. </FONT></DD></DL>

<P><FONT SIZE=2><B>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum amount and scaling back  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.1</FONT></DT><DD><FONT SIZE=2>Up
to a maximum amount of &pound;400&nbsp;million of Loan Notes in aggregate nominal value will be available under the Loan Note Alternative. To the extent that Scheme
Shareholders validly elect to receive Loan Notes pursuant to the Loan Note Alternative which in aggregate nominal value exceeds such amount, the entitlement of each Scheme Shareholder who so validly
elects will be scaled down pro rata to the number of Scheme Shares in respect of which he has elected for the Loan Note Alternative. </FONT></DD></DL>

<P><FONT SIZE=2><B>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment on default; acceleration  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1</FONT></DT><DD><FONT SIZE=2>A
Noteholder may require by written notice to CSN Acquisitions that all of the principal amount of any Loan Notes held by him or any part thereof (and so far as not previously
redeemed) be redeemed at par together with accrued interest (subject to any requirement of law to deduct or withhold tax therefrom) upon the occurrence of each of the following events:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.1</FONT></DT><DD><FONT SIZE=2>any
principal amount of or any interest on any Loan Note held by that Noteholder failing to be paid in full within 10&nbsp;days after the due date for payment thereof; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.2</FONT></DT><DD><FONT SIZE=2>an
order being made or an effective resolution being passed for the winding up or dissolution of CSN Acquisitions (other than for the purposes of a solvent reconstruction or an
amalgamation previously approved by Extraordinary Resolution); or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.3</FONT></DT><DD><FONT SIZE=2>the
beneficiary of an encumbrance taking possession or a trustee, receiver, administrator or similar officer being appointed or an administration order being made in respect of CSN
Acquisitions or in respect of any part of the undertaking of CSN Acquisitions and not being discharged within 10&nbsp;days; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.4</FONT></DT><DD><FONT SIZE=2>the
making of an arrangement or composition by CSN Acquisitions with its creditors generally or the making of an application to a court of competent jurisdiction for the protection
of its creditors generally; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.5</FONT></DT><DD><FONT SIZE=2>any
proceedings being commenced in relation to CSN Acquisitions under any law, regulation or procedure relating to bankruptcy, insolvency or readjustment of debts which would have a
material adverse effect on CSN Acquisitions' ability to perform its obligations under the Loan Note Instrument as and when they fall due. </FONT></DD></DL>
</DD></DL>

<P><FONT SIZE=2><B>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substitution of principal debtor  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.1</FONT></DT><DD><FONT SIZE=2>The
Loan Notes will contain provisions entitling CSN Acquisitions, subject to the consent of the Guarantor but without the consent of the Noteholders, to substitute in place of CSN
Acquisitions as the principal debtor under the Loan Note Instrument any other member or members of CSN Acquisitions' group.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.2</FONT></DT><DD><FONT SIZE=2>CSN
Acquisitions shall not be entitled to exercise its power of substitution in respect of any holding of Loan Notes if to do so would result in the holders of such Loan Notes
receiving payments of
interest under withholding or deduction in respect of tax (or an increase in the rate of any such withholding or deduction), or if such substitution would itself constitute a disposal of the Loan
Notes (or any of them) by the Noteholders for the purpose of United Kingdom taxation on chargeable gains. </FONT></DD></DL>

<P><FONT SIZE=2><B>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured obligation  </B></FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>The
Loan Notes will be an unsecured obligation of CSN Acquisitions ranking </FONT><FONT SIZE=2><I>pari passu </I></FONT><FONT SIZE=2>with its other unsecured obligations apart from those which are
preferred by any insolvency or other similar law or any law relating to creditors' rights generally. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_cb2536_1_45"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2><B>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No listing  </B></FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>No
application has been or will be made to any stock exchange for the Loan Notes to be listed on or dealt on, any stock exchange or other trading facility. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrender of Loan Notes on repayment and prescription  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.1</FONT></DT><DD><FONT SIZE=2>Save
for a redemption made in accordance with paragraph&nbsp;3 above, each Noteholder any of whose Loan Notes are due to be redeemed, purchased or repaid must, not later than
14&nbsp;days prior to the date for redemption or purchase, deliver the relevant Loan Note certificate(s) to CSN Acquisitions at the address at which the register of Noteholders is kept, in order
that such certificate(s) may be cancelled.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2</FONT></DT><DD><FONT SIZE=2>If
only part of the principal amount of any Loan Note so delivered is repaid, CSN Acquisitions will cancel the relevant Loan Note certificate(s) and without charge issue to the
Noteholder a new Loan Note certificate for the balance of the principal amount due to him.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.3</FONT></DT><DD><FONT SIZE=2>If
any Noteholder fails or refuses to deliver up any Loan Note certificate(s) relating to Loan Notes which are liable to be redeemed, purchased or repaid in whole or in part at the
time and place fixed for repayment, or fails or refuses to accept or give a receipt for payment of the monies due on repayment, those monies shall be set aside by CSN Acquisitions and paid into a
separate interest bearing account with a bank and held by CSN Acquisitions for that Noteholder subject to certain restrictions. </FONT></DD></DL>

<P><FONT SIZE=2><B>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer, death and bankruptcy  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>10.1</FONT></DT><DD><FONT SIZE=2>The
Loan Notes are only transferable by any Noteholder to a spouse/civil partner, parent, child, stepchild, adopted child, illegitimate child or to the trustees of a family trust of
such person or the Noteholder. In addition, the trustee of the Corus Group Employee Share Ownership Plan may make transfers of Loan Notes to members of such plan of any amount which represents a
member's entire beneficial interest in the Loan Notes.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>10.2</FONT></DT><DD><FONT SIZE=2>If
a Noteholder dies, his personal representatives (where he was a sole holder or the only survivor of joint holders) or his survivors (where he was a joint holder) shall be the only
persons recognised by CSN Acquisitions as having any title to his Loan Notes. Any person becoming entitled to Loan Notes as a consequence of the death or bankruptcy of a Noteholder may, upon
production of such evidence as is properly required by the directors of CSN Acquisitions, elect to be registered as the holder of such Loan Notes or to have some person nominated by him so registered. </FONT></DD></DL>

<P><FONT SIZE=2><B>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modification of rights</B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.1</FONT></DT><DD><FONT SIZE=2>The
provisions of the Loan Note Instrument and the rights of the Noteholders are subject to modification, abrogation or compromise only with the sanction of an Extraordinary
Resolution (as defined below), provided always that no Extraordinary Resolution which would reduce the amount of principal payable by CSN Acquisitions upon redemption of Loan Notes nor which would
accelerate the Maturity Date shall be effective.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.2</FONT></DT><DD><FONT SIZE=2>CSN
Acquisitions may amend the provisions of the Loan Note Instrument without such sanction or consent if, in the opinion of the financial adviser to CSN Acquisitions, such amendment
would not be prejudicial to the interests of the Noteholders or is of a formal, minor or technical nature or corrects a manifest error, unless such amendment would, under the laws in force at the time
it was intended to effect the same, constitute a disposal of the Loan Notes (or any of them) by the Noteholders for the purposes of United Kingdom taxation on chargeable gains. Any opinion of the
financial adviser to CSN
Acquisitions in this regard shall be arrived at in its absolute discretion and no liability shall attach to it in respect thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.3</FONT></DT><DD><FONT SIZE=2>An
"Extraordinary Resolution" means a resolution passed at a meeting of the Noteholders duly convened and carried by a majority consisting of not less than three-fourths of the
persons voting thereat upon a show of hands or if a poll is demanded on the resolution then by a majority consisting of not less than three-fourths of the votes given on such poll. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2><B>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue of further Loan Notes</B></FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>The
principal amount of the original issue of the Loan Notes is limited to &pound;400&nbsp;million. CSN Acquisitions may from time to time by resolution of its board of directors (or a duly
authorised committee thereof) create and issue further Loan Notes (in good faith on arm's length terms and not merely to reduce the voting rights of the existing Noteholders) to form&nbsp;a single
issue with the original Loan Notes. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee</B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.1</FONT></DT><DD><FONT SIZE=2>The
Guarantor will irrevocably and unconditionally guarantee (the "</FONT><FONT SIZE=2><B>Guarantee</B></FONT><FONT SIZE=2>") as principal obligor for the time being and within five
business days of a written demand by that Noteholder, the payment of all amounts of principal and interest in respect of the Loan Notes (the "</FONT><FONT SIZE=2><B>Guaranteed
Sum</B></FONT><FONT SIZE=2>").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.2</FONT></DT><DD><FONT SIZE=2>The
Guarantee may be enforced by any Noteholder without the Noteholder being obliged first to make demand or to take steps to recover from CSN Acquisitions any sums due and payable
to him. In the Guarantee a "business day" is a day on which banks are open for business (other than a Saturday or Sunday) in the City of London.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.3</FONT></DT><DD><FONT SIZE=2>Any
amounts due to any Noteholder will be paid by the Guarantor without reference to any rights to set-off or counterclaim between the Noteholder and CSN Acquisitions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.4</FONT></DT><DD><FONT SIZE=2>The
obligations of the Guarantor under the Guarantee shall not be discharged, impaired or affected by any concession or arrangement granted or made to or with CSN&nbsp;Acquisitions
or by any reconstruction, amalgamation, dissolution, change of name or liquidation of CSN Acquisitions or the appointment of an administrative receiver of all or any part of the assets or undertaking
of CSN Acquisitions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.5</FONT></DT><DD><FONT SIZE=2>The
liability of the Guarantor is not to be increased or extended in any way by any compromise or arrangement but if the effect or any such compromise or arrangement is to extend the
time of payment by CSN Acquisitions of any principal secured by the Loan Notes and which the Guarantor is for the time being or may become liable to pay in respect thereof, and the Guarantor shall
have the benefit of that extension of time.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.6</FONT></DT><DD><FONT SIZE=2>The
Guarantor will not be bound by any variation of the rights of the Noteholders unless that variation shall have been made with the prior written consent of the Guarantor or
pursuant to the terms of the Loan Notes.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.7</FONT></DT><DD><FONT SIZE=2>No
compounding indulgence or relief granted by the Noteholders (or any of them) to the Guarantor or any other circumstance, matter or thing which, but for this provision, might
exonerate the Guarantor shall release or reduce the liability of the Guarantor under the Guarantee.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.8</FONT></DT><DD><FONT SIZE=2>Unless
otherwise agreed by the Guarantor, the liability of the Guarantor under the Guarantee shall terminate on the date on which all moneys expressed to be payable by CSN
Acquisitions under the terms of the Loan Notes shall have been paid, except that the Guarantor shall remain liable in respect of any claims or demands validly made prior to that date to the extent not
satisfied or withdrawn by that date. </FONT></DD></DL>

<P><FONT SIZE=2><B>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing law  </B></FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>The
Loan Notes will be governed by and construed in accordance with English law and the courts of England will have exclusive jurisdiction in relation to any claim or dispute arising out of or
relating to the Loan Note Instrument or the Loan Notes (including in relation to the obligations of the Guarantor). </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative foreign currency  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>15.1</FONT></DT><DD><FONT SIZE=2>Each
Noteholder may, in relation to any redemption date falling on or after the first anniversary of the date of issue of each of the relevant Loan Notes, by giving written notice to
that effect to CSN Acquisitions in or together with the relevant Redemption Notice, elect to require CSN&nbsp;Acquisitions to pay, on a redemption of the whole (whatever the amount) or any part
(being &pound;500 in nominal amount or any integral multiple thereof) of the principal amount of his Loan Notes to be redeemed in lieu of and in satisfaction of the principal amount of the Loan
Notes to be repaid, together with </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
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<UL>

<P><FONT SIZE=2>interest
accrued up to but excluding the date of repayment, an amount of US dollars equal to the amount in US dollars that the sterling amount equal to the principal amount of the Loan Notes together
with interest to be repaid, could have purchased on the date 30 business days before the date of repayment (at the spot rate for the purchase of US dollars with sterling certified by CSN Acquisitions
as prevailing at 11.00&nbsp;a.m. (London time), on that day, rounded if necessary to the nearest cent (half a cent being rounded upwards) provided that the principal amount repaid shall be no less
or more than (and if it would otherwise be, shall be equal to) 99.75 per cent. or 100.25 per cent. of the amount in US dollars that the sterling amount of the principal to be repaid could have
purchased on the date of the repayment (at the rate certified by CSN Acquisitions in accordance with the terms set out above). The certificate of CSN Acquisitions shall, in the absence of manifest
error, be final and binding. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>15.2</FONT></DT><DD><FONT SIZE=2>CSN
Acquisitions may, on 31 December&nbsp;2013, or on the date of any redemption pursuant to the condition set out in paragraph&nbsp;3.1 above, falling on or after the first
anniversary of the date of issue of each of the relevant Loan Notes, by prior notice in writing to the Noteholder of not less than 21 business days, elect to pay to the Noteholder (subject to exercise
by such Noteholder of his rights under the paragraph above) in lieu of and in satisfaction of the principal amount of the Loan Notes to be repaid, together with interest accrued up to but excluding
the date of repayment, an amount of US dollars equal to the amount in US dollars that the sterling amount equal to the principal amount of the Loan Notes together with interest to be repaid, could
have purchased on the date 30 business days before the date of repayment (at the spot rate for the purchase of US dollars with sterling certified by CSN Acquisitions as prevailing at 11.00&nbsp;a.m.
(London time), on that day, rounded if necessary to the nearest cent (half a cent being rounded upwards) provided that the principal amount repaid shall be no less or more than (and if it would
otherwise be, shall be equal to) 99.75 per cent. or 100.25 per cent. of the amount in US dollars that the sterling amount of the principal to be repaid could have purchased on the date of the
repayment (at the rate certified by CSN Acquisitions in accordance with the terms set out above). The certificate of CSN Acquisitions shall, in the absence of manifest error, be final and binding. </FONT></DD></DL>

<P><FONT SIZE=2><B>16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offer restriction  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>16.1</FONT></DT><DD><FONT SIZE=2>The
Loan Notes will not be issued to Corus Shareholders who are Restricted Overseas Persons, US Holders or ADS Holders.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>16.2</FONT></DT><DD><FONT SIZE=2>The
Loan Notes have not been, and will not be, registered under the US Securities Act or under the applicable securities laws of any state, district or other jurisdiction of the
United States.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>16.3</FONT></DT><DD><FONT SIZE=2>The
relevant clearances have not been, and will not be sought to enable the Loan Notes to be offered in compliance with the applicable securities laws of Australia, Canada or Japan
(or any province or territory thereof, if applicable) or any other jurisdiction if to do so would constitute a violation of the relevant laws in such jurisdiction.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>16.4</FONT></DT><DD><FONT SIZE=2>The
Loan Notes may not be offered, sold, resold or delivered, directly or indirectly, in, into or from the United States, Australia, Canada or Japan (or to any residents thereof) or
any other jurisdiction (or to residents in that jurisdiction) if to do so would constitute a violation of the relevant laws of such jurisdiction.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>16.5</FONT></DT><DD><FONT SIZE=2>Neither
the US Securities and Exchange Commission nor any US state securities commission has approved or disapproved of the Loan Notes, or determined if this Instrument is accurate
or complete. </FONT></DD></DL>

<P><FONT SIZE=2><B>17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further terms of the Loan Note Alternative  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>17.1</FONT></DT><DD><FONT SIZE=2>Each
Scheme Shareholder by whom, or on whose behalf, a Loan Note Form of Election or TTE Instruction electing for the Loan Note Alternative is, in due course, executed and lodged or
delivered (as the case may be), irrevocably undertakes, represents, warrants and agrees to and with CSN Acquisitions and the registrar of the Loan Notes (so as to bind him or her, his or her heirs,
successors and assigns) to the effect that the execution of the Loan Note Form of Election (or delivery of the TIE instruction, as the case may be) shall, conditionally on (and with effect from) the
Scheme becoming effective, the cancellation of the Cancellation Shares and the registration of CSN Acquisitions as holder of New Corus Shares paid up out of the reserve arising on the cancellation of </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_cb2536_1_48"> </A>
<UL>

<P><FONT SIZE=2>the
Cancellation Shares and pending registration of the transfer of Loan Note Elected Shares to which such form relates, constitutes: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>17.1.1</FONT></DT><DD><FONT SIZE=2>an
irrevocable authority pursuant to which CSN Acquisitions shall be entitled to direct the exercise of any votes and any or all other rights and privileges (including the right to
requisition the
convening of a general meeting of Corus or any class of its shareholders) attaching to such Loan Note Elected Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>17.1.2</FONT></DT><DD><FONT SIZE=2>an
irrevocable authority to Corus from such Scheme Shareholder to send any notice, warrant, document or other communication issued after the Effective Date which may be required to
be sent to him as a member of Corus (including any share certificate(s) or other document(s) of title issued as a result of conversion of such Loan Note Elected Shares into certificated form) to CSN
Acquisitions;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>17.1.3</FONT></DT><DD><FONT SIZE=2>an
irrevocable authority to CSN Acquisitions or any director of CSN Acquisitions to sign any consent to short notice on his behalf in respect of, and/or to attend and/or to execute
a form of proxy in respect of such Loan Note Elected Shares (and/or, where appropriate, any appointment pursuant to section&nbsp;375 of the Act) appointing any person nominated by CSN Acquisitions
to attend general meetings and separate class meetings of Corus or its members (or any of them) (and any adjournment thereof) and further to exercise or refrain from exercising the votes attached to
such Loan Note Elected Shares (or any shares deriving therefrom) on his behalf; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>17.1.4</FONT></DT><DD><FONT SIZE=2>the
agreement of such Scheme Shareholder not to exercise any of such rights without the consent of CSN Acquisitions and the irrevocable undertaking of such Scheme Shareholder not
to appoint a proxy or corporate representative to attend, and not himself to attend, any such general meeting or class meeting.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>17.2</FONT></DT><DD><FONT SIZE=2>In
addition any Scheme Shareholder who elects to receive Loan Notes, whether by returning a Loan Note Form of Election or sending a TTE Instruction thereby represents and warrants
that they are not a US Holder, ADS Holder, a person (including an individual, partnership, unincorporated syndicate or organisation, incorporated association, trust, trustee, executor, administrator
or other legal representative) in or resident in the United States, Canada, Australia, Japan or the Netherlands nor are they a Restricted Overseas Person and that they will not be acquiring, and will
not be holding, the Loan Notes for the account or benefit of a Restricted Overseas Person or with a view to the offer, sale, re-sale, delivery or transfer, directly or indirectly, of such
Loan Notes in or into the United States, Canada, Australia, Japan, or the Netherlands or to or for the account or benefit of any Restricted Overseas Person or any other person whom they have reason to
believe is purchasing for the purpose of such offer, sale, re-sale, delivery or transfer.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>17.3</FONT></DT><DD><FONT SIZE=2>If
any US Holder, ADS Holder or Restricted Overseas Person purports to make an election, in full or in part, pursuant to the Loan Note Alternative of the Scheme, then such US Holder,
ADS Holder, or Restricted Overseas Person will be deemed to have elected to receive only cash consideration and will be entitled to receive only cash consideration pursuant to the Scheme. </FONT></DD></DL>

<P><FONT SIZE=2><B>18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation  </B></FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Lazard&nbsp;&amp;&nbsp;Co.,
Limited and Goldman Sachs International have estimated that, based on market conditions as at the close of business on 13&nbsp;December&nbsp;2006 (being the last
practicable date prior to publication of this document), the value of the Loan Notes (if the Loan Notes had been in issue on that day) would have been approximately 99&nbsp;pence for &pound;1
nominal value. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=48,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=624405,FOLIO='48',FILE='DISK123:[06LON6.06LON2536]CB2536A.;16',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ce2536_1_49"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce2536_part_five_additional_information"> </A>
<A NAME="toc_ce2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART FIVE<BR>  <BR>    ADDITIONAL INFORMATION    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responsibility  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;The CSN Directors and the CSN Acquisitions Directors, whose names are set out in paragraphs 2.1 and 2.2 below, accept responsibility for the information contained
in this document, save as set out in this paragraph. The only responsibility accepted by the CSN Directors and the CSN Acquisitions Directors in respect of the information in this document relating to
Corus and the Corus Group, which has been compiled from published sources and not verified, is to have ensured that such information has been correctly and fairly reproduced or presented. To the best
of the knowledge and belief of the CSN Directors and the CSN Acquisitions Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document for
which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. </FONT></P>

<P><FONT SIZE=2><B>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.1</FONT></DT><DD><FONT SIZE=2>The
CSN Acquisitions Directors and their respective positions are: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Benjamin Steinbruch</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Otavio de Garcia Lazcano</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Eneas Garcia Diniz</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>

<P><FONT SIZE=2>The
registered office of CSN Acquisitions is 10 Norwich Street, London, EC4A 1BD. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.2</FONT></DT><DD><FONT SIZE=2>The
CSN Directors and their respective positions are: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Benjamin Steinbruch</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Chairman and Chief Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Otavio de Garcia Lazcano</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Chief Financial Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Jacks Rabinovich</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Vice Chairman</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Mauro Molchansky</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Darc Antonio da Luz Costa</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Antonio Francisco dos Santos</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Fernando Perrone</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Yoshiaki Nakano</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Dion&iacute;sio Dias Carneiro Netto</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Pedro Felipe Borges Neto</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Isaac Popoutchi</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>En&eacute;as Garcia Diniz</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Juliano de Oliveira</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Juarez Saliba de Avelar</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>Marcos Marinho Lutz</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Executive Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>

<P><FONT SIZE=2>The
registered office of CSN is Rua Sao Jos&eacute;, 20, Grupo 1602, Centro, 20010-020 Rio de Janeiro, Brazil. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests in Corus Shares  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1</FONT></DT><DD><FONT SIZE=2>For
the purposes of paragraphs 3, 4 and 5 of this Part Five:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.1</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>acting in concert</B></FONT><FONT SIZE=2>" has the meaning given to it in the Code;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.2</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>arrangement</B></FONT><FONT SIZE=2>" includes indemnity or option arrangements, and any agreement or understanding, formal or informal, of whatever nature,
relating to securities which may be an inducement to deal or refrain from dealing;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.3</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>associate</B></FONT><FONT SIZE=2>" of any company means, unless otherwise stated:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.3.1</FONT></DT><DD><FONT SIZE=2>its
parent, subsidiaries and fellow subsidiaries, and their associated companies, and companies of which such companies are associated companies (for this purpose ownership or
control of 20 per cent. or more of the equity share capital of a company is regarded as the test of associated company status); </FONT></DD></DL>
</DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce2536_1_50"> </A>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.3.2</FONT></DT><DD><FONT SIZE=2>connected
advisers and persons controlling, controlled by or under the same control as such connected advisers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.3.3</FONT></DT><DD><FONT SIZE=2>the
directors (together with their close relatives and related trusts) of the company or any company covered in paragraph&nbsp;3.1.3.1; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.3.4</FONT></DT><DD><FONT SIZE=2>the
pension fund of the company or any company covered in paragraph&nbsp;3.1.3.1;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.4</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>connected adviser</B></FONT><FONT SIZE=2>" has the meaning given to it in the Code;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.5</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>control</B></FONT><FONT SIZE=2>" means an interest, or interests, in shares carrying 30 per cent. or more of the voting rights attributable to the share
capital of a company which are currently exercisable at a general meeting, irrespective of whether the holding or holdings give(s) </FONT><FONT SIZE=2><I>de facto</I></FONT><FONT SIZE=2> control;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.6</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>dealing</B></FONT><FONT SIZE=2>" has the meaning given to it in the Code;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.7</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>derivative</B></FONT><FONT SIZE=2>" has the meaning given to it in the Code;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.8</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>disclosure date</B></FONT><FONT SIZE=2>" means 11 December&nbsp;2006, being the latest practicable
date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior to the posting of this
document;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.9</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>disclosure period</B></FONT><FONT SIZE=2>" means the period beginning on 5 October&nbsp;2005 and ending on 11&nbsp;December 2006 (being the latest
practicable date prior to the publication of this document);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.10</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>interest</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>interests</B></FONT><FONT SIZE=2>" in relevant securities shall have the meaning given to it
in the Code and references to interests of CSN Acquisitions Directors and interests of CSN Directors in relevant securities shall include all interests of any other person whose interests in shares
the CSN Acquisitions Directors or, as the case may be, the CSN Directors, would be required to disclose pursuant to Parts VI and X of the Act;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.11</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>offer period</B></FONT><FONT SIZE=2>" means the period commencing on 5 October&nbsp;2006 and ending on 11&nbsp;December 2006 (being the latest
practicable date prior to the publication of this document); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1.12</FONT></DT><DD><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>relevant Corus securities</B></FONT><FONT SIZE=2>" mean relevant securities (such term having the meaning given to it in the Code in relation to an offer)
of Corus, including equity share capital in Corus (or derivatives referenced thereto) and securities convertible into, rights to subscribe for and options in respect thereof.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.2</FONT></DT><DD><FONT SIZE=2>As
at 11 December&nbsp;2006, (being the latest practicable date prior to the publication of this document) CSN and the following persons acting in concert with CSN and CSN
Acquisitions were interested in, or had rights to subscribe in respect of, the following relevant Corus securities: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="75%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="80%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Corus Shares/ADS</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="80%"><FONT SIZE=2>CSN Holdings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>34,072,613</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="80%"><FONT SIZE=2>Goldman Sachs&nbsp;&amp; Co.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>5,500 (ADS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="80%"><FONT SIZE=2>Goldman Sachs&nbsp;&amp; Co. (Discretionary Manager)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>104 (ADS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Note: The above does not include transactions entered into by Goldman Sachs International, which is an Exempt Principal Trader, GSAMLP and GSAMI, which are Exempt Fund Managers.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce2536_1_51"> </A>

<P><FONT SIZE=2><B>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealings in Corus Shares  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.1</FONT></DT><DD><FONT SIZE=2>The
following dealings for value in relevant Corus securities by persons acting in concert with CSN Acquisitions have taken place during the disclosure period: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="86%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Transaction type</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Relevant Corus Securities</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Price (high)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Price (low)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Currency</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>CSN Holdings</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1500000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>14/11/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>472.089</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>CSN Holdings</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7000000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>15/11/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>471.402</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>CSN Holdings</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>12404886</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>16/11/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>472.4087</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>CSN Holdings</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>13167727</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>17/11/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>473.1397</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>14731</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.51</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>428451</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>6/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>20736</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>11567</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/12/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.59</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1329</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>22/12/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.59</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>243341</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>9/1/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.62</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.62</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>180718</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>10/1/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.65</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.64</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5912</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/2/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.74</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3535</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>22/2/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.71</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7082</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>27/2/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.73</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>34015</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/3/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.75</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.73</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7506</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>23/3/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.89</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1561</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>27/3/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.91</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>106926</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>28/3/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3122</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>31/3/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>282060</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>6/4/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.89</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.87</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>14053</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>11/4/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.88</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>9712</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>26/4/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.88</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1170</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>12/5/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.88</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>498</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>18/5/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3.78</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5067</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>25/5/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3.73</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>172146</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3.82</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>50711</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>8/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3.82</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.64</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2678</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>13/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3.63</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1333</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>19/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3.83</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>366</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>20/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3.88</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>158</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>29/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4.42</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>87008</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>6/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4.31</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.31</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>134444</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4.51</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.46</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3055</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>11/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4.41</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4804</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>21/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4.09</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>DSI International Inc</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>80091</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>8/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3.92</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.89</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>125 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>9.05</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.83</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>410 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>9.05</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.83</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>66 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>6/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.98</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.98</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>630 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.85</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.85</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>158 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>11/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.66</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.66</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>200 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>11/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.66</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.66</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>240 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>12/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.62</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.48</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>200 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>12/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.62</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.48</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>200 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>13/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>115 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>17/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.582</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.582</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>655 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>18/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.48</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>750 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>19/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.28</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>300 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>20/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.32</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.32</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1269 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>21/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.232</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1000 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>21/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.232</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=51,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=347016,FOLIO='51',FILE='DISK123:[06LON6.06LON2536]CE2536A.;42',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<A NAME="page_ce2536_1_52"> </A>
<!-- end of table folio -->
<TABLE WIDTH="86%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>17 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>24/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.47</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.45</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>120 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>24/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.47</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.45</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>300 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>25/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.36</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.36</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>500 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>26/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.63</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.55</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>300 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>26/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.63</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.55</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>45 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>27/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.41</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>600 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>27/10/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.41</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>430 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>1/11/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.78</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>710 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>1/11/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.78</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>450 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>2/11/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.87</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.866</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS Capital Markets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>227 (ADS</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/11/2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>53350</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>26/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>53350</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>28/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>53350</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>29/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>106119</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>29/6/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>53350</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>948533</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>7/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>62601</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>10/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>53350</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>11/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>22025</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>12/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>106369</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>12/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>204544</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>20/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>234153</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>25/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>124400</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>26/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>234153</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>26/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>138197</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>27/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>234153</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>27/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>136692</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>28/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>234153</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>28/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>284944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>31/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>225697</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>1/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>284944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>1/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>185942</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>2/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>250526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>3/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>264944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>3/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2976</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>4/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>262944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>4/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>36291</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>21/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>275444</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>21/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>275444</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>4/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>48303</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>11/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>271444</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>11/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>268944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>13/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>363309</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>13/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>75461</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>14/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>196944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>14/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>196944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>15/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>250536</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>15/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>196944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>18/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>331464</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>18/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>196944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>19/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>763532</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>19/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>56104</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>27/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>56104</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>28/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=52,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=705829,FOLIO='52',FILE='DISK123:[06LON6.06LON2536]CE2536A.;42',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<A NAME="page_ce2536_1_53"> </A>
<!-- end of table folio -->
<TABLE WIDTH="86%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>959441</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>28/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>56104</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>2/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>442686</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>2/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>56104</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>3/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>72993</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>3/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>189166</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>6/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1287100</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>12/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>25699</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>16/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>940234</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>16/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>25699</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>17/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>16460</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>16/11/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=2>UBS AG Switzerland</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Collateral</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>157945</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>24/11/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>GBP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>9,600</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>4/10/2005 to 4/1/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>9.28</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.13</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>9,300</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>4/10/2005 to 4/1/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>9.03</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.19</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/1/2006 to 4/4/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>16.23</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>12.18</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/1/2006 to 4/4/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>16.31</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>12.31</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>24,700</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/4/2006 to 4/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>17.16</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>12.86</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>24,210</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/4/2006 to 4/7/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>17.26</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>12.95</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>59,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/7/2006 to 4/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>16.66</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>14.73</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>60,200</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/7/2006 to 4/8/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>16.53</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>14.68</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5,300</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/8/2006 to 4/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15.55</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>14.37</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5,400</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/8/2006 to 4/9/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15.61</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>14.44</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>6,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/9/2006 to 4/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>16.97</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>13.36</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>6,900</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/9/2006 to 4/10/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>18.27</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>13.61</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>32,900</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/10/2006 to 4/11/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>18.22</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>17.45</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>28,600</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/10/2006 to 4/11/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>18.22</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>17.45</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>12,700</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/11/2006 to 4/12/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>18.82</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>17.37</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>20,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/11/2006 to 4/12/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>19.30</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>17.36</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>USD</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Buy</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/12/2006 to 11/12/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Goldman, Sachs &amp; Co.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>Sell</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>5/12/2006 to 11/12/2006</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;Notes:
</FONT></P>

<P><FONT SIZE=2>&nbsp;The
above does not include transactions entered into by Goldman Sachs International, which is an Exempt Principal Trader, GSAMLP and GSAMI which are Exempt Fund Managers. </FONT></P>

<P><FONT SIZE=2>&nbsp;In
respect of dealings by USB&nbsp;AG Switzerland listed above, in each instance collateral was received on the stated date and returned on the following business day. </FONT></P>

<P><FONT SIZE=2>&nbsp;On
15 May&nbsp;2006, under a tripartite agreement, UBS AG Switzerland received (and returned on the next business day) 6,140,000 Corus 3% guaranteed convertible unsubordinated bonds as
collateral. </FONT></P>

<P><FONT SIZE=2>&nbsp;On
33 occasions between 17 May&nbsp;2006 and 30 June&nbsp;2006, under a tripartite agreement, UBS AG Switzerland received (and returned on the next business day) 28,553,000 Corus 3%
guaranteed convertible unsubordinated bonds as collateral. </FONT></P>

<P><FONT SIZE=2>&nbsp;On
5 occasions between 3 July&nbsp;2006 and 7 July&nbsp;2006, under a tripartite agreement, UBS AG Switzerland received (and returned on the next business day) 26,585,000 Corus 3%
guaranteed convertible unsubordinated bonds as collateral. </FONT></P>

<P><FONT SIZE=2>&nbsp;On
10 July&nbsp;2006 and 11 July&nbsp;2006, under a tripartite agreement, UBS AG Switzerland received (and returned on the next business day) 25,585,000 Corus 3% guaranteed
convertible unsubordinated bonds as collateral. </FONT></P>

<P><FONT SIZE=2>&nbsp;The
dealings of the companies under the common ownership of Goldman&nbsp;Sachs International and, where noted above, of UBS&nbsp;Limited listed above have been aggregated in
accordance with note&nbsp;2 of Rule&nbsp;24.3 of the Code. A full list of these dealings is available for inspection at the address set out in paragraph&nbsp;14 of Part Five of this document. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce2536_1_54"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;On
12 July&nbsp;2006 and 13 July&nbsp;2006, under a tripartite agreement, UBS AG Switzerland received (and returned on the next business day) 24,585,000 Corus 3% guaranteed
convertible unsubordinated bonds as collateral. </FONT></P>

<P><FONT SIZE=2>&nbsp;On
35 occasions between 17 May&nbsp;2006 and 4 July&nbsp;2006, under a tripartite agreement, UBS AG Switzerland received (and returned on the next business day) 4,357,000 Corus
4.625% convertible subordinated bonds as collateral. </FONT></P>

<P><FONT SIZE=2>&nbsp;On
5 July&nbsp;2006, under a tripartite agreement, UBS AG Switzerland received (and returned on the next business day) 4,356,000 Corus 4.625% convertible subordinated bonds as
collateral. </FONT></P>

<P><FONT SIZE=2>&nbsp;On
6 July&nbsp;2006 and 7 July&nbsp;2006, under a tripartite agreement, UBS AG Switzerland received (and returned on the next business day) 4,355,000 Corus 4.625% convertible
subordinated bonds as collateral. </FONT></P>

<P><FONT SIZE=2><B>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests and Dealings &#150; General  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1</FONT></DT><DD><FONT SIZE=2>Save
as disclosed in paragraphs 3 to 4 above:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.1</FONT></DT><DD><FONT SIZE=2>as
at the disclosure date, CSN and CSN Acquisitions had no interest in, right to subscribe in respect of, or any short position in relation to relevant Corus securities nor has it
dealt for value in any relevant Corus securities during the disclosure period;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.2</FONT></DT><DD><FONT SIZE=2>as
at the disclosure date, none of the CSN Directors and CSN Acquisitions Directors nor any other person whose interests in shares the CSN Directors and CSN Acquisitions Directors
would be required to disclose pursuant to Parts VI and X of the Act, had any interest in, right to subscribe in respect of, or any short position in relation to relevant Corus securities, nor has any
such person dealt for value in any relevant Corus securities during the disclosure period;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.3</FONT></DT><DD><FONT SIZE=2>as
at the disclosure date, no person deemed to be acting in concert with CSN and CSN Acquisitions had any interest in, right to subscribe in respect of, or any short position in
relation to relevant Corus securities, nor has any such person dealt for value in any relevant Corus securities during the disclosure period;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.4</FONT></DT><DD><FONT SIZE=2>as
at the disclosure date, no person who has an arrangement with CSN and CSN Acquisitions had any interest in, right to subscribe in respect of, or any short position in relation to
relevant Corus securities, nor has any such person dealt for value in any relevant Corus securities during the disclosure period;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.5</FONT></DT><DD><FONT SIZE=2>neither
CSN nor CSN Acquisitions, nor any person acting in concert with CSN and CSN Acquisitions, has borrowed or lent any relevant Corus securities during the disclosure period,
save for any borrowed shares which have been either on-lent or sold;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1.6</FONT></DT><DD><FONT SIZE=2>as
at the disclosure date, no connected adviser (including any person controlling, controlled by or under the same control as any connected adviser (except for an exempt principal
trader or an exempt fund manager)) to CSN or CSN Acquisitions, or to any company which is an associate of CSN or CSN Acquisitions by virtue of paragraph 3.1.3 had any interest, right to subscribe in
respect of or any short position in relation to relevant Corus securities nor has any such person dealt for value in any relevant Corus securities during the offer period;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.2</FONT></DT><DD><FONT SIZE=2>Save
as disclosed herein, no persons have given any irrevocable or other commitment.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.3</FONT></DT><DD><FONT SIZE=2>Save
as disclosed in this document, neither CSN nor CSN Acquisitions nor any person acting in concert with CSN or CSN Acquisitions has any arrangement with any person in relation to
the Acquisition.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.4</FONT></DT><DD><FONT SIZE=2>Save
as disclosed in this document, no agreement, arrangement or understanding (including any compensation arrangement) exists between CSN, CSN Acquisitions or any person acting in
concert with it and any of the CSN Directors, the CSN Acquisitions Directors or the recent directors, shareholders or recent shareholders of Corus having any connection with or dependence upon or
which is conditional upon the Acquisition.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.5</FONT></DT><DD><FONT SIZE=2>There
is no agreement, arrangement or understanding whereby the beneficial ownership of any Corus Shares to be acquired by CSN Acquisitions pursuant to the Scheme will be transferred
to any other person. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce2536_1_55"> </A>

<P><FONT SIZE=2><B>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Quotations  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.1</FONT></DT><DD><FONT SIZE=2>The
following table shows the closing middle market prices for Corus Shares as derived from the Official List and for Corus ADSs as reported on the New York Stock Exchange
(i)&nbsp;for the first dealing day of each of the six months immediately prior to the date of this document, (ii)&nbsp;for 4&nbsp;October&nbsp;2006 (being the last Business Day prior to the
commencement of the Offer Period) and (iii)&nbsp;for the disclosure date: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="63%" ALIGN="LEFT"><FONT SIZE=1><B>Date<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Corus Share<BR>
Price(p)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B>Corus<BR>
ADS Price(US$)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>11 December 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>527.25</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>20.53</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>1 December 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>468.00</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>19.81</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>1 November 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>500.00</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>17.73</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>4 October 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>407.50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>18.20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>2 October 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>393.75</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>14.89</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>1 September 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>399.50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>15.44</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>1 August 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>427.75</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>16.03</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>3 July 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>457.75</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>17.04</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Implementation Agreement  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.1</FONT></DT><DD><FONT SIZE=2>For
details of the terms of the Implementation Agreement please refer to paragraph&nbsp;16 of the announcement set out in Part Two of this document.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.2</FONT></DT><DD><FONT SIZE=2>In
addition to the terms described there, Corus has undertaken that prior to the earlier of (i)&nbsp;the Effective Date or (ii)&nbsp;the termination of the Implementation
Agreement in accordance with its terms, it will not (and will procure that no member of the Corus Group shall) without the prior written consent of CSN and CSN Acquisitions:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.2.1</FONT></DT><DD><FONT SIZE=2>take
any action requiring the approval of Corus Shareholders in general meeting or the consent of the Panel under Rule&nbsp;21 of the Code, or enter into or agree to enter into
any transaction which would require the approval of Corus Shareholders under the Listing Rules;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.2.2</FONT></DT><DD><FONT SIZE=2>commit
or authorise capital expenditure (other than in the normal course of business, as provided for in the current business plan for 2006 and 2007); or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.2.3</FONT></DT><DD><FONT SIZE=2>other
than in the normal course of business, terminate or vary, in a material way, the terms and conditions of employment of any executive director or member of the executive
committee of Corus, or induce or cause any such person to terminate their employment contract. Corus may, however, subject to consultation with CSN Acquisitions, increase the remuneration of such
persons.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.3</FONT></DT><DD><FONT SIZE=2>With
effect from the date of this document, Corus has also undertaken to use all reasonable endeavours to (and to procure that members of the Corus Group shall) upon the reasonable
request of CSN Acquisitions and CSN and at the cost and expense of CSN Acquisitions and CSN:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.3.1</FONT></DT><DD><FONT SIZE=2>facilitate
discussions with the providers of finance to the Corus Group under its existing credit facilities and provide such other reasonable assistance and
co-operation in relation to the same as CSN Acquisitions and CSN may reasonably request;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.3.2</FONT></DT><DD><FONT SIZE=2>provide
such information, assistance and co-operation as CSN Acquisitions and CSN may reasonably request in relation to the financing or refinancing of the Acquisition
and/or of the existing financing of the Corus Group, including providing the information to enable CSN Acquisitions and CSN to finalise the structure of the holding companies of Corus and the
post-Acquisition structuring of the Corus Group, to co-operate in the preparation of any bank syndication documentation, to co-operate in the preparation of any US
securities filing requirements, to co-operate with prospective lenders and their advisers in conducting their due diligence, and to make senior management of the Corus Group reasonably
available for presentations in connection with any syndication; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.3.3</FONT></DT><DD><FONT SIZE=2>provide
all information, assistance and access as may be reasonably required by CSN Acquisitions and CSN to ensure that any accountants' and other reports required in connection
with the giving of financial assistance may, if required, be given immediately after </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce2536_1_56"> </A>
<UL>
<UL>

<P><FONT SIZE=2>the
Effective Date (or, if CSN exercises its right to effect the Acquisition by way of a takeover offer, as soon as reasonably practicable after such takeover offer is declared unconditional in all
respects). </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information on CSN and its subsidiaries  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1</FONT></DT><DD><FONT SIZE=2>The
following information relates to CSN and its subsidiary companies.
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1.1</FONT></DT><DD><FONT SIZE=2><B>CSN</B></FONT></DD></DL>
</DD></DL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>For
details on CSN please refer to paragraph&nbsp;10 of the announcement set out in Part Two of this document. </FONT></P>

<P><FONT SIZE=2>Vicunha
Siderurgia S.A., a Brazilian resident company owned by the Steinbruch family interests, is the largest shareholder of CSN holding approximately 45.18 per cent. of CSN's shares. Vicunha
Siderurgia S.A. is a holding company with no other assets other than that holding. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1.2</FONT></DT><DD><FONT SIZE=2><B>CSN Acquisitions</B></FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>CSN
Acquisitions Limited was incorporated in England and Wales with company number 6009596 on 24&nbsp;November&nbsp;2006. CSN Acquisitions is a newly incorporated UK private limited company formed
for the purpose of making the Acquisition. CSN Acquisitions has not traded since incorporation, nor has it entered into any obligations, other than in connection with the Acquisition and the financing
of the Acquisition. The entire issued share capital of CSN Acquisitions is held by CSN Holdings. </FONT></P>

<P><FONT SIZE=2>The
current directors of CSN Acquisitions are Benjamin Steinbruch, Otavio de Garcia Lazcano and En&eacute;as Garcia Diniz. </FONT></P>

<P><FONT SIZE=2>A
number of other companies have also been incorporated for the purposes of the Acquisition. These are described below. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1.3</FONT></DT><DD><FONT SIZE=2><B>CSN Holdings, CSN Finance, Roxbury Investments B.V.</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1.4</FONT></DT><DD><FONT SIZE=2>Each
of CSN Holdings, CSN Finance and Roxbury Investments B.V is a newly incorporated company formed for the purpose of the Acquisition. None of these companies have traded since
incorporation, nor have they entered into any obligations, other than in connection with the Acquisition and financing of the Acquisition.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1.5</FONT></DT><DD><FONT SIZE=2>CSN
Holdings was incorporated in England and Wales with company number 5992349 on 8&nbsp;November 2006. The current directors of CSN Holdings are Benjamin Steinbruch, Otavio de
Garcia Lazcano and En&eacute;as Garcia Diniz.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1.6</FONT></DT><DD><FONT SIZE=2>CSN
Finance was incorporated in England and Wales with company number 6003693 on 20&nbsp;November 2006. The current directors of CSN Finance are Benjamin Steinbruch, Otavio de
Garcia Lazcano and En&eacute;as Garcia Diniz.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1.7</FONT></DT><DD><FONT SIZE=2>Roxbury
Investments B.V. was incorporated as a Dutch shelf company on 20 February&nbsp;2003 and subsequently transferred to CSN Finance by way of a share purchase agreement and
notarial deed dated 30 November&nbsp;2006. The current director of Roxbury Investments B.V. is Equity Trust Company N.V.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.1.8</FONT></DT><DD><FONT SIZE=2>Each
of these companies is a wholly-owned subsidiary of CSN. The entire issued share capital of Roxbury Investments B.V. is held by CSN Acquisitions. The entire issued share capital
of CSN Acquisitions is held by CSN Holdings. The entire issued share capital of CSN Holdings and CSN Finance is wholly and indirectly held by CSN. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing arrangements relating to CSN Acquisitions  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.1</FONT></DT><DD><FONT SIZE=2><B>Equity</B></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.1.1</FONT></DT><DD><FONT SIZE=2>The
equity invested in CSN Acquisitions in connection with the Acquisition will be partly financed by subscription proceeds received by it from CSN Holdings. CSN Holdings will fund
its subscription in CSN Acquisitions by subscription proceeds received by it from CSN Finance. CSN Finance will fund its subscription in CSN Holdings from funds made available </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce2536_1_57"> </A>
<UL>
<UL>

<P><FONT SIZE=2>to
it under a US$2,500,000,000 27&nbsp;month term loan facility (the&nbsp;"</FONT><FONT SIZE=2><B>Equity Bridge Facility</B></FONT><FONT SIZE=2>") dated 11&nbsp;December&nbsp;2006 between,
amongst others, CSN Finance as borrower, CSN as guarantor, Citigroup Global Markets,&nbsp;Inc. and UBS Securities&nbsp;LLC as mandated lead arrangers, Citibank International&nbsp;PLC as facility
agent and Citibank N.A. and UBS Loan Finance&nbsp;LLC as lenders. It is intended that, if utilised, the Equity Bridge Facility will be refinanced through an issue of debt securities. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.1.2</FONT></DT><DD><FONT SIZE=2>The
balance of the equity will come from CSN's available cash resources.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2</FONT></DT><DD><FONT SIZE=2><B>Debt</B></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2.1</FONT></DT><DD><FONT SIZE=2>In
addition, CSN Acquisitions will be raising debt finance under the following agreements:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2.1.1</FONT></DT><DD><FONT SIZE=2>A
senior facilities agreement dated 11&nbsp;December&nbsp;2006 between CSN Holdings as the company, CSN Acquisitions and Roxbury Investment&nbsp;B.V. (to&nbsp;be renamed
CSN Finance (Netherlands) B.V) ("</FONT><FONT SIZE=2><B>CSN Netherlands</B></FONT><FONT SIZE=2>") as original borrowers, the subsidiaries of CSN Holdings listed therein as original guarantors,
Barclays Capital (the&nbsp;investment banking division of Barclays Bank&nbsp;PLC), Goldman Sachs International and ING Bank&nbsp;N.V., London Branch as mandated lead arrangers, Barclays
Bank&nbsp;PLC as facility agent, security agent and issuing bank and Barclays Bank&nbsp;PLC, ING Bank&nbsp;N.V., London Branch and Portfolio Acquisitions 1&nbsp;Limited (an indirect,
wholly-owned subsidiary of The Goldman Sachs Group&nbsp;Inc.) as original lenders, pursuant to which the following facilities are to be made&nbsp;available:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2><B>Facility A:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;a 6&nbsp;year multicurrency term loan facility of up to &pound;1,000,000,000;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2><B>Facility B:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;a 7&nbsp;year multicurrency term loan facility of up to &pound;1,000,000,000;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2><B>Revolving Facility:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;a 6&nbsp;year multicurrency credit facility of up to &pound;350,000,000. </FONT></DD></DL>
</DD></DL>
</DD></DL>
</DD></DL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>The
proceeds of Facility A and Facility B (the&nbsp;"</FONT><FONT SIZE=2><B>Senior Facilities</B></FONT><FONT SIZE=2>") will be used towards financing the&nbsp;following: </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
cash consideration payable under the Scheme or payable to holders of options over shares in Corus;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
provision of cash collateral to the financial institution providing the Loan Note&nbsp;guarantee;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>the
repayment of certain existing indebtedness of Corus and its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>agreed
contributions to the pension schemes of Corus; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>the
fees, costs and expenses associated with the Scheme. </FONT></DD></DL>
</UL>
</UL>
</UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>The
proceeds of the Revolving Credit Facility are to be used towards financing the general corporate and working capital purposes of CSN Holdings' subsidiaries. </FONT></P>

</UL>
</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2.1.2</FONT></DT><DD><FONT SIZE=2>A
bridge facility agreement dated 11&nbsp;December&nbsp;2006 between CSN Holdings as the company, CSN Acquisitions as borrower, the subsidiaries of CSN Holdings listed therein
as original guarantors, Barclays Capital (the&nbsp;investment banking division of Barclays Bank&nbsp;PLC) and Goldman Sachs International as mandated lead arrangers and ING Bank&nbsp;N.V.,
London Branch as joint lead arranger, Barclays Bank&nbsp;PLC as facility agent, security agent and issuing bank and Barclays Bank&nbsp;PLC, ING Bank&nbsp;N.V., London Branch and Portfolio
Acquisitions 1&nbsp;Limited as original lenders, pursuant to which a multicurrency term facility of &pound;2,000,000,000 (the&nbsp;"</FONT><FONT SIZE=2><B>Bridge
Facility</B></FONT><FONT SIZE=2>") was made available for the same purposes as the Senior Facilities. </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>The
Bridge Facility has an initial maturity of 12&nbsp;months, although the repayment date may be extended in certain circumstances by a further 8&nbsp;years. It is the intention that the Bridge
Facility be refinanced through an issue of debt securities. </FONT></P>

</UL>
</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2.1.3</FONT></DT><DD><FONT SIZE=2>A
loan note guarantee facility agreement dated 11&nbsp;December&nbsp;2006 between CSN Acquisitions as obligor and Barclays Bank&nbsp;PLC as guarantor pursuant to which a
loan note guarantee facility (the&nbsp;"</FONT><FONT SIZE=2><B>Loan Note Guarantee Facility</B></FONT><FONT SIZE=2>") of up to &pound;400,000,000 (plus any interest accruing on the Loan
Notes) was made available to CSN Acquisitions. Under the Loan Note Guarantee Facility, Barclays Bank&nbsp;PLC agreed to </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce2536_1_58"> </A>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>issue
such guarantee in respect of the principal and interest due under the Loan Notes to be issued as the Loan Note Alternative. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2.2</FONT></DT><DD><FONT SIZE=2>The
Senior Facilities and the Bridge Facility are initially secured by guarantees given by CSN Holdings, CSN Acquisitions and CSN Netherlands, debentures given by CSN Holdings and
CSN Acquisitions, a Dutch law share pledge given by CSN Acquisitions and Dutch law pledges over accounts and certain receivables given by CSN Netherlands. It is intended that the Senior Facilities,
the Revolving Facility and the Bridge Facility be secured by guarantees and security granted by Corus and certain subsidiaries, and by a share pledge over the shares in Corus Netherlands&nbsp;B.V.
The security documents entered into before this date&nbsp;are:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>a
debenture under English law dated 11&nbsp;December&nbsp;2006 between CSN Holdings and Barclays Bank&nbsp;PLC as security agent creating fixed and floating charges over CSN
Holdings' business, undertakings and&nbsp;assets;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>a
debenture under English law dated 11&nbsp;December&nbsp;2006 between CSN Acquisitions and Barclays Bank&nbsp;PLC as security agent creating fixed and floating charges over
CSN Holdings' business, undertakings and&nbsp;assets;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>a
pledge of shares under Dutch law dated 8&nbsp;December&nbsp;2006 between CSN Acquisitions and Barclays Bank&nbsp;PLC as pledgee creating a pledge over CSN Acquisitions'
shares in CSN Netherlands;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>a
pledge of accounts under Dutch law dated 11&nbsp;December&nbsp;2006 between CSN Netherlands and Barclays Bank&nbsp;PLC as pledgee creating a pledge over certain bank accounts
of CSN Netherlands;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>a
pledge of receivables under Dutch law dated 11&nbsp;December&nbsp;2006 between CSN Netherlands and Barclays Bank&nbsp;PLC as pledgee creating a pledge over certain receivables
of CSN Netherlands;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>a
pledge of intercompany receivables under Dutch law dated 11&nbsp;December&nbsp;2006 between CSN Netherlands and Barclays Bank&nbsp;PLC as pledgee creating a pledge over
certain intercompany receivables of CSN Netherlands.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.2.3</FONT></DT><DD><FONT SIZE=2>The
Loan Note Guarantee Facility is secured by a charge dated 11&nbsp;December&nbsp;2006 in favour of Barclays Bank&nbsp;PLC given by CSN Acquisitions over a cash collateral
account held with Barclays Bank&nbsp;PLC, into which CSN Acquisitions will deposit sums drawn under the Senior Facilities and/or the Bridge Facility in accordance with the terms of the Loan Note
Guarantee Facility. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash confirmation  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>10.1</FONT></DT><DD><FONT SIZE=2>Lazard
&amp; Co., Limited and Goldman Sachs International are satisfied that sufficient resources are available to CSN Acquisitions to satisfy in full the consideration payable to Corus
Shareholders under the terms of the Scheme as set out in this Information Document. </FONT></DD></DL>

<P><FONT SIZE=2><B>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons acting in concert  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.1</FONT></DT><DD><FONT SIZE=2>The
persons who, for the purposes of the Code, are acting in concert with CSN and CSN Acquisitions include members of the CSN Group and:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.2</FONT></DT><DD><FONT SIZE=2>Vicunha
Sider&uacute;rgia S.A., whose registered address is Rua S&acirc;o Jos&eacute;, Grupo 1,602, Rio de Janeiro, RJ, Brazil;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.3</FONT></DT><DD><FONT SIZE=2>Lazard
&amp; Co., Limited, whose registered office is at 50 Stratton Street, London, W1J&nbsp;8LL and who is acting as lead financial adviser to CSN and CSN Acquisitions in connection
with the Acquisition;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.4</FONT></DT><DD><FONT SIZE=2>Goldman
Sachs International, whose registered office is at Peterborough Court, 133 Fleet Street, London, EC4A&nbsp;2BB and who is acting as financial adviser and joint broker to
CSN and CSN Acquisitions in connection with the Acquisition; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.5</FONT></DT><DD><FONT SIZE=2>UBS
Limited whose registered office is at 1 Finsbury Avenue, London, EC2M 2PP and who is acting as joint broker to CSN in connection with the acquisition. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce2536_1_59"> </A>

<P><FONT SIZE=2><B>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sources and bases of information  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>12.1</FONT></DT><DD><FONT SIZE=2>For
full details of the sources and bases of information please refer to Appendix&nbsp;II of the announcement set out in Part Two of this document.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>12.2</FONT></DT><DD><FONT SIZE=2>Unless
otherwise stated, the financial information relating to CSN is extracted from the published audited consolidated financial statements of CSN for the relevant financial period. </FONT></DD></DL>

<P><FONT SIZE=2><B>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consents  </B></FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Each
of Lazard &amp; Co., Limited, Goldman Sachs International and UBS Limited has given and has not withdrawn its written consent to the issue of this document with the inclusion of references to its
name in the form and context in which they are included. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents available for inspection  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1</FONT></DT><DD><FONT SIZE=2>Copies
of the following documents will be available for inspection during normal business hours on any Business Day at the offices of Macfarlanes at 10 Norwich Street, London EC4A
1BD:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.1</FONT></DT><DD><FONT SIZE=2>the
constitutional documents of CSN;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.2</FONT></DT><DD><FONT SIZE=2>the
memorandum and articles of association of CSN Acquisitions;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.3</FONT></DT><DD><FONT SIZE=2>the
audited consolidated financial statements of the CSN Group for the two financial years&nbsp;ended 31&nbsp;December&nbsp;2004 and 31&nbsp;December&nbsp;2005;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.4</FONT></DT><DD><FONT SIZE=2>copies
of the written consents referred to in paragraph&nbsp;13 above;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.5</FONT></DT><DD><FONT SIZE=2>a
copy of the implementation agreement referred to in paragraph&nbsp;7 above;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.6</FONT></DT><DD><FONT SIZE=2>copies
of the contracts relating to the financing arrangements referred to in paragraph&nbsp;9 above;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.7</FONT></DT><DD><FONT SIZE=2>the
agreed form Loan Note Instrument;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.8</FONT></DT><DD><FONT SIZE=2>the
full non-aggregated list of dealings by companies under the common ownership of UBS Limited and Goldman Sachs International referred to in paragraph&nbsp;4.1; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.1.9</FONT></DT><DD><FONT SIZE=2>this
document. </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="toc_cg2536_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART SIX<BR>  <BR>    DEFINITIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The following definitions apply throughout this Information Document, unless the context requires otherwise. </FONT></P>

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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>"Acquisition"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2>the acquisition of the entire issued and to be issued share capital of Corus (including such share capital held in the form of ADSs) and for the avoidance of doubt includes an acquisition of the Corus Shares implemented
by way of the Scheme, or by way of an Offer</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
"Act" or "Companies Act"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" VALIGN="TOP"><FONT SIZE=2><BR>
the Companies Act 1985, as amended</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"ADS Depository"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
The Bank of New York, as depositary under the Deposit Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"ADS Holder"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
a holder of Corus ADSs</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Annual Report"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the annual report and accounts of Corus for the year ended 31&nbsp;December 2005</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Australia"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the commonwealth of Australia, its territories and possessions and all areas subject to the jurisdiction and all political sub divisions thereof</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"business day"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
any day other than a Saturday, Sunday and public holiday on which banks are generally open for business in London other than solely for trading and settlement of Euro</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Canada"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Canada, its provinces and territories and all areas subject to its jurisdiction and all political sub divisions thereof</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
"Cancellation Shareholders"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" VALIGN="TOP"><FONT SIZE=2><BR>
holders of Cancellation Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Cancellation Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Scheme Shares other than Loan Note Elected Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Corus"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Corus Group plc, a company incorporated in England and Wales under the Companies Act with registration number 3811373</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Corus Deferred Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the deferred shares of 40 pence each in the capital of Corus</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Corus Directors"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the directors of Corus from time to time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Corus Group"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Corus, its subsidiaries and subsidiary undertakings from time to time and "member of the Corus Group" shall be construed accordingly</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
"Corus Shareholders" or "Shareholders"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" VALIGN="TOP"><FONT SIZE=2><BR>
holders of Corus Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Corus Share Schemes"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the Corus UK Executive Share Option Scheme, the Corus Overseas Executive Share Option Scheme, the Corus Executive Share Option Scheme, the Corus Sharesave Scheme, the Corus International Sharesave Scheme, the Corus Group Employee Share Ownership Plan,
 and the Corus Group plc Leveraged Equity Acquisition Plan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Corus Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
ordinary shares of 50 pence each in the capital of Corus</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Court"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the High Court of Justice in England and Wales</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Court Meeting"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the meeting of the Scheme Shareholders that, subject to the Pre-Condition being satisfied or waived, is proposed to be convened by order of the Court pursuant to section 425 of the Act, notice of which will be set out in the Scheme Document for the
purposes of considering and if thought fit, approving the Scheme, including any adjournment thereof</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Court Orders"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the Reduction Court Order and the Scheme Court Order</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>60</FONT></P>

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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"CSN"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Companhia Sider&uacute;rgica Nacional, a company registered in Brazil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"CSN Acquisitions"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
CSN Acquisitions Limited, a company incorporated in England and Wales under the Companies Act with registered number 6009596</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"CSN Finance"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
CSN Finance (UK) Limited, a company incorporated in England and Wales under the Companies Act with registered number&nbsp;6003693</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"CSN Group"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
CSN, its subsidiaries and its subsidiary undertakings from time to time and "member of the CSN Group" shall be construed accordingly</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"CSN Holdings"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
CSN Holdings (UK) Limited (previously known as Supernova Acquisitions Limited), a company incorporated in England and Wales under the Companies Act with registered number&nbsp;5992349</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Deposit Agreement"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the Amended and Restated Deposit Agreement among British Steel PLC, Corus Group plc, the ADS Depositary and ADS Holders, dated as of 23&nbsp;November 1988, as amended and restated as of 28&nbsp;April 1995, as further amended and restated 26&nbsp;July
1995 and 6&nbsp;October 1999</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Dutch Bond Proposals"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
any proposals made to in due course to Dutch Bondholders</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Dutch Bond Proposals Document"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
any document which sets out the terms and conditions of the Dutch Bond Proposals</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Dutch Bonds"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the NLG 345,000,000 4.625 per cent. convertible subordinated bonds due 2007 issued by Corus Nederland B. V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Dutch Listing Authority"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Autoriteit Financiele Markten</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Effective Date"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the date on which (i) the Scheme becomes effective by registration of the Court Orders by the Registrar of Companies and issue by the Registrar of Companies of a certificate under section 138 of the Companies Act in relation to the reduction of share
capital associated with the Scheme; or (ii) if CSN Acquisitions elects to implement the Acquisition by way of the Offer, such Offer becoming or being declared unconditional in all respects</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Euro Bonds"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the &euro;307,000,000 3.0 per cent. guaranteed convertible unsubordinated bonds due 2007 issued by Corus and guaranteed by Corus UK Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Euroclear Nederland"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the Dutch depositary and settlement institute (</FONT><FONT SIZE=2><I>Nederlands Centraal Instituut voor Giraal Effectenverker B.V.</I></FONT><FONT SIZE=2>), defined as the central institute (</FONT><FONT SIZE=2><I>centraal instituut</I></FONT><FONT
SIZE=2>) under the Dutch Securities Giro Act</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Exchange Act"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"First Payment Date"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
30 June 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Implementation Agreement"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the agreement between CSN, CSN Acquisitions and Corus dated 11&nbsp;December 2006 relating to, amongst other things, the implementation of the Scheme, further details of which are set out in paragraph&nbsp;16 of this Information Document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Inducement Fee"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
1 per cent. of the value of the Acquisition calculated by reference to the price per Corus Share and the fully diluted share capital of Corus, together with an amount equal to any VAT which is recoverable by Corus (if applicable)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Information Document"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
or this document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Japan"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Japan, its cities and prefectures, territories and possessions</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Lazard"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Lazard &amp; Co., Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Listing Rules"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the Listing Rules of the UK Listing Authority</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Loan Note Elected Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Scheme Shares (if any) in respect of which valid elections have been made under the Loan Note Alternative in accordance with its terms</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Loan Notes"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the loan notes to be issued by CSN Acquisitions pursuant to the Loan Note Alternative and to be guaranteed by Barclays Bank PLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Loan Notes Instrument"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the instrument constituting the Loan Notes</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Offer"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
should CSN Acquisitions elect to effect the Acquisition by way of a takeover offer, the offer to be made by or on behalf of CSN Acquisitions for all of the Corus Shares on the terms and subject to the conditions to be set out in the related offer
document and form of acceptance including, where the context requires, any subsequent revision, variation, extension or renewal thereof</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
"Panel" or "Takeover Panel"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" VALIGN="TOP"><FONT SIZE=2><BR>
the UK Panel on Takeovers and Mergers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Pre-Condition"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the pre-condition set out in Part I of Appendix I of Part&nbsp;Two of this Information Document</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Price"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the amount of 515 pence for each Corus Share</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Proposals"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the proposed acquisition of the Corus Shares by CSN Acquisitions to be effected, subject to the satisfaction or waiver of the Pre-Condition by means of the Scheme (or, should CSN Acquisitions so elect, by means of an Offer), and the Dutch Bond
Proposals</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Reduction of Capital"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the reduction of the share capital of Corus by the cancellation of the Cancellation Shares, to be effected as part of the Scheme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Registrar of Companies"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the Registrar of Companies in England and Wales</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Restricted Overseas Persons"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
a person (including an individual, partnership, unincorporated syndicate, limited liability company, unincorporated organisation, trust, trustee, executor, administrator or other legal representative) in, or resident in, or any person whom CSN
Acquisitions believes to be in, or resident in, Australia, Canada, Japan or the Netherlands and any custodian, nominee or trustee holding Corus Shares for persons in or resident in Netherlands and who elects to receive the Loan Note Alternative in
respect of their Corus Shares and persons in any other jurisdiction (other than persons in the UK) whom CSN Acquisitions is advised to treat as restricted overseas persons in order to observe the laws of such jurisdiction or to avoid the requirement
to comply with any governmental or other consent or any registration, filing or other formality which CSN Acquisitions regards as unduly onerous</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Scheme" or "Scheme of Arrangement"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
of the scheme of arrangement proposed to be made subject to the satisfaction or waiver of the Pre-Condition under section 425 of the Act between Corus and Corus Shareholders, incorporating the Reduction of Capital, to be set out in full in the Scheme
Document, with or subject to any modification, addition or condition approved or imposed by the Court</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Scheme Court Order"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the order of the Court sanctioning the Scheme pursuant to section 425 of the Companies Act</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Scheme Document"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the circular in respect of the Scheme to be despatched to Corus Shareholders and others, setting out amongst other things, the full terms and conditions to implementation of the Scheme as well as the Scheme itself and the notice of meeting of each of
the Court Meeting and the EGM</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Scheme Record Date"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
6.00 p.m. (London time) on the day immediately before the date of the Reduction Hearing</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Scheme Shareholders"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
holders of Scheme Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Scheme Shares"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
all Corus Shares which are:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
(a)&nbsp;&nbsp;&nbsp;in issue at the date of the Scheme Document;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
(b)&nbsp;&nbsp;&nbsp;(if any) issued after the date of the Scheme Document and before the Voting Record Time; or</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
(c)&nbsp;&nbsp;&nbsp;(if any) issued on or after the Voting Record Time and prior to 6.00 p.m. on the Scheme Record Date, on terms that the holder thereof shall be bound by the Scheme, or in respect of which the original or any subsequent holder
thereof agrees in writing to be bound by the Scheme</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
but excluding any Corus Shares held by CSN Acquisitions, CSN Holdings or any other member of the CSN Group</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Securities Act"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the United States Securities Act of 1933, as amended and the rules and regulations promulgated thereunder</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
"Takeover Code" or "Code"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" VALIGN="TOP"><FONT SIZE=2><BR>
the City Code on Takeovers and Mergers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Tata"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
Tata Steel UK Limited, a company incorporated in England and Wales with registered number 05887351</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Tata Scheme"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the scheme of arrangement under section 425 of the Act between Corus and holders of Scheme Shares (as defined in the Tata Scheme Document) to effect the proposed acquisition by Tata of Corus as set out in Part Four of the Tata Scheme Document (and/or
any subsequent circular to Corus Shareholders), with or subject to any modification, addition or condition which is either agreed by Corus and Tata and approved by the Court or is imposed by the Court</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"UBS"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
UBS Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"UK Listing Authority"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the Financial Services Authority in its capacity as the competent authority for listing in the United Kingdom under Part VI of the Financial Services and Markets Act 2000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"United Kingdom" or "UK"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the United Kingdom of Great Britain and Northern Ireland</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"United States" or "US"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
United States of America, its territories and possessions, any state of the United States and the District of Columbia</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"US Holder"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
holders of Corus Shares in the United States or with a registered address in the United States, and any custodian, nominee or trustee holding Corus Shares for persons in the United States or with a registered address in the United States</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"VAT"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
value added tax in the UK including any similar tax which may be imposed in place thereof in the UK from time to time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"Voting Record Time"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
the time and date to be specified in the Scheme Document by reference to which entitlement to vote on the Scheme will be determined, expected to be 6.00 p.m. (London time) on the day which is two days before the date of the Court Meeting or, if the
Court Meeting is adjourned, 6.00 p.m. on the day which is two days before the date of such adjourned Court Meeting</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
"&pound;", "GBP", "sterling" and "pence"</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" VALIGN="TOP"><FONT SIZE=2><BR>
the lawful currency of the UK</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
"$", "US$", "USD"<BR>
and "US dollars"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="66%"><FONT SIZE=2><BR>
United States dollars, the lawful currency of the United States</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=63,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=296436,FOLIO='63',FILE='DISK123:[06LON6.06LON2536]CG2536A.;18',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<P ALIGN="CENTER"><FONT SIZE=1><B>Merrill Corporation Ltd, London<BR>  </B></FONT><FONT SIZE=1>06LON2536 </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=64,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3",CHK=339147,FOLIO='blank',FILE='DISK123:[06LON6.06LON2536]CG2536A.;18',USER='PHARDIM',CD='15-DEC-2006;12:14' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="06LON2595_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bf2536_1">IMPORTANT NOTICE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bf2536_2">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bf2536_3">DEALING DISCLOSURE REQUIREMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg2536_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bi2536_1">PART ONE LETTER FROM THE CHAIRMAN OF CSN</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bk2536_1">PART TWO ANNOUNCEMENT OF THE RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bk2536_2">"NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bk2536_3">RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION of Corus Group plc ("Corus") by CSN Acquisitions Limited ("CSN Acquisitions"), a wholly-owned subsidiary of Companhia Sider&uacute;rgica Nacional ("CSN")</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bm2536_1">NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bm2536_2">RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION of Corus Group plc ("Corus") by CSN Acquisitions Limited ("CSN Acquisitions"), a wholly-owned subsidiary of Companhia Sider&uacute;rgica Nacional ("CSN")</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_br2536_1">APPENDIX I</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_br2536_2">PRE-CONDITION AND CONDITIONS OF THE PROPOSALS AND CERTAIN FURTHER TERMS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bt2536_1">APPENDIX II BASES AND SOURCES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bv2536_1">APPENDIX III DEFINITIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bx2536_1">PART THREE FINANCIAL INFORMATION ON THE CSN GROUP</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cb2536_1">PART FOUR SUMMARY OF THE TERMS OF THE LOAN NOTES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ce2536_1">PART FIVE ADDITIONAL INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cg2536_1">PART SIX DEFINITIONS</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RGALLAG,SEQ=,EFW="2175201",CP="NATIONAL STEEL COMPANY",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
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