<SEC-DOCUMENT>0001292814-10-002389.txt : 20100715
<SEC-HEADER>0001292814-10-002389.hdr.sgml : 20100715
<ACCEPTANCE-DATETIME>20100715152302
ACCESSION NUMBER:		0001292814-10-002389
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20100715
DATE AS OF CHANGE:		20100715

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:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		10954253

	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>20-F/A
<SEQUENCE>1
<FILENAME>sidform20f2008a.htm
<DESCRIPTION>FORM 20-F 2008
<TEXT>
<HTML>
<HEAD>
   <TITLE>Provided by MZ Data Products</TITLE>

</HEAD>

<BODY style="font-family: 'Times New Roman, Times, Serif'; font-size:11px; text-align:justify" bgcolor="#ffffff">


<center>
  <B></B>As filed with the  Securities and Exchange Commission on July 15, 2010
</center>
<HR SIZE=2 noshade color="#000000">

<DIV align="center"><B><FONT SIZE=4>UNITED STATES <br>
  SECURITIES AND EXCHANGE COMMISSION</FONT><br>
</B><B><FONT SIZE=2>Washington, D.C. 20549</FONT> <br>
<br>
</B>
<TABLE border=0 width=20% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR valign=middle>
<TD><HR SIZE=1></TD>
</TR>
</TABLE>
<B></B><B><FONT SIZE=4>FORM 20-F/A</FONT></B><br>

(Amendment No. 2)
<TABLE border=0 width=20% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR valign=middle>
<TD><HR SIZE=1></TD>
</TR>
</TABLE>
</DIV>
<br>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
<TD nowrap valign=top><img src="nox.gif">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD width=100%> <div align="center">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES<br>
EXCHANGE ACT OF 1934 <br>
<br>

OR </div></TD>
</TR>
</TABLE>
<DIV align="center"></DIV>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
<TD nowrap valign=top> <img src="x.gif">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD width=100%><div align="center">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF <br>
  THE SECURITIES EXCHANGE ACT OF 1934 <br>
For the fiscal year ended December 31, 2008<b><br>
<br>

</b>OR </div></TD>
</TR>
</TABLE>
<DIV align="center"></DIV>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
<TD nowrap valign=top> <img src="nox.gif">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD width=100%> <p align="center">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF<br>
THE SECURITIES EXCHANGE ACT OF 1934
    <br>
    <br>
OR </p></TD>

</TR>
</TABLE>
<br>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD nowrap valign=top><img src="nox.gif">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width=100%><p align="center">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES<br>
      EXCHANGE ACT OF 1934<br>
    Comission file number: 1-14732<br>

    <br>
    <br>
    </p>
    </TD>
  </TR>
</TABLE>


  <DIV align="center">
  <TABLE border=0 width=20% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

<TR valign=middle>
<TD><HR SIZE=1></TD>
</TR>
</TABLE>
  <B><FONT SIZE=3>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT><br>
  </B> (Exact Name of Registrant as Specified in its Charter)<I> <br>
  <br>
  </I><font size="3"><b>NATIONAL STEEL COMPANY<br>

  </b></font>(Translation of Registrant's name into English) <font size="3"><b><br>
  </b></font><I><br>
  </I><font size="3"><b>THE FEDERATIVE REPUBLIC OF BRAZIL<br>
  </b></font>(Jurisdiction of incorporation or organization)
  <br>
  <br>
  <TABLE border=0 width=20% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR valign=middle>
<TD><HR SIZE=1></TD>

</TR>
</TABLE>
  <I>

  </I></div>
  <div align="center">
    <p>Paulo Penido Pinto Marques, Chief Financial Officer<br>
      Phone: +55 11 3049-7100&nbsp;&nbsp; Fax: +55 11 3049-7212<br>
invrel@csn.com.br
      <b><br>

      Av. Brigadeiro Faria Lima, 3,400 &ndash; 20th  floor<br>
      04.538-132, S&atilde;o Paulo-SP, Brazil<br>
      </b>(Address  of principal executive offices)</p>
    <TABLE border=0 width=20% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR valign=middle>
<TD><HR SIZE=1></TD>
</TR>

</TABLE>
</div>

<div align="center"> <br>
  <b>Securities registered or to be registered pursuant to Section 12(b) of the Act.</b>  <br>
</div>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD></TD>
    <TD></TD>

  </TR>
  <TR valign="bottom">
    <TD width="50%" align=center><U><b>Title of each class</b></U><b>&nbsp;&nbsp;</b></TD>
    <TD align=center><U><b>Name of each exchange on which registered</b></U><b>&nbsp;&nbsp;</b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>Common Shares without par value&nbsp;&nbsp;</TD>

    <TD align=center>New York Stock Exchange*&nbsp;&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>American Depositary Shares, (as evidenced &nbsp;</TD>
    <TD align=center>New York Stock Exchange&nbsp;&nbsp;</TD>
  </TR>
  <TR valign="bottom">

    <TD align=center>by American Depositary&nbsp;Receipts), each</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>representing one  share of Common Stock</TD>
    <TD align=center>&nbsp;</TD>
  </TR>

</TABLE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
    <TR>
      <TD colspan="2"> ______________&nbsp; </TD>
    </TR>
    <TR>
      <TD nowrap valign=top><B>*</B>&nbsp; &nbsp; &nbsp; </TD>

      <TD width=100%> <div align="justify">Not for trading  purposes, but only in connection with the registration of American Depositary  Shares pursuant to the requirements of the Securities and Exchange Commission.</div></TD>
    </TR>
</TABLE>
  <p align="center"><b>Securities registered or to be registered pursuant to Section 12(g) of the Act:</b> <br>
    None<br>
    <br>
    <b>Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:<br>

    </b>None
  </p>
  <p><b>Indicate  by check mark if the registrant is a well-known seasoned issuer, as defined in  Rule 405 of the Securities Act.</b></p>
  <div align=center><font face="times new roman"><b>Yes</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="nox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="times new roman"><b>No</b></font><b>&nbsp;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="x.gif"></DIV>
  <p><B>Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the</B>&nbsp;<B>period covered by the annual report:</B>&nbsp;</p>
  <TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

    <tr>
      <td width="30%" valign="top">Common Shares, without par value.</td>
      <td width="70%"> 793,403,838, including 34,734,384 common shares held in&nbsp; treasury. This amount considers the cancellation of shares and&nbsp; takes into account the one-for-three stock split that took place&nbsp; in January 2008, whereby each common share of our capital&nbsp; stock as of December 31, 2007 became represented by three&nbsp; common shares. For further information, see &#147;Item 7A.&nbsp; Major Shareholders,&#148; &#147;Item 9A. Offer and Listing Details&#148;&nbsp; and &#147;Item 10B. Memorandum and Articles of Association.&#148;&nbsp;</td>

  </tr>
</table>
  <p><B>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the</B>&nbsp;<B>Securities Act.</B>&nbsp;</p>
<div align=center><font face="times new roman"><b>Yes</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="x.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="times new roman"><b>No</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img src="nox.gif"></DIV>
<p><B>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file</B>&nbsp;<B>reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</B>&nbsp;</p>
<div align=center><font face="times new roman"><b>Yes</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="nox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="times new roman"><b>No</b></font><b>&nbsp;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="x.gif"></DIV>

<p><B>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or</B>&nbsp;<B>15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that</B>&nbsp;<B>the registrant was required to file such reports), and (2) has been subject to such filing requirements for the</B>&nbsp;<B>past 90 days.</B>&nbsp;</p>
<div align=center><font face="times new roman"><b>Yes</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="x.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="times new roman"><b>No</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img src="nox.gif"></div>
<p><B>Indicate by check mark whether the registrant has submitted electronically and posted on its corporate</B>&nbsp;<B>Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of</B>&nbsp;<B>Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that</B>&nbsp;<B>the registrant was required to submit and post such files).</B>&nbsp;</p>
<div align=center><font face="times new roman"><b>Yes</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="nox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="times new roman"><b>No</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img src="x.gif"></div>

<p><B>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-</B>&nbsp;<B>accelerated filer. See definition of &#147;accelerated filer and large accelerated filer&#148; in Rule 12b-2 of the</B>&nbsp;<B>Exchange Act. (Check one):</B>&nbsp;</p>
<div align=center><font face="times new roman"><b>Large Accelerated Filer</b></font><font face="times new roman" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="x.gif">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="times new roman"><b>Accelerated Filer</b></font><font face="times new roman" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img src="nox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="times new roman"><b>Non-accelerated Filer</b></font><font face="times new roman" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="nox.gif"></font></div>
<p><B>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements</B>&nbsp;<B>included in this filing:</B>&nbsp;</p>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <tr>
    <td width="213" valign="top"><p align="center"><b>U.S.</b><b> GAAP </b><b><font face="times new roman" size="2"><img src="x.gif"></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b></p></td>
    <td width="213" valign="top"><p align="center"><b>International    Financial Reporting Standards as issued by the International Accounting    Standards Board </b><font face="times new roman" size="2"><img src="nox.gif"></font></p></td>
    <td width="213" valign="top"><p align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other </b><font face="times new roman" size="2"><img src="nox.gif"></font></p></td>
  </tr>

</table>
<p><B>If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which financial</B>&nbsp;<B>statement item the registrant has elected to follow:</B>&nbsp;</p>
<div align=center><b><font face="times new roman">Item 17</font></b><font face="times new roman" size="2">&nbsp;&nbsp;<img src="nox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="times new roman">Item 18</font></b><font face="times new roman" size="2">&nbsp;&nbsp;<img src="nox.gif"> <br>
</font></div>
<p><B>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in</B>&nbsp;<B>Rule 12b-2 of the Exchange Act).</B>&nbsp;</p>
<div align=center><b><font face="times new roman">Yes</font></b><font face="times new roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="nox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="times new roman">No</font></b><font face="times new roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img src="x.gif"></font></div>


<HR SIZE=2 noshade color="#000000">
<H5 align="left" style="page-break-before:always"></H5>
<p><A name="page_x"></A></p>
<p align="center"><b>EXPLANATORY NOTE</b></p>
<p>We are amending our Annual Report on Form 20-F for the  year ended December 31, 2008, or the Annual Report, to include amended copies  of certain exhibits to our Annual Report regarding the following main  agreements comprising the strategic partnership agreement with a consortium of  Japanese and Korean companies, or Strategic Partnership Agreement, including  Itochu Corporation, JFE Steel Corporation, Nippon Steel Corporation, Sumitomo  Metal Industries, Ltd., Kobe Steel, Ltd., Nishin Steel Co., Ltd., and Posco, or  Big Jump, concerning Nacional Min&#233;rios S.A., or Namisa, one of our  subsidiaries:</p>
<ul>
  <li>Share Purchase Agreement, dated October 21, 2008;</li>
  <li>Shareholders Agreement, dated December 30, 2008;</li>
  <li>High Silica ROM Iron Ore Supply Contract, dated October 21, 2008;</li>

  <li>Low Silica ROM Iron Ore Supply Contract, dated October 21, 2008;</li>
  <li>Iron Ore Supply Contract, dated October 21, 2008; and</li>
  <li>Port Operating Services Agreement, dated October 21, 2008.</li>
</ul>
<p>These exhibits were amended after discussions with the  Staff of the Securities and Exchange Commission, or the SEC, during their review  of an application for confidential treatment of certain portions of the  Strategic Partnership Agreement and are filed herewith redacted.<br>
  <br>
No other changes are being made to the Annual Report,  as originally filed and as amended on March 18, 2010. The Annual Report, as  amended by this amendment, continues to speak as of the date of its original  filing and we have not updated the disclosure as of a later date.&nbsp;</p>
<p>&nbsp;</p>

<HR SIZE=2 noshade color="#000000">
<H5 align="left" style="page-break-before:always"></H5>


<P align="right"><a href="#topdraft">Table of Contents</a></P>
<P align="left"><B>Item 19. Exhibits </B><A name="topexhibit" id="topexhibit"></A></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <tr>
    <td width="14%"></td>
    <td width="2%"></td>
    <td width="83%"></td>

  </tr>
  <tr valign="bottom">
    <td align="center" valign="top"><b>Exhibit</b>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td align="center" valign="top"><b>Description</b>&nbsp;</td>
  </tr>
  <tr valign="bottom" style="font-size: 1px">
    <td valign="top">&nbsp;</td>

    <td valign="top"></td>
    <td align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top"><b>Number</b>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align="center" valign="top">1.1</td>
    <td align="left" valign="top">(1)</td>
    <td align="left" valign="top">Bylaws of CSN, as amended to date.</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top">2.1</td>

    <td align="left" valign="top">(1)</td>
    <td align="left" valign="top">Amended and Restated  Deposit Agreement, dated as of November 1, 1997, and as further&nbsp;amended as  of November 13, 1997 and as of June 10, 2004, among CSN, JPMorgan&nbsp;Chase  Bank, as depositary, and the registered holders from time to time of the  American&nbsp;Depositary Receipts, including the form of American Depositary  Receipt (incorporated&nbsp;by reference to the Registration Statement on Form  F- 6 relating to the ADSs (File n&deg;&nbsp;333-115078) filed with the SEC on April  30, 2004).&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top">8.1&nbsp;</td>

    <td align="left" valign="top">(1)</td>
    <td align="left" valign="top">List of subsidiaries&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top">10.1*&nbsp;</td>
    <td align="left" valign="top">(2)</td>
    <td align="left" valign="top">Equity Swap  Agreement, originally dated as of July 11, 2008 between CSN Madeira&nbsp;Ltda.  and Goldman Sachs International.&nbsp;</td>

  </tr>
  <tr valign="bottom">
    <td align="center" valign="top"><a href="exhibit102.htm">10.2*&nbsp;</a></td>
    <td align="left" valign="top">+</td>
    <td align="left" valign="top"><a href="exhibit102.htm">Share Purchase Agreement, dated October 21, 2008, among the Company, Big Jump Energy Participa&#231;&#245;es S.A., Itochu Corporation, JFE Steel Corporation, Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nishin Steel Co., Ltd., and Posco.</a>&nbsp;</td>
  </tr>
  <tr valign="bottom">

    <td align="center" valign="top"><a href="exhibit103.htm">10.3*&nbsp;</a></td>
    <td align="left" valign="top">+</td>
    <td align="left" valign="top"><a href="exhibit103.htm">Shareholders Agreement of Nacional Min&#233;rios S.A., dated December 30, 2008, between the Company and Big Jump Energy Participa&#231;&#245;es S.A.</a>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top"><a href="exhibit104.htm">10.4*&nbsp;</a></td>

    <td align="left" valign="top">+</td>
    <td align="left" valign="top"><a href="exhibit104.htm">High Silica ROM Iron Ore Supply Contract, dated October 21, 2008, between the Company and Nacional Min&#233;rios S.A.</a>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top"><a href="exhibit105.htm">10.5*</a>&nbsp;</td>
    <td align="left" valign="top">+</td>

    <td align="left" valign="top"><a href="exhibit105.htm">Low Silica ROM Iron Ore Supply Contract, dated October 21, 2008, between the Company and Nacional Min&#233;rios S.A.</a>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top"><a href="exhibit106.htm">10.6*</a>&nbsp;</td>
    <td align="left" valign="top">+</td>
    <td align="left" valign="top"><a href="exhibit106.htm">Iron Ore Supply Contract, dated October 21, 2008, between the Company and Nacional Min&#233;rios S.A.</a>&nbsp;</td>

  </tr>
  <tr valign="bottom">
    <td align="center" valign="top"><a href="exhibit107.htm">10.7*</a>&nbsp;</td>
    <td align="left" valign="top">+</td>
    <td align="left" valign="top"><a href="exhibit107.htm">Port Operating Services Agreement, dated October 21, 2008, between the Company and Nacional Min&#233;rios S.A.</a>&nbsp;</td>
  </tr>
  <tr valign="bottom">

    <td align="center" valign="top"><a href="exhibit121.htm">12.1&nbsp;</a></td>
    <td align="left" valign="top">+ </td>
    <td align="left" valign="top"><a href="exhibit121.htm">Section 302 Certification of Chief Executive Officer.&nbsp;</a></td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top"><a href="exhibit122.htm">12.2&nbsp;</a></td>
    <td align="left" valign="top">+ </td>

    <td align="left" valign="top"><a href="exhibit122.htm">Section 302 Certification of Chief Financial Officer.&nbsp;</a></td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top">13.1&nbsp;</td>
    <td align="left" valign="top">(1)</td>
    <td align="left" valign="top">Section 906 Certification of Chief Executive Officer.&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align="center" valign="top">13.2&nbsp;</td>
    <td align="left" valign="top">(1)</td>
        <td align="left" valign="top">Section 906 Certification of Chief Financial Officer.&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top">15.1&nbsp;</td>

    <td align="left" valign="top">(1)</td>
        <td align="left" valign="top">Management&#146;s report dated March 17, 2010, on the effectiveness of our internal control over&nbsp;financial reporting as of December 31, 2008.&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="center" valign="top">15.2&nbsp;</td>
    <td align="left" valign="top">(1)</td>

        <td align="left" valign="top">Consent of Golder Associates S.A.&nbsp;</td>
  </tr>
</table>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
  <TD nowrap valign=top>(1)</TD>
  <TD>Incorporated by  reference from Amendment No. 1 to the Annual Report on Form 20-F for the year  ended December 31, 2008, filed with the SEC on March 18, 2010.</TD>
</TR>
<TR>

  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>(2)</TD>
  <TD>Incorporated by  reference from our Annual Report on Form 20-F for the year ended December 31,  2008, filed with the SEC on June 30, 2009.</TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>

</TR>
<TR>
  <TD nowrap valign=top>+</TD>
  <TD>Filed herewith.</TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>

<TR>

	<TD nowrap valign=top>
*&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission as part of an application for confidential treatment pursuant to the Securities Exchange Act of 1934, as amended.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_122"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD width=2%></TD>
	<TD width=6%></TD>
	<TD width=1%></TD>
	<TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=center colspan=5><B>SIGNATURE</B></TD></TR>

<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=5>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    The registrant hereby  certifies that it meets all the requirements for filing on Form 20-F and that  it has duly caused and authorized the undersigned to sign this annual report on  its behalf.</TD>
</TR>

<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;July 15, 2010 &nbsp;</TD>

	<TD>&nbsp;</TD>
	<TD colspan=3 align=left>&nbsp;Companhia Sider&uacute;rgica Nacional&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;By:&nbsp;</TD>
	<TD>&nbsp;</TD>

	<TD align=left><U>/s/ Benjamin Steinbruch</U>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Benjamin Steinbruch&nbsp;</TD></TR>
<TR valign="bottom">

	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Chief Executive Officer&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>

	<TD>&nbsp;</TD>
	<TD align=left>By:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left><U>/s/ Paulo Penido Pinto Marques</U>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD>

	<TD>&nbsp;</TD>
	<TD align=left>Paulo Penido Pinto Marques&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Chief Financial Officer&nbsp;</TD></TR>

</TABLE>
<BR>
<P align="center">&nbsp;</P>

</BODY>

</HTML>






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>exhibit102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<!DOCTYPE HTML PUBLIC "">


<html><head><title>Provided by MZ Data Products</title></head>

<BODY style="font-family: 'Times New Roman, Times, Serif'; text-align:justify; font-size:11px" bgcolor="#ffffff">
<P align="right"><a href="sidform20f2008a.htm#topexhibit">Table of Contents</a></P>
<A name="page_1"></A>
<P align="right">
EXECUTION COPY </P>
<P align="center">
SHARE PURCHASE AGREEMENT AND OTHER COVENANTS </P>
<P align="center">
by and among </P>
<P align="center">
COMPANHIA SIDER&Uacute;RGICA NACIONAL, </P>
<P align="center">
as Seller </P>
<P align="center">
BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A., </P>
<P align="center">
as Buyer </P>
<P align="center">
ITOCHU CORPORATION, </P>
<P align="center">
JFE STEEL CORPORATION, </P>
<P align="center">
NIPPON STEEL CORPORATION, </P>
<P align="center">
SUMITOMO METAL INDUSTRIES, LTD., </P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KOBE STEEL, LTD., </P>
<P align="center">NISSHIN STEEL CO., LTD., and </P>
<P align="center">POSCO </P>
<P align="center">
as Guarantors </P>
<P align="center">
and </P>
<P align="center">
NACIONAL MIN&Eacute;RIOS S.A. </P>
<P align="center">
BRAZIL JAPAN IRON ORE CORPORATION </P>
<P align="center">
as Intervening Parties </P>
<P align="center">
relating to the sale and purchase and subscription of shares of </P>
<P align="center">
NACIONAL MIN&Eacute;RIOS S.A. </P>
<P align="center">
Dated as of October 21<B>, </B>2008. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_2"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=8%></TD>
	<TD width=2%></TD>
	<TD></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD colspan="5" align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<U>T</U><U>ABLE OF
    </U><U>C</U><U>ONTENTS</U>&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right> Page&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 1 DEFINITIONS AND RULES OF CONSTRUCTION&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>1.1&nbsp; Definitions.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>1.2&nbsp; Rules of Construction.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>17&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 2 PURCHASE AND SALE&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>18&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>2.1&nbsp; Purchase and Sale of the Company Shares.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>18&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>2.2&nbsp; Purchase Price of the Acquired Shares&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>18&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>2.3&nbsp; Adjustment to the Acquired Shares Price.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>18&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 3 CAPITAL CONTRIBUTION&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>20&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>3.1&nbsp; Capital Contribution.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>20&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>3.2&nbsp; Adjustment to the New Shares Price.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>21&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 4 CLOSING&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>22&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>4.1&nbsp; The Closing.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>22&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>4.2&nbsp; Closing Obligations.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>23&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 5 CONDITIONS TO OBLIGATIONS&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>24&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>5.1&nbsp; Conditions to Each Party's Obligation.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>24&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 6 REPRESENTATIONS AND WARRANTIES&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>27&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>6.1&nbsp; Representations and Warranties of Seller Relating to Seller and the Shares</TD>
	<TD>&nbsp;</TD>
	<TD align=right>27&nbsp;&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>6.2&nbsp; Representations and Warranties of Buyer.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>36&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>6.3&nbsp; Representation and Warranties of the Guarantors&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>38&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 7 COVENANTS&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>39&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>7.1&nbsp; Pre-Closing Covenants.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>39&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>7.2&nbsp; Post-Closing Covenants.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>42&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 8 LIMITATIONS&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>43&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>8.1&nbsp; Limitation of Warranties.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>43&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>8.2&nbsp; Waiver of Damages.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>43&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>8.3&nbsp; No Reliance.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>44&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 9 INDEMNIFICATION&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>44&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>9.1&nbsp; Indemnification by Seller.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>44&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>9.2&nbsp; Indemnification by the Buyer.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>45&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>9.3&nbsp; Limitations of Liability.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>45&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>9.4&nbsp; Indemnification Procedure.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>46&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>9.5&nbsp; Survival and Time Limitation.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>48&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>9.6&nbsp; Further Indemnity Limitations&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>49&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>9.7&nbsp; Sole and Exclusive Remedy.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>49&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>ARTICLE 10 TERMINATION&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>49&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>10.1&nbsp;Termination.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>49&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>10.2&nbsp;Effect of Termination.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>50&nbsp;&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_3"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left>ARTICLE 11 GUARANTY&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>51&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 11.1&nbsp;Guarantors&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>51&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>ARTICLE 12 MISCELLANEOUS&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>51&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.1&nbsp;Approval by SBDC.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>51&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.2&nbsp;Governing Law.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>51&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.3&nbsp;Arbitration.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>52&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.4&nbsp;Entire Agreement.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>53&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.5&nbsp;Notices.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>53&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.6&nbsp;Parties in Interest; Assignment.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>56&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.7&nbsp;Amendments and Waivers.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>56&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.8&nbsp;Schedules and Exhibits.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>57&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.9&nbsp;Agreement for the Parties' Benefit Only; Non-Recourse.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>57&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.10Severability&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>57&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.11Conversion of Amounts.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>58&nbsp;&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp; &nbsp;Section 12.12Confidentiality.&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>60&nbsp;&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><U>E</U><U>XHIBITS</U>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Exhibit A (Extraordinary General Shareholders Meeting and By-Laws)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Exhibit B (Off Take Agreements)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Exhibit C (Basic Operational Agreements)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Exhibit D (Amendment to Transportation Agreement)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Exhibit E (Method of Calculation of Estimated Net Debt and Final Net Debt)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Exhibit F (Method of Calculation of Estimated Working Capital, Final Working&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Capital and Working Capital Reference Amount)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><U>S</U><U>CHEDULES</U>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;1.1(iv) (Shareholders&#8217; Agreement)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;2.2.1 (Seller&#8217;s Bank Accounts)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;2.3.2 (Buyer&#8217;s Bank Accounts)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;3.1.2 (Company&#8217;s Bank Accounts)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.6 (Consents)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.7 (Actions)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.8 (Capitalization of the Company)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.9(i) (Compliance with Applicable Law)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.9(ii) (Compliance with Applicable Law)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.11(i) (Real Estate)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.11(ii) (Real Estate)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.11(iii) (Real Estate)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule 6.1.11(iv) (Real Estate)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.11(v) (Real Estate)</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_4"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=70%></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.11(vi) (Mining Rights)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.11(x) (Mining Rights and Real Estate)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.11(xi) (Mining Rights and Real Estate)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.12(i) (Contracts)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.12(ii) (Contracts)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.13&nbsp;(Labor Matters)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.14&nbsp;(Subsidiaries)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.15(i) (Permits)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.15(ii) (Permits)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.16 (Environmental Matters)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.17 (Tax Matters)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.19&nbsp;(Insurance)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.23&nbsp;(Undisclosed Liabilities)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;6.1.24&nbsp;(Intellectual Property)</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Schedule&nbsp;11.1 (Guarantors Percentage Ownership of Buyer)</TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_5"></A>

<P align="center">
SHARE PURCHASE AGREEMENT AND OTHER COVENANTS </P>
<P align="justify">
This Share Purchase Agreement and Other Covenants (this "<U>Agreement</U>"), is made and entered into on October 21, 2008, by and among (A) BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A., a closely-held corporation (<I>sociedade an&ocirc;nima</I>)
incorporated, organized and existing under the laws of Brazil, having its registered office at Municipality of S&atilde;o Paulo, State of S&atilde;o Paulo, at Rua da Consola&ccedil;&atilde;o, 247, 3<SUP>rd</SUP> Floor, Room 85A, herein represented
pursuant to its by-laws, enrolled with the Federal Taxpayers&#8217; Registry (<I>CNPJ/MF</I>) under N. 09.431.882/0001 -14 ("<U>Buyer</U>"); (B) COMPANHIA SIDER&Uacute;RGICA NACIONAL, a publicly-held corporation (<I>sociedade an&ocirc;nima</I>)
incorporated, organized and existing under the laws of Brazil, having its registered office at the Municipality of Rio de Janeiro, State of Rio de Janeiro, at Rua S&atilde;o Jos&eacute; 20, group 1602 (part), enrolled with the Federal
Taxpayers&#8217; Registry (<I>CNPJ/MF</I>) under N. 33.042.730/0001 -04, herein represented pursuant to its bylaws ("<U>Seller</U>"); (C) (i) ITOCHU CORPORATION, a company incorporated, organized and existing under the Laws of Japan, having its
registered office at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo, Japan, herein represented pursuant to its bylaws ("<U>Itochu</U>"), (ii) JFE STEEL CORPORATION,<B> </B>a company incorporated, organized and existing under the Laws of Japan, having
its registered office at 2-2-3, Uchisaiwai-cho, Chiyoda-ku, Tokyo, Japan, herein represented pursuant to its bylaws ("<U>JFE</U>"), (iii) NIPPON STEEL CORPORATION, a company incorporated, organized and existing under the Laws of Japan, having its
registered office at 6-3, Otemachi 2-chome, Chiyoda-ku, Tokyo 100-8071, Japan, herein represented pursuant to its by-laws ("<U>Nippon</U>"), (iv) SUMITOMO METAL INDUSTRIES, LTD., a company incorporated, organized and existing under the Laws of
Japan, having its registered office at Triton Square Office Tower Y 8-11, Harumi 1-chome, Chuo-ku, Tokyo, 104-6111, Japan, herein represented pursuant to its articles of association ("<U>Sumitomo</U>"), (v) KOBE STEEL, LTD., a company incorporated, organized and existing under the Laws of Japan, having its registered office at 3-chome at 10-26, Wakinohama-cho 2-chome, Chuo-Ku, Kobe, 651-8585, Japan, herein represented pursuant
to its articles of association ("<U>Kobe</U>"), (vi) NISSHIN STEEL CO., LTD., a company incorporated, organized and existing under the Laws of Japan, having its registered office at 4-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo 100-8366, Japan, herein
represented pursuant to its articles of association ("<U>Nisshin</U>") and (vii) POSCO a company incorporated, organized and existing under the Laws of Korea, having its registered office at 892 Daechi 4-dong Gangnam-gu, Seoul, 135-777, Korea,
herein represented pursuant to its by-laws ("<U>Posco</U>" and together with Itochu, JFE, Nippon, Sumitomo, Kobe and Nisshin, the "<U>Guarantors</U>") and (D) as an intervening parties, (i) NACIONAL MIN&Eacute;RIOS S.A., a closely-held corporation
(<I>sociedade an&ocirc;nima</I>) incorporated, organized and existing under the laws of Brazil, herein represented
pursuant to its by-laws (the "<u>Company</u>") and (ii) Brazil Japan Iron Ore Corporation, a corporation duly organized and existing under the laws of Japan, with its head office located at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo 107-8077, Japan,
herein represented pursuant to its by-laws ("<u>Japanese SPC</u>"). Seller and Buyer are referred to herein, individually, as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>". Capitalized terms used in this Agreement and not defined in
context have the definitions set forth in Section 1.1. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_6"></A>

<P align="center">RECITALS: </P>
<P align="justify">
A. Seller owns  common shares, with no par value, representing 100% of the outstanding capital stock of the Company, including shares transferred to the members of the Board of Directors (<I>conselho de administra&ccedil;&atilde;o</I>) appointed by
Seller (the "<U>Company Shares</U>"), which has its registered office at Logradouro Casa de Pedra, without number, part, Municipality of Congonhas, State of Minas Gerais, enrolled with the Federal Taxpayer's Registry (<I>CNPJ/MF</I>) under N.
08.446.702/0001 -05; and </P>
<P align="justify">
B. Buyer wants to (i) acquire a certain percentage of shares issued by the Company from Seller and (ii) invest in the Company, upon the terms and conditions set forth in this Agreement. In addition, Seller and Buyer desire to enter into other
transactions contemplated in this Agreement. </P>
<P align="justify">
NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants, agreements and conditions set forth in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by each Party, the Parties agree as follows: </P>
<P align="center">
Article 1 <br>
<U>DEFINITIONS AND RULES OF CONSTRUCTION</U> </P>
<P align="justify">
Section 1.1 <U>Definitions</U>.</P>
<P align="justify">
As used herein, the following terms shall have the following meanings: </P>
<P align="justify">
"<U>Acquired Shares</U>" shall have the meaning ascribed to it in Section 2.1. </P>
<P align="justify">
"<U>Acquired Shares Price</U>" shall have the meaning ascribed to it in Section 2.2.1. </P>
<P align="justify">
"<U>Acquired Shares Adjusted Price</U>" shall have the meaning ascribed to it in Section 2.3.2(a) . </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_7"></A>

<P align="justify">
"<U>Action</U>" means any litigation, action, suit, proceeding, condemnation, investigation, judicial or administrative claim, or audit commenced, brought or conducted by or before or with any court or other Governmental Authority, or any
arbitration proceeding. </P>
<P align="justify">
"<U>Agreement</U>" shall have the meaning ascribed to it in the recitals. </P>
<P align="justify">
"<U>Agreement to Closing</U>" shall have the meaning ascribed to it in Section 4.1.1. </P>
<P align="justify">
"<U>Amendment to Transportation Agreement</U>" shall have the meaning ascribed to it in Section 5.1.8. </P>
<P align="justify">
"<U>Applicable Law</U>" means any constitution, statute, law, regulation, rule, ruling, charge, order, writ, injunction, judgment or decree of or by any Governmental Authority applicable to such Person or its business, properties or assets. </P>
<P align="justify">
"<U>Arbitral Tribunal</U>" shall have the meaning ascribed to it in Section 12.3.2. </P>
<P align="justify">
"<U>Argentina</U>" shall have the meaning ascribed to it in Section 5.1.10. </P>
<P align="justify">
"<U>Basic Operational Agreements</U>" shall have the meaning ascribed to it in Section 5.1.7. </P>
<P align="justify">
"<U>Brazil</U>" means the Federative Republic of Brazil. </P>
<P align="justify">
"<U>Business Day</U>" means any day (excluding Saturdays and Sundays) on which commercial banks generally are open for the transactions of normal banking business (i) in the City of S&atilde;o Paulo, Brazil, (ii) in the City of New York, United
States of America, (iii) in the City of Tokyo, Japan and (iv) in the City of Seoul, South Korea. </P>
<P align="justify">
"<U>Buyer</U>" shall have the meaning ascribed to it in the recitals. </P>
<P align="justify">
"<U>Buyer Indemnified Party</U>" shall have the meaning ascribed to it in Section 9.1. </P>
<P align="justify">
"<U>CADE</U>" means Conselho Administrativo de Defesa Econ&ocirc;mica. </P>
<P align="justify">
"<U>CdP Mine</U>" means the Casa de Pedra mine, owned by Seller, located in the Municipality of Congonhas, State of Minas Gerais, related to the DNPM Process N. 043.306/1956, with all its goods, accessories, easements and rights granted by the DNPM
and/or acquired from third parties. </P>
<P align="justify">
"<U>CFM</U>" means Cia. de Fomento Mineral e Participa&ccedil;&otilde;es &#8211; CFM. </P>
<P align="justify">
"<U>Closing</U>" means the closing of the purchase and sale of the Acquired Shares and the subscription and payment of the New Shares under the terms and conditions hereof. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_8"></A>

<P>
"<U>Closing Date</U>" shall have the meaning ascribed to it in Section 4.1.1. </P>
<P>
"<U>Closing Final Statement</U>" shall have the meaning ascribed to it in Section 2.3.1. </P>
<P>"<U>Company</U>" shall have the meaning ascribed to it in the recitals. </P>
<P>"<U>Company Shares</U>" shall have the meaning ascribed to it in the recitals.  </P>
<P>"<U>Confidential Information</U>" shall have the meaning ascribed to it in Section 12.12. </P>
<P>"<U>Contracts</U>" shall have the meaning ascribed to it in Section 6.1.12. </P>
<P>
"<U>Conversion Notice</U>" shall have the meaning ascribed to it in Section 12.11.2(b) . </P>
<P>"<U>Converted Amount</U>" shall have the meaning ascribed to it in Section 12.11.2(b) . </P>
<P>"<U>CSN Espanha</U>" shall have the meaning ascribed to it in Section
  6.1.1. </P>
<P>
"<U>Deductible Amount</U>" means an amount in Reais equivalent to US&#36;[&#149;].<SUP>1</SUP> </P>
<P>"<U>Deposit Notice</U>" shall have the meaning ascribed to it in Section 12.11.2(a) . </P>
<P>"<U>Deposited Amount</U>" shall have the meaning ascribed to it in
  Section 12.11.2(a) . </P>
<P>"<U>Dispute</U>" shall have the meaning ascribed to it in Section 12.3. </P>
<P>
"<U>Dollar</U>" means the currency in full force and effect in the United States of America. </P>
<P align="justify">
"<U>Environment</U>" means any part of the environment or surroundings, including, without limitation, air (including, without limitation, that within buildings or natural or man-made structures, whether above or below ground), water (including,
without limitation, territorial, coastal and inland waters and ground water and drains and sewers) and land (including, without limitation, sediment, sea bed or river bed under any water as described above, surface land and sub-surface land, and any
natural or man-made structures) and wildlife (including, without limitation, plants, animals and other biological resources) and (for the avoidance of doubt) includes any of the above that forms part of a relevant Person's own property. </P>
<P align="justify">
"<U>Environmental Laws</U>" means any Applicable Law, all judicial and administrative orders and determinations, all contractual obligations concerning public health and safety, pollution, protection of the Environment or destruction of natural
resources, including, without limitation, all those relating to the presence, use, production, generation, handling, transportation, treatment, storage, disposal, distribution,
labeling, testing, processing, discharge, release, threatened release, control, or cleanup of any Hazardous Substances or the mitigation of the effects thereon, each as amended or in effect prior to or at the date of Closing. </P>
<P align="justify">
<SUP>____________________<br>
1</SUP> Text marked as [&#149;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_9"></A>

<P align="justify">"<U>Estimated Equity Value</U>" means US&#36;[&#149;], which represents the enterprise value of the Company, in the amount of US&#36;[&#149;], as agreed by Buyer and Seller, minus the New Shares Price, plus the positive amount, if any, by which the
Estimated Working Capital exceeds the Working Capital Reference Amount, minus the positive amount, if any, by which the Working Capital Reference Amount exceeds the Estimated Working Capital, minus the amount of Estimated Net Debt (whether such
amount is positive or negative). </P>
<P align="justify">
"<U>Estimated Net Debt</U>" means US&#36;[&#149;], calculated using an estimated Closing Date exchange rate of R&#36;2.20/US&#36; 1.00, calculated pursuant to the method described in Exhibit E. </P>
<P align="justify">
"<U>Estimated Working Capital</U>" means US&#36;[&#149;]calculated using an estimated Closing Date exchange rate of R&#36;2.20/US&#36; 1.00, calculated pursuant to the method described in Exhibit F. </P>
<P align="justify">
"<U>Extraordinary General Shareholders Meeting</U>" shall have the meaning ascribed to it in Section 3.1.1. </P>
<P align="justify">
"<U>Final Balance Sheet</U>" shall have the meaning ascribed to it in Section 2.3.1(a) . </P>
<P align="justify">"<U>Final Equity Value</U>" shall have the meaning ascribed to it in Section 2.3.1(d) . </P>
<P align="justify">"<U>Final Notice to Closing</U>" shall have the meaning ascribed to it
in Section 4.1.2. </P>
<P align="justify">"<U>Final Net Debt</U>" shall have the meaning ascribed to it in Section 2.3.1(c) . </P>
<P align="justify">"<U>Final Working Capital</U>" shall have the meaning ascribed to it in Section 2.3.1(b) . </P>
<P align="justify">
"<U>Financial Statements</U>" means (i) the audited consolidated and unconsolidated balance sheets, statements of income, changes in stockholders&#8217; equity and cash flow of the Company as of and for the fiscal years ended on December 31, 2006
and December 31, 2007 and (ii) the unaudited consolidated and unconsolidated balance sheet, statements of income, changes in stockholders&#8217; equity and cash flow of the Company as of and for the quarter ended on September 30, 2008. </P>
<P align="justify">
"<U>Free Lease (</U><I><U>Comodato</U></I><U>) Agreements</U>" means the agreements entered into, on the date hereof, between the Company and Seller, relating to (a) the area in which the new magnetic concentrator for B-IV and B-V Tailing Dams will
be built as per the Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects) (as defined herein); and (b) the area of approximately 200 m<SUP>2</SUP> to be used by the Company for
administrative activities related to port shipment of iron ore, as per the Port Operating Services Agreement (as defined herein). </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_10"></A>

<P>"<U>GAAP</U>" means generally accepted accounting principles applicable in the country for which any particular financial statements of a company are prepared, as in effect as at the time such financial statements are prepared. </P>
<P>
"<U>Governmental Approval</U>" means any consent, approval, order, permit, waiver or authorization for, notice to, or registry, declaration or filing before, any Governmental Authority. </P>
<P>
"<U>Governmental Authority</U>" means any supranational, federal, national, state, municipal, local or similar government, governmental, regulatory, administrative or tax authority, agency or commission or any court, tribunal, or judicial or
arbitral body. </P>
<P>
"<U>Governmental Order</U>" means any preliminary or final order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with, issued or granted by any Governmental Authority. </P>
<P>
"<U>Guarantors</U>" shall have the meaning ascribed to it in the recitals. </P>
<P align="justify">
"<U>Hazardous Substance</U>" means any pollutants, contaminants or chemicals, and any industrial, toxic or otherwise hazardous materials, substances or wastes with respect to which limits, Liabilities or standards of conduct are imposed under any
Environmental Laws, including, without limitation, petroleum and petroleum-related substances, products, by-products and wastes, asbestos, urea formaldehyde and lead-based paint. </P>
<P align="justify">
"<U>High Silica ROM Iron Ore Supply Contract</U>" means the agreement entered into, on the date hereof, among the Company and Seller, as parties, and Buyer, Japanese SPC and Posco, as intervening parties, whereby Seller shall supply, and the Company shall acquire, crude unprocessed iron ore with high silica (SiO<SUB>2</SUB>) content on a run-of-mine (ROM) basis from CdP Mine, in accordance with the terms and conditions provided therein. </P>
<P align="justify">
"<U>ICC Court</U>" shall have the meaning ascribed to it in Section 12.3.2. </P>
<P align="justify">"<U>ICC Rules</U>" shall have the meaning ascribed to it in Section 12.3.1. </P>
<P align="justify">"<U>Indemnified Claim</U>" shall have the meaning ascribed to it in Section 9.4.3.  </P>
<P align="justify">"<U>Indemnified Party</U>" shall have the meaning ascribed to it in Section 9.4.1. </P>
<P align="justify">"<U>Indemnifying Party</U>" shall have the meaning ascribed to it in Section 9.4.1. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_11"></A>

<P>
"<U>Independent Auditors</U>" means KPMG, PricewaterhouseCoopers or any other international independent accounting firm chosen by consent of the Parties. </P>
<P>
"<U>Investment</U>" shall have the meaning ascribed to it in Section 3.1.2. </P>
<P>
"<U>Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects)</U>" means the agreement entered into, on the date hereof, among the Company and Seller, as parties, and Buyer, Japanese SPC and Posco, as intervening parties, whereby (a) Seller
shall supply, and Company shall acquire, rejects resulting from the iron ore production at tailing dams B-IV and<B> </B>B-V of the<B> </B>CdP Mine and (b) Seller shall grant and Company shall receive on a loan for use basis an area where Company
will set up a concentration plant to process tailing dam rejects, in accordance with the terms and conditions provided therein. </P>
<P>
"<U>Itaminas</U>" means Itaminas Com&eacute;rcio de Min&eacute;rios S.A. </P>
<P>"<U>Itochu</U>" shall have the meaning ascribed to it in the recitals. </P>
<P>"<U>Japanese SPC</U>" shall have the meaning ascribed to it in the recitals. </P>
<P>"<U>JFE</U>" shall have the
  meaning ascribed to it in the recitals. </P>
<P align="justify">
"<U>Knowledge</U>" a Person shall be deemed to have "Knowledge" of a particular fact or other matter if any individual who is currently serving as director (<I>membro do conselho de administra&ccedil;&atilde;o</I>) or officer (<I>diretor</I>) of
such Person (or in any similar capacity) has, or at any time had, actual knowledge of such fact or other matter to the extent that such individual has complied, during all times while exercising its functions, with article 153 of Law N. 6.404/76, as
amended.  With respect to the Company, Knowledge shall include any material facts or matters reflected in any of its minutes of the board of directors (<I>conselho de administra&ccedil;&atilde;o</I>), officers (<I>diretores</I>) or shareholders.</P>
<P align="justify">
"<U>Kobe</U>" shall have the meaning ascribed to it in the recitals. </P>
<P align="justify">
"<U>Liabilities</U>" means any and all debts, losses, liabilities, claims, damages, expenses, fines, costs, royalties, proceedings, deficiencies or obligations (including those arising out of any Action, such as any settlement or compromise thereof
or judgment or award therein), of any nature, whether known or unknown, absolute, accrued, contingent or otherwise and whether due or to become due, and whether or not resulting from third party claims, and any reasonable out-of-pocket costs and
expenses (including reasonable legal counsels', accountants' or other fees and expenses incurred in defending any Action or in investigating any of the same or in asserting any rights hereunder). </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_12"></A>

<P>
"<U>Lien</U>" means any lien, pledge, security interest, charge, claim, mortgage, deed of trust, option, warrant, purchase right, lease, options, priority rights, preemptive rights, rights of first refusal, purchase preference rights, commitments,
rights of conversion, rights to exchange, transfer restrictions of any nature, or other agreements or commitments, of any nature, providing for the purchase, issuance, or sale of securities, voting trusts, stockholder agreements, proxies or other
agreements or understandings in effect with respect to any rights attributable to securities, or any other encumbrance whatsoever. </P>
<P>
"<U>Losses</U>" means any and all claims, liabilities, losses, damages, fines, penalties, condemnations and costs and expenses, including reasonable attorneys' fees, court costs and other costs in connection with a Person's defense in any Actions,
administrative proceedings or administrative investigations. </P>
<P>
"<U>Low Silica ROM Iron Ore Supply Contract</U>" means the agreement entered into, on the date hereof, among the Company and Seller, as parties, and Buyer, Japanese SPC and Posco, as intervening parties, whereby Seller shall supply, and the Company shall acquire, crude unprocessed iron ore with low silica (SiO<SUB>2</SUB>) content on a run-of-mine (ROM) basis from CdP Mine, in accordance with the terms and conditions provided therein. </P>
<P>
"<U>Material Adverse Effect</U>" means with respect to the Company, any event, change, circumstance, development, effect or state of facts that is or will be materially adverse to (i) the financial condition, properties, assets, liabilities,
business or results of operations of the Company and its Subsidiaries, taken as a whole or (ii) the ability of the Company to timely perform its material obligations under this Agreement or the Operational Agreements or to consummate the
transactions contemplated hereby or thereby; provided that a series of events collectively resulting in the same adversity shall also be considered "material". </P>
<P>
"<U>Mining Rights</U>" shall have the meaning ascribed to it in Section 6.1.11.</P>
<P>
"<U>MRS</U>" means MRS Log&iacute;stica S.A. </P>
<P>
"<U>MRS Shares Contribution</U>" shall have the meaning ascribed to it in Section 5.1.9. </P>
<P>
"<U>Negative Adjustment Date</U>" shall have the meaning ascribed to it in Section 3.2.1(c) . </P>
<P>
"<U>Negative Difference of Acquired Shares Price</U>" shall have the meaning ascribed to it in Section 2.3.2(c) . </P>
<P>
"<U>Negative Difference of New Shares Price</U>" shall have the meaning ascribed to it in Section 3.2.1(c) . </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_13"></A>

<P align="justify">
"<U>Net Debt</U>" means (i) the amount of any debt reflected on a consolidated balance sheet of the Company prepared in accordance with Brazilian GAAP, including, without duplication, (a) all obligations of the Company and its Subsidiaries for money
borrowed; (b) all obligations of the Company and its Subsidiaries evidenced by notes, debentures, bonds or other similar instruments the payment of which the Company or any of its Subsidiaries is responsible or liable as primary obligors; (c) all
payment obligations of the Company and its Subsidiaries issued or assumed for deferred purchase price payments associated with acquisitions, divestitures or other similar transactions; (d) all payment obligations of the Company and its Subsidiaries
under leases required to be capitalized in accordance with Brazilian GAAP; (e) all payment obligations of the Company and its Subsidiaries for the reimbursement of any obligor on any letter of credit, banker&#8217;s acceptance, guarantees or similar
credit, in each case including all accrued but unpaid interest (or interest equivalent) thereon; (f) all unpaid taxes and social charges included in Governmental Authorities refinancing programs; (g) any overdue accounts payable, of any nature, to
related parties and/or third parties; and (h) any other obligation that may be considered as a like-debt transaction (such as those with defined due date, subject to interest and with any type of guarantee), <I>minus</I> (ii) cash and cash
equivalents. </P>
<P>
"<U>New Shares</U>" shall have the meaning ascribed to it in Section 3.1.1. </P>
<P>
"<U>New Shares Price</U>" means the amount in Reais equivalent to US&#36; 3,047,637,015(three billion forty-seven million six hundred seventy-three thousand and fifteen Dollars), which represent the aggregate of the advance payment amounts as provided in the (a) High Silica ROM Iron Ore Supply Contract, (b) Low Silica ROM Iron Ore Supply
Contract and (c) Port Operating Services Agreement.</P>
<P>
"<U>New Shares Adjusted Price</U>" shall have the meaning ascribed to it in Section 3.2.1(a) . </P>
<P>
"<U>New York Bank</U>" shall have the meaning ascribed to it in Section 12.11.2(a) . </P>
<P>"<U>Nippon</U>" shall have the meaning ascribed to it in the recitals. </P>
<P>"<U>Nisshin</U>" shall have the meaning ascribed to it in the recitals. </P>
<P>"<U>NMSA Madeira</U>"
  shall have the meaning ascribed to it in Section 5.1.6.</P>
<P> "<U>Nogueira Duarte</U>" means Minera&ccedil;&atilde;o de Mangan&ecirc;s Nogueira Duarte Ltda. </P>
<P>"<U>Off Take Agreements</U>" shall have the meaning ascribed to them in Section 5.1.6.</P>
<P>"<U>Operational Agreements</U>" shall have the meaning ascribed to it in Section 5.1.7. </P>
<P>"<U>Party</U>" shall have the meaning ascribed to it in the recitals. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_14"></A>

<P align="justify">
"<U>Permits</U>" means any authorization, permit, license, concession, consent, resolution, exemption, filing, grant (including water grant), registration or approval required or issued by any Governmental Authority. </P>
<P align="justify">
"<U>Person</U>" means any Governmental Authority or any individual, firm, partnership, corporation, limited liability company, joint venture, trust, unincorporated organization or other entity or organization, whether or not a legal entity. </P>
<P align="justify">
"<U>Port Operating Services Agreement</U>" means the agreement entered into, on the date hereof, among the Company and Seller, as parties, and Buyer, Japanese SPC and Posco, as intervening parties, whereby Seller will provide Company with port
operating services at the Itagua&iacute; Port, in the city of Itagua&iacute;, State of Rio de Janeiro, Brazil, in accordance with the terms provided therein. </P>
<P align="justify">
"<U>Posco</U>" shall have the meaning ascribed to it in the recitals. </P>
<P align="justify">
"<U>Positive Adjustment Date</U>" shall have the meaning ascribed to it in Section 3.2.1(b) . </P>
<P align="justify">
"<U>Positive Difference of Acquired Shares Price</U>" shall have the meaning ascribed to it in Section 2.3.2(b) . </P>
<P align="justify">
"<U>Positive Difference of New Shares Price</U>" shall have the meaning ascribed to it in Section 3.2.1(b) . </P>
<P align="justify">
"<U>Post-Closing Covenants</U>" shall have the meaning ascribed to it in Section 7.2. </P>
<P align="justify">"<U>Pre-Closing Covenants</U>" shall have the meaning ascribed to it in Section 7.1. </P>
<P align="justify">"<U>Provisional Decision</U>" shall have the meaning ascribed to it in Section
  9.3.3. </P>
<P align="justify">"<U>Real</U>" means the currency in full force and effect in Brazil. </P>
<P align="justify">"<U>Real Estate</U>" shall have the meaning ascribed to it in Section 6.1.11. </P>
<P align="justify">
"<U>Records</U>" means any and all of the books, records, contracts, agreements and files of the Company existing on the Closing Date and all increases and additions thereto after the Closing Date, including computer records and electronic copies of
such information, whether maintained by Seller, Buyer, the Company or their respective Subsidiaries. </P>
<P align="justify">
"<U>Relevant Areas</U>" shall have the meaning ascribed to it in Section 7.2.1. </P>
<P align="justify">"<U>Relevant Assets</U>" shall have the meaning ascribed to it in Section 7.2.1. </P>
<P align="justify">"<U>Relevant Communities</U>" shall have the meaning ascribed to it in Section 7.2.1.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_15"></A>

<P align="justify">
"<U>Relevant Permits</U>" shall have the meaning ascribed to it in Section 7.2.1. </P>
<P align="justify">
"<U>Representative</U>" means, with respect to any Person, any officer (<I>diretor</I>), director (<I>membro do conselho de administra&ccedil;&atilde;o</I>), principal, attorney, employee, agent, consultant, accountant or other representative of
such Person.</P>
<P align="justify">
"<U>SBDC</U>" means the Brazilian Antitrust System, the <I>Sistema Brasileiro de Defesa da Concorr&ecirc;ncia</I>. </P>
<P align="justify">
"<U>Seller</U>" shall have the meaning ascribed to it in the recitals. </P>
<P align="justify">
"<U>Seller Indemnified Party</U>" shall have the meaning ascribed to it in Section 9.2. </P>
<P align="justify">
"<U>Shareholders' Agreement</U>" means the agreement to be entered into among each of Buyer, Seller, Japanese SPC, Posco and the Company on the Closing Date, in the exact form of <U>Schedule 1.1(iv)</U>. </P>
<P align="justify">
"<U>Shares</U>" shall have the meaning ascribed to it in the Section 3.1.1. </P>
<P align="justify">
"<U>Sobramil</U>" means Sociedade Brasileira de Minera&ccedil;&atilde;o Ltda. </P>
<P align="justify">
"<U>Subsidiary</U>" shall mean, with respect to any Person, any corporation, limited liability company, partnership, association, or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors (<I>membros do conselho de administra&ccedil;&atilde;o</I>), officers (<I>diretores</I>), managers (<I>gerentes</I>), or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof or (ii) if a limited liability company, partnership, association, or other business entity (other than
a corporation), a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof and for this
purpose, a Person or Persons own a majority ownership interest in such a business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such business entity&#8217;s gains or losses or shall be or control any
managing director or general partner of such business entity (other than a corporation). The term "Subsidiary" shall include all Subsidiaries of such Subsidiary. For the avoidance of doubt, MRS shall not be deemed a Subsidiary of the Company. </P>
<P align="justify">
"<U>Sumitomo</U>" shall have the meaning ascribed to it in the recitals. </P>
<P align="justify">
"<U>Support Agreement</U>" means the agreement to be entered into, on the date hereof, among Seller, Buyer, JFE, Nippon, Sumitomo, Kobe, Nisshin and Posco, as parties, and the Company and Japanese SPC, as intervening parties, whereby, among other matters, Seller will provide support in relation to the following agreements: Amendment to Transportation Agreement, Port Operating Services Agreement, Off Take Agreements. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_16"></A>

<P align="justify">"<U>Tax Return</U>" means any and all returns, reports, declarations, statements, bills, schedules, claims for refund or written information of or with respect to any Tax which is required to be supplied to any taxing authority, including any
schedule or attachment thereto, and including any amendment thereof. </P>
<P align="justify">
"<U>Taxes</U>" means, pursuant to Applicable Law, (i) any and all taxes, including any interest, penalties or other additions to tax that may become payable in respect thereof, due to any Governmental Authority or on behalf of third parties
(including obligations resulting from acting as a retention agent, intermediary, etc.), whether disputed or not, which taxes shall include, without limiting the generality of the foregoing, all income tax (including income tax required to be
deducted or withheld from or accounted for in respect of any payment), corporation tax, such tax taken to include surtax, capital gains tax, tax on profits, tax on gross receipts, withholding tax, payroll and employee withholding taxes, unemployment
insurance taxes, social security taxes, severance taxes, license charges or taxes, taxes on stock, sales and use taxes, ad valorem taxes, value added tax, custom duties, excise taxes and duties, franchise taxes, business license taxes, occupation
taxes, real and personal property taxes, stamp taxes, environmental taxes, Transfer Taxes, workers' compensation, customs, tariffs, social security and retirement fund contributions, imposts, fees, duties, assessments, withholdings or charges of any
kind (including, for example, ITR, IRPJ, CSL, PIS, COFINS, ISS, CFEM, INSS and FGTS) and other obligations of the same or of a similar nature to any of the foregoing and (ii) any Liability for the payment of any amount of a type described in item
(i) above as a result of any obligations to indemnify or otherwise assume or succeed to the liability for Taxes of any other Person. </P>
<P align="justify">
"<U>Transition Administrative Services Agreement</U>" means the agreement entered into, on the date hereof, among the Company and Seller whereby Seller shall share with the Company its administrative services structure and infrastructure required to
the appropriate conduct of the Company&#8217;s business and operations, in accordance with terms and conditions provided therein. </P>
<P align="justify">
"<U>Vale</U>" means Companhia Vale do Rio Doce. </P>
<P align="justify">
"<U>Vale Lawsuits</U>" shall have the meaning ascribed to it under Section 5.1.12. </P>
<P align="justify">
"<U>Working Capital</U>" means the amount equal to all current assets minus all current liabilities (excluding all transactions, accounts and balances included in the Net Debt calculation) of the Company and its Subsidiaries, determined in
accordance with Brazilian GAAP. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_17"></A>

<P>
"<U>Working Capital Reference Amount</U>" means US&#36;[&#149;]calculated using an estimated Closing Date exchange rate of R&#36;2.20/US&#36; 1.00, calculated pursuant to the method described in Exhibit F. </P>
<P>
Section 1.2 <U>Rules of Construction</U>. </P>
<P>
1.2.1 All article, section, exhibit and schedule references used in this Agreement are to articles, sections, exhibits and schedules to this Agreement unless otherwise specified.  The schedules and exhibits attached to this Agreement constitute a
part of this Agreement and are incorporated herein for all purposes. </P>
<P>
1.2.2 If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb). Terms defined in the singular have the corresponding meanings in the plural, and vice
versa. Unless the context of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and neutral genders and vice versa.  The term "includes" or "including" shall mean "including without
limitation."  The words "hereof," "hereto," "hereby," "herein," "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular section or article in which such words appear.
The phrase "the date of this Agreement," "date hereof" and terms of similar import, unless the context otherwise requires, shall be deemed to refer to the date set forth in the opening paragraph of this Agreement. </P>
<P>
1.2.3 Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified.  Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be
validly taken on or by the next day that is a Business Day. </P>
<P>
1.2.4 Reference to a given agreement, instrument, document or Applicable Law is a reference to that agreement, instrument, document or Applicable Law as modified, amended, supplemented and restated through the date as of which such reference is made
and, as to any Applicable Law, any successor Applicable Law. </P>
<P>
1.2.5 The Parties acknowledge that each Party and its attorney have reviewed this Agreement and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting Party, or any similar rule operating against the
drafter of an agreement, shall not be applicable to the construction or interpretation of this Agreement. </P>
<P>
1.2.6 The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_18"></A>

<P>
1.2.7 All accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP. </P>
<P align="center">
Article 2 <br>
<U>P</U><U>URCHASE AND </U><U>S</U><U>ALE</U> </P>
<P align="justify">
Section 2.1 <U>Purchase and Sale of the Company Shares</U>.</P>
<P align="justify">
At the Closing, upon the terms and subject to the conditions set forth herein, Seller shall sell, assign, transfer and convey to Buyer, and Buyer shall purchase and acquire from Seller a number of issued and outstanding
Company Shares, free and clear of any Liens, representing 0.6584139% (zero point six five eight four one three nine percent) of its total and voting capital stock (the "<U>Acquired Shares</U>"). </P>
<P align="justify">
Section 2.2 <U>Purchase Price of the Acquired Shares</U>.</P>
<P align="justify">
2.2.1 Subject to the terms and conditions of this Agreement, and in consideration of the purchase and sale set forth herein, at the Closing Date, (i) Buyer shall pay to Seller for the purchase of the Acquired Shares the Estimated Equity Value
calculated on a pro rata basis based on the percentage ownership of the Acquired Shares, representing the total amount in Reais equivalent to US&#36; 30,603,193 (thirty million six hundred and three thousand and one hundred ninety-three Dollars) ("<U>Acquired Shares Price</U>"). Such payment shall be made in immediately available funds to the account or accounts specified by Seller to Buyer in <U>Schedule 2.2.1</U> hereto. </P>
<P align="justify">
2.2.2 The Acquired Shares Price must be settled in Reais in immediately available funds. Accordingly, the amount of Reais that Buyer shall pay in respect thereof shall be calculated pursuant to Section 12.11.2. </P>
<P align="justify">
Section 2.3 <U>Adjustment to the Acquired Shares Price</U>.<B> </B></P>
<P align="justify">
2.3.1 Within 30 (thirty) days after the Closing Date, Buyer and Seller shall cause the Company to prepare and deliver to Buyer and Seller a statement dated the Closing Date certified by the Independent Auditor (the "<U>Closing Final Statement</U>"),
which shall include:</P>
<P align="justify">
(a) a consolidated balance sheet of the Company on the Closing Date prepared in accordance with the Brazilian GAAP, in Reais ("<U>Final Balance Sheet</U>"); </P>
<P align="justify">
(b) a statement based on the Final Balance Sheet setting forth in reasonable detail a calculation of the final Working Capital on the Closing Date, in Reais, calculated pursuant to the method described in Exhibit F ("<U>Final Working
Capital</U>");</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_19"></A>

<P align="justify">
(c) a statement based on the Final Balance Sheet setting forth in reasonable detail a calculation of the aggregate amount of the final Net Debt on the Closing Date, in Reais, calculated pursuant to the method described in Exhibit E ("<U>Final
Net</U> <U>Debt</U>");</P>
<P align="justify">
(d) a statement based on the Final Balance Sheet setting forth in reasonable detail a calculation of the final equity value, which shall consist of the enterprise value of the Company, in the amount of US&#36; [&#149;], as agreed by Buyer and Seller, (i) minus the New Shares Price, (ii) plus the positive amount in Dollars, if any, by which the amount in Dollars equivalent to the Final Working Capital exceeds the Working Capital Reference
Amount, or minus the positive amount in Dollars, if any, by which the Working Capital Reference Amount exceeds the amount in Dollars equivalent to the Final Working Capital, (iii) minus the amount in Dollars equivalent to the Final Net Debt (whether
such amount is positive or negative) ("<U>Final Equity</U> <U>Value</U>"); and </P>
<P align="justify">
(e) For the purposes of item (d) above, the Final Working Capital and the Final Net Debt shall be converted into Dollars by applying the same foreign exchange rate used for the conversion of the Acquired Shares Price, pursuant to Section 2.2.2
above.</P>
<P align="justify">
2.3.2 Upon determination of the Final Equity Value, the following procedures shall be carried out by the Parties:</P>
<P align="justify">
(a) Buyer and Seller shall cause the Company to prepare and deliver on the same date to Buyer and Seller a statement certified by the Independent Auditor based on the Final Equity Value setting forth in reasonable detail the following calculation of
the Acquired Shares adjusted price:  Acquired Shares adjusted price shall be equal to the Acquired Shares Price multiplied by the number resulting from the division of the Final Equity Value by the Estimated Equity Value ("<U>Acquired</U> <U>Shares
Adjusted Price</U>"); </P>
<P align="justify">
(b) in the event that the Acquired Shares Adjusted Price exceeds the Acquired Shares Price ("<U>Positive Difference of Acquired</U> <U>Shares Price</U>"), Buyer shall pay to Seller the total amount in Reais equivalent to the Positive Difference of
Acquired Shares Price, in immediately available funds, to the account or
accounts specified by Seller to Buyer in <u>Schedule 2.2.1</u> hereto, within 10 (ten) Business Days after the receipt by both Parties of the statement set forth in item (a) above; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_20"></A>

<P align="justify">(c) alternatively, in the event that the Acquired Shares Adjusted Price is less than the Acquired Shares Price ("<U>Negative</U> <U>Difference of Acquired Shares Price</U>"), Seller shall return to Buyer the total amount in Reais equivalent to the
Negative Difference of Acquired Shares Price, in immediately available funds, to the account specified by Buyer to Seller in <U>Schedule</U> <U>2.3.2</U> hereto, within 10 (ten) Business Days after the receipt by both Parties of the statement set
forth in item (a) above; and </P>
<P align="justify">
(d) the Positive Difference of Acquired Shares Price or the Negative Difference of Acquired Shares Price, as the case may be, must be settled in Reais and shall be calculated pursuant to Section 12.11.2(d) . </P>
<P align="center">
Article 3 <br>
<U>C</U><U>APITAL </U><U>C</U><U>ONTRIBUTION</U> </P>
<P align="justify">
Section 3.1 <U>Capital Contribution</U>. </P>
<P align="justify">
3.1.1 On the Closing Date, immediately after the purchase of the Acquired Shares by Buyer, Seller and Buyer shall hold an extraordinary general meeting of the shareholders of the Company ("<U>Extraordinary General Shareholders Meeting</U>") and
cause the Company to increase its capital stock, issuing newly common shares representing 39.6023334%  (thirty-nine point six zero two three three three four percent) of its total and voting capital stock ("<U>New Shares</U>" and together with the Acquired Shares, "<U>Shares</U>"), at a price per share
equivalent to the price per share paid by Buyer for the Acquired Shares. </P>
<P align="justify">
3.1.2 In the Extraordinary General Shareholders Meeting, the Seller shall waive its preemptive rights for subscription of the New Shares and Buyer shall subscribe the New Shares and immediately pay to the Company for the subscription of the New
Shares the total amount in Reais equivalent to US&#36; 3,047,673,015 (three billion forty-seven million six hundred seventy-three thousand and fifteen Dollars) ("<U>New Shares</U> <U>Price</U>", together with the Acquired Shares Price, the "<U>Investment</U>"). Such payment shall be made in immediately available funds to the account or accounts
specified by the Company to Buyer in <U>Schedule 3.1.2</U> hereto. </P>
<P align="justify">
3.1.3 The New Shares Price must be settled in Reais in immediately available funds. Accordingly, the amount of Reais that Buyer shall pay in respect thereof shall be calculated pursuant to Section 12.11.2. </P>
<P align="justify">
3.1.4 On the Closing Date, Buyer and Seller agree to cause the Company to use [&#149;]% [&#149;] of the net proceeds of the New Shares Price to comply with the
advance payment amounts as provided under the following agreements: (i) the High Silica ROM Iron Ore Supply Contract, (ii) the Low Silica ROM Iron Ore Supply Contract and (iii) the Port Operating Services Agreement. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_21"></A>

<P align="justify">3.1.5 Following the MRS Shares Contribution, the purchase of the Acquired Shares (and applicable adjustments) and the subscription and payment of the New Shares (and applicable adjustments as mentioned below), the Shares shall represent 40% (forty
percent) of the voting and total capital of the Company and the shareholding of the Company shall be as follows: (i) Seller shall hold a number of issued and outstanding common shares of the Company representing 60% (sixty percent) of its voting and
total capital stock (including shares transferred to the members of the Board of Directors appointed by Seller) and (ii) Buyer shall hold a number of issued and outstanding common shares of the Company, representing 40% (forty percent) of its total
and voting capital stock (including shares to be transferred to the members of the Board of Directors to be appointed by Buyer).</P>
<P align="justify">
Section 3.2 <U>Adjustment to the New Shares Price</U>.<B> </B></P>
<P align="justify">
3.2.1 Upon determination of the Final Equity Value, pursuant to Section 2.3.1 above, the following procedures shall be carried out by the Parties:</P>
<P align="justify">
(a) Buyer and Seller shall cause the Company to prepare and deliver on the same date to Buyer and Seller a statement certified by the Independent Auditor based on the Final Equity Value setting forth in reasonable detail the following calculation of
the New Shares adjusted price: the New Shares adjusted price shall be equal to the New Shares Price multiplied by the number resulting from the division of the Final Equity Value by the Estimated Equity Value ("<U>New Shares Adjusted Price</U>");</P>
<P align="justify">
(b) in the event that the New Shares Adjusted Price exceeds the New Shares Price ("<U>Positive Difference of New Shares Price</U>"), the Buyer, shall pay in to the Company the total amount in Reais equivalent to the Positive Difference of New Shares
Price, in immediately available funds, to the account or accounts specified by the Company to Buyer in <U>Schedule 3.1.2</U> hereto, within 10 (ten) Business Days after the receipt by both Parties of the statement set forth in item (a) above
("<U>Positive</U> <U>Adjustment Date</U>"); </P>
<P align="justify">
(c) alternatively, in the event that the New Shares Adjusted Price is less than the New Shares Price ("<U>Negative Difference of New</U> <U>Shares Price</U>"), the Company shall return to Buyer the total amount in Reais equivalent to the Negative
Difference of New Shares Price, in immediately available funds, to the account
specified by Buyer to Seller in <u>Schedule 2.3.2</u> hereto, within 10 (ten) Business Days after the receipt by both Parties of the statement set forth in item (a) above ("Negative Adjustment <u>Date</u>"); and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_22"></A>

<P>(d) the Positive Difference of New Shares Price or the Negative Difference of New Shares Price, as the case may be, must be settled in Reais and shall be calculated pursuant to Section 12.11.2(d) . </P>
<P>
3.2.2 On the Positive Adjustment Date or on the Negative Adjustment Date, as the case may be, Seller and Buyer shall hold an extraordinary general meeting of the shareholders of the Company for the purposes of rectifying the issuance price of the
New Shares and the amount of the capital increase approved in the Extraordinary General Shareholders Meeting in order to reflect the New Shares Adjusted Price. For the avoidance of doubt, the number of New Shares shall not be changed as a result of
the rectification set forth in this Section 3.2.2. </P>
<P align="center">
Article 4 <br>
<U>C</U><U>LOSING</U><B> </B></P>
<P>
Section 4.1 <U>The Closing</U>.</P>
<P align="justify">
4.1.1 The Closing shall be held at the offices of Machado, Meyer, Sendacz e Opice Advogados, at Avenida Brigadeiro Faria Lima, N. 3.144, 11th floor, in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, Brazil, at 11:00 am, on the date that is
10 (ten) Business Days following the date on which both Parties agree in writing with respect to the satisfaction or waiver of all conditions to obligations, as set forth in Article 5 below ("<U>Agreement to Closing</U>"), or at such other date,
time or place(s) as the Parties may otherwise agree in writing ("<U>Closing Date</U>"). In addition to such information, the Agreement to Closing shall also state (i) the current capital stock of the Company, after the MRS Shares Contribution, (ii)
the exact number of the Acquired Shares and New Shares and (iii) the corresponding price per share for the Acquired Shares and New Shares to be paid by Buyer to Seller and the Company, respectively, on the Closing Date. </P>
<P align="justify">
4.1.2 If, upon Agreement to Closing, Buyer is not prepared to make the payment of the Investment, Buyer shall provide notice ("<U>Final Notice to Closing</U>") to Seller up to 2 (two) Business Days prior to expected Closing Date designating other
date for Closing, which shall take place no later than November 28, 2008. Upon the Final Notice to Closing, the condition set forth in Section 5.1.3 herein shall be deemed as automatically waived by Buyer. For the avoidance of doubt, in case Buyer
does not provide the Final Notice to Closing pursuant to this Section 4.1.2, this Section 4.1.2 shall be no longer applicable and Closing shall take place on the
date that is 10 (ten) Business Days after the Agreement to Closing pursuant to Section 4.1.1, whether or not prior to November 28, 2008. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_23"></A>

<P align="justify">Section 4.2 <U>Closing Obligations</U>.</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Closing, the following actions and transactions will be carried out, which actions and transactions shall all be deemed to take place simultaneously and no action or transaction shall be deemed to have been
completed or any document delivered until all such actions and transactions have been completed and all required documents delivered.</P>
<P align="justify">
4.2.1 <U>Buyer's Closing Obligations</U>. At the Closing, Buyer shall deliver (a) Acquired Shares Price to Seller and (b) New Shares Price to the Company, both in immediately available funds to the bank accounts determined by Seller and the Company,
as provided in Sections 2.2.1 and 3.1.2 respectively. </P>
<P align="justify">
4.2.2 <U>Seller's Closing Obligations</U>. At the Closing, Seller:</P>
<P align="justify">
(a) shall transfer to Buyer the Acquired Shares, free and clear of any Lien; and </P>
<P align="justify">
(b) shall deliver or cause to be delivered to Buyer written resignations, effective as of Closing Date, from each of the directors (<I>membros do conselho de administra&ccedil;&atilde;o</I>) and officers (<I>diretores</I>) of the Company and each of
its Subsidiaries, except as otherwise indicated in writing by Buyer prior to Closing. </P>
<P align="justify">
4.2.3 <U>Parties' Closing Obligations</U>. At the Closing, Parties shall: </P>
<P align="justify">
(a) hold the Extraordinary General Shareholders Meeting and take the actions described in the form of the minutes attached hereto as Exhibit A in order to (i) cause the Company to issue the New Shares, (ii) approve the new by-laws of the Company,
which shall also be attached hereto in Exhibit A and (iii) elect new directors (<I>membros do conselho de administra&ccedil;&atilde;o</I>) in accordance with the Shareholders&#8217; Agreement;</P>
<P align="justify">
(b) execute and deliver the Shareholders' Agreement of the Company, which shall be filed at the Company&#8217;s headquarters for the purposes of article 118 of Law N. 6.404/76, as amended, and the Company shall cause the following legend to be
included (in Portuguese) in the relevant pages of the Company&#8217;s Nominative Shares Registry Book (<I>Livro de Registro de A&ccedil;&otilde;es Nominativas</I>): <I>"The shares held by [Name of Shareholder] are subject to the restrictions on
transfer, voting </I><i>arrangements and other provisions set forth in a Shareholders&#8217; Agreement dated [ ]. All transfers of such shares shall be made in accordance with such Shareholders&#8217; Agreement, otherwise shall be null and void</i>"; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_24"></A>

<P align="justify">(c) Seller and Buyer shall execute the Shares Transfer Book (<I>Livro de Transfer&ecirc;ncia de A&ccedil;&otilde;es</I>) of the Company in order to reflect the purchase by Buyer from Seller of Acquired Shares;</P>
<P align="justify">
(d) the Company shall cause the Shares to be annotated in the name of Buyer in the Company&#8217;s Nominative Shares Registry Book; and </P>
<P align="justify">
(e) In accordance with the provisions of Section 14 of Normative Instruction (<I>Instru&ccedil;&atilde;o Normativa</I>) N. 487 issued by the Brazilian Revenue Service (<I>Secretaria da Receita Federal do Brasil</I>) on December 30, 2004, or any
successor regulation thereto, Seller shall deliver to Company the declaration mentioned in such Normative Instruction, relating to any capital gain, if any, that is generated from such sale of the shares issued by Company to Buyer and the amount of
the corporate income taxes due. </P>
<P align="center">
Article 5 <br>
<U>C</U><U>ONDITIONS TO </U><U>O</U><U>BLIGATIONS</U> </P>
<P align="justify">
Section 5.1 <U>Conditions to Each Party's Obligation</U>.</P>
<P align="justify">
The respective obligation of Seller, on one hand, and Buyer, on the other hand, to effect the Closing shall be subject to satisfaction or express waiver in writing of the following conditions by the other Party, on or
prior to the Closing Date: </P>
<P align="justify">
5.1.1 All of Seller&#8217;s and Buyer&#8217;s representations and warranties (considered both collectively and individually) in this Agreement must have been true, correct and complete in all material respects as of the date of this Agreement and
must be true, correct and complete in all material respects on the Closing Date without giving effect to any disclosure obligation as set forth in Section 7.1.5, except to the extent that such representations and warranties are qualified, including
by the terms such as "material" or the expression "Material Adverse Effect", in which case such representations and warranties shall be true, complete and correct in all respects taking into consideration such qualification and without further
qualification as of the date hereof and on the Closing Date; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_25"></A>

<P align="justify">
5.1.2 All of Seller&#8217;s and Buyer&#8217;s covenants (except for Post-Closing Covenants as set forth in Section 7.2) and obligations (considered both collectively and individually) in this Agreement must have been duly performed and complied with
in all material respects, except to the extent that such covenants are qualified, including by the terms such as "material" or the expression "Material Adverse Effect", in which case such covenants and obligations shall be performed and complied
with in all respects taking into consideration and without further qualification as of the date hereof and of the Closing Date; </P>
<P align="justify">
5.1.3. No Material Adverse Effect must have occurred as a result of one or more events, changes, circumstances, developments, effects or states of facts not otherwise disclosed to Buyer in the Exhibits or in Schedules (on the date hereof); </P>
<P align="justify">
5.1.4. All corporate consents and Governmental Approvals necessary on the Closing Date for the consummation of the transactions as contemplated herein and in the Operational Agreements shall have been duly given or obtained by the relevant Party and
shall be in full force and effect, except for any approvals or consents from SBDC referred to in Section 12.1; </P>
<P align="justify">
5.1.5. Since the date of this Agreement no Governmental Order preventing, restraining or seeking material damages in connection with, the consummation of the transactions contemplated by this Agreement and by the Operational Agreements (including
with respect to authorizations necessary for the implementation of such transactions), nor any Action seeking such an order shall be pending or any Applicable Law enacted, entered or enforced that would prohibit, restrain or make illegal the
consummation of the transactions contemplated by this Agreement or by the Operational Agreements (including authorizations necessary for the implementation of such transactions), provided that Governmental Orders and Actions in connection with the
Vale Lawsuits shall be governed by Section 5.1.12; </P>
<P align="justify">
5.1.6. Execution and delivery by NMSA Madeira, Lda. ("<U>NMSA Madeira</U>") or CSN Madeira, Lda., as seller, JFE, Nippon, Sumitono, Kobe, Nisshin or Posco, as buyer, and Seller or the Company, as intervening party and guarantor, of the Contracts for
Sale and Purchase of Iron Ore ("<U>Off Take Agreements</U>"), in the same terms and conditions of the draft attached hereto as Exhibit B;</P>
<P align="justify">
5.1.7. Execution and delivery by the Company and Seller of each of the following operational agreements: (i) the High Silica ROM Iron Ore Supply Contract; (ii) the Low Silica ROM Iron Ore Supply Contract; (iii) the Iron Ore Supply Contract and Other
Covenants (Tailing Dam Rejects); (iv) the Port Operating Services Agreement; (v) the Free Lease (<I>Comodato</I>) Agreements; (vi) the Transition Administrative Services Agreements and (viii) the Support Agreement (together, "<U>Basic Operational
Agreements</U>", and together with the Off Take Agreements,
"<u>Operational Agreements</u>"), in terms and conditions in the form of the drafts attached hereto as Exhibit C; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_26"></A>

<P>5.1.8. Execution and delivery by the Company, Seller and MRS of Amendment to the Transportation Agreement dated November16, 2005, as amended, entered into by such parties ("<U>Amendment to Transportation Agreement</U>"), which shall guarantee the
increase of volume of iron ore transported to 40 MMTPA until December/2008 and provide other terms and conditions in the form of the draft attached hereto as Exhibit D; </P>
<P>
5.1.9. Seller shall have contributed to the capital stock of the Company 34,000,000 (thirty-four million) preferred class A non-convertible shares of MRS, representing 10% (ten percent) of MRS total issued and outstanding capital stock, free and
clear of any and all Liens ("<U>MRS Shares Contribution</U>"), at a price per share of MRS corresponding to the value of such shares in the accounting books of Seller, provided that evidence of (i) filing of the respective minutes of the
shareholders&#8217; meeting of the Company approving the MRS Shares Contribution with the applicable board of trade, and (ii) the definitive transfer of the applicable MRS shares from Seller to the Company with the depositary bank (<I>agente
escriturador</I>) of the MRS shares (i.e., statement issued by such depositary bank clearing stating the ownership of MRS Shares by the Company), shall be deemed sufficient evidence of satisfaction of this obligation;</P>
<P>
5.1.10. Seller shall have granted or caused to be granted to Buyer&#8217;s Representatives full access to, and Buyer will have a chance to review, within a period of 15 (fifteen) days counted from October 27, 2008: (i) such Mining Rights (DNPM
processes) related to Cayman Minera&ccedil;&atilde;o do Brasil Ltda.; (ii) all documents reasonably requested by Buyer related to mining easements or rights of way granted on behalf of the Company or otherwise granted by the Company to third
parties, including clarification on how such easements or rights of way relate to the Mining Rights; (iii) information reasonably requested by Buyer on the current standing of the agreement under which the Company acquires iron ore extracted from
the mine held by Argentina de Souza Oliveira (&#8220;<U>Argentina</U>&#8221;); and (iv) information reasonably requested by Buyer on each Mining Right and the corresponding Real Estate, and, to the extent that such information is not available, due
diligence meetings with the Company&#8217;s Representatives whereby further clarification will be provided by the Company in connection therewith, and the review of items (i) to (iv) herein shall have not revealed existing or potential Material
Adverse Effect; </P>
<P>
5.1.11. Buyer shall have had the chance to review, within a period of up to 10 (ten) days from the relevant inclusion (which may be extended for additional 5 (five) days as per Buyer&#8217;s discretion), potential material new issues occurred after
the date hereof and included in the disclosure schedules attached herein pursuant to Section
12.8 and such review processes shall have not revealed existing or potential Material Adverse Effect; and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_27"></A>

<P align="justify">5.1.12. No Material Adverse Effect nor any event that if adversely determined would limit, prevent or otherwise affect negatively the capacity of the Seller to explore the CdP Mine for the purpose of complying with its obligations, and/or to supply
iron ore, under the High Silica ROM Iron Ore Contract, the Low Silica ROM Iron Ore Supply Contract and the Iron Ore Supply Contract and Other Covenants (Tailing Dam) shall have occurred in connection with any of the Vale Lawsuits. For the purpose of
this Agreement, "<U>Vale Lawsuits</U>" shall mean the following lawsuits [&#149;]. </P>
<P align="center">
Article 6 <br>
<U>R</U><U>EPRESENTATIONS AND </U><U>W</U><U>ARRANTIES</U> </P>
<P align="justify">
Section 6.1 <U>Representations and Warranties of Seller Relating to Seller and the</U> <U>Shares</U>. </P>
<P align="justify">
Except as otherwise disclosed to Buyer in the Schedules, Seller represents and warrants to Buyer as of the date hereof, with applicable updates to Schedules in accordance with Section 12.8, if any, and as of the Closing
Date the following: </P>
<P align="justify">
6.1.1 <U>Organization</U>. Each of Seller, the Company and its Subsidiaries is an entity duly incorporated and validly existing under the laws of Brazil, except for Inversiones CSN Espanha, S.L. ("<U>CSN Espanha</U>") and NMSA Madeira which are
entities duly incorporated and validly existing under the laws of the Kingdom of Spain and Madeira Free Trade Zone (Portugal), respectively.</P>
<P align="justify">
6.1.2 <U>Qualification of the Company</U>.  The Company and each of its Subsidiaries have the requisite corporate power and authority to carry on their business as now being conducted.</P>
<P align="justify">
6.1.3 <U>Authority</U>.  Seller and the Company have all requisite corporate power and authority to execute and deliver this Agreement and the Operational Agreements and to perform their obligations hereunder. The execution, delivery and performance
of this Agreement and the Operational Agreements and the transactions contemplated hereby and thereby have been duly and validly authorized by all requisite corporate action on the part of Seller and the Company.</P>
<P align="justify">
6.1.4 <U>Enforceability</U>. This Agreement has been duly and validly executed and delivered by Seller and the Company and constitutes a valid and binding agreement of Seller and the Company enforceable against Seller and the Company in accordance
with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws of general application from time to time in effect that affect creditors' rights generally.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_28"></A>

<P align="justify">6.1.5 <U>No Violation or Breach</U>. Neither the execution and delivery of this Agreement nor the consummation of the transactions and performance of the terms and conditions of this Agreement (including the issuance of the New Shares by the
Company) and the Operational Agreements by Seller and/or the Company will (i) result in a violation or breach of or default under any provision of the by-laws of Seller, the Company or any of its Subsidiaries; (ii) will result in a violation or
breach of or default under any provision of any agreement, indenture or other instrument under which Seller, the Company or any of its Subsidiaries is bound, other than such violations, breaches or defaults of agreements, indentures or other
instruments that would not have a Material Adverse Effect or (iii) violate any Applicable Law in relation to Seller and the Company, including Law N. 6.404/76, as amended, and any regulation applicable to publicly held corporations in Brazil.</P>
<P align="justify">
6.1.6 <U>Consents</U>.  Except for any approvals or consents from SBDC and except as set forth in <U>Schedule 6.1.6</U>, no filing or registration with, declaration or notification to, or order, authorization, consent or approval of, any
Governmental Authority or any other Person is required in connection with the execution, delivery and performance of this Agreement and the Operational Agreements by Seller, the Company and/or any of its Subsidiaries or the consummation by Seller,
the Company and/or any of its Subsidiaries of the transactions contemplated hereby and thereby.</P>
<P align="justify">
6.1.7 <U>Actions</U>.  Except as set forth on the <U>Schedule 6.1.7</U> of this Agreement, there is no Action pending or, to Seller's Knowledge, threatened against the Seller, the Company and/or any of its Subsidiaries that if adversely determined
would have a Material Adverse Effect or would limit, prevent or otherwise affect negatively the capacity of the Seller to explore the CdP Mine for the purpose to complying with its obligations, and/or to supply the iron ore, under the High Silica
ROM Iron Ore Contract, the Low Silica ROM Iron Ore Supply Contract and the Iron Ore Supply Contract and Other Covenants (Tailing Dam Rights). </P>
<P align="justify">
6.1.8 <U>Capitalization of the Company</U>.  <U>Schedule 6.1.8</U> of this Agreement sets forth the number of outstanding shares of capital stock of the Company prior to and immediately after the MRS Shares Contribution, the names of all holders
thereof and the number and percentage of shares owned by each such holder. All of the outstanding capital stock of the Company held by Seller is owned of record and beneficially by the Seller free and clear of any and all Liens. All of the
outstanding capital stock or other ownership interests of the Company held by Seller have been duly authorized and validly issued. On the Closing Date, provided that the Parties have complied with their obligations under Article IV, the New Shares
will be duly authorized and validly issued, free and clear of any and all Liens. Except for the
Shareholders' Agreement, there are no outstanding or authorized options, warrants, purchase rights, subscription rights, advance for future capital increase (<i>adiantamento para futuro aumento de capital</i>), conversion rights, exchange rights, or
other contracts or commitments that could require Seller or the Company to sell, transfer, or otherwise dispose of any capital stock of the Company or that could require the Company or Seller to cause the Company to issue, sell, or otherwise cause
to become outstanding any of its own capital stock.  Except for the Shareholder's Agreement, there are no voting agreements or understandings with respect to the voting of any capital stock of the Company or any contracts or commitments that could
require Seller or the Company to enter into any voting agreements or understandings with respect to the voting of any capital stock of the Company. The Company does not control directly or indirectly or, except for the equity participation resulting
from the MRS Shares Contribution, own or hold, directly or indirectly, any equity or other ownership interest in any corporation, limited liability company, partnership, joint venture or other entity that is not a Subsidiary. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_29"></A>

<P align="justify">6.1.9 <U>Compliance with Applicable Law</U>.  Except as set forth on <U>Schedule 6.1.9(i)</U>, there is no uncured violation of any Applicable Law by the Company or any of its Subsidiaries that could have a Material Adverse Effect. Since the date of
the most recent Financial Statements, except as shown on <U>Schedule 6.1.9(ii)</U>, neither Seller, the Company nor any of its Subsidiaries has received written notice from any Governmental Authority of any violation of Applicable Law with respect
to Seller, the Company or any of its Subsidiaries that would have a Material Adverse Effect. Seller is not making any representations or warranties in this paragraph with respect to any Environmental Law or any Applicable Law relating to Real
Estate, Mining Rights or Taxes and such matters are addressed otherwise in this Agreement.</P>
<P align="justify">
6.1.10 <U>Bankruptcy</U>.  There are no bankruptcy, reorganization or arrangement proceedings pending against or, to Seller's Knowledge, threatened against Seller, the Company and/or any of its Subsidiaries.</P>
<P align="justify">
6.1.11 <U>Real Estate; Mining Rights</U>. (i) <U>Schedule 6.1.11(i)</U> identifies all real estate owned, leased, possessed or otherwise occupied by the Company and its Subsidiaries and all contractual rights for rights of way or easement related
thereto (the foregoing property and rights, collectively, the "<U>Real Estate</U>"). (ii) Except as set forth in <U>Schedule 6.1.11(ii)</U>, the Company and its Subsidiaries have good, valid and marketable title to, valid and subsisting leasehold or
acquisition interests in or to, or valid, binding and enforceable rights to, the Real Estate, as the case may be, free and clear of any Liens. (iii) Except as set forth in <U>Schedule 6.1.11(iii)</U>, or as would not have a Material Adverse Effect,
there are no Actions relating to the Real Estate, and other matters affecting adversely the current use, occupancy or value thereof. (iv) Except as set forth in <U>Schedule 6.1.11(iv)</U>, all facilities have received all
Governmental Approvals required in connection with the ownership or operation thereof and have been operated and maintained in accordance with Applicable Law, except for such Government Approvals or non compliances with Applicable Law that would not
have a Material Adverse Effect. (v) Except as set forth in <u>Schedule</u> <u>6.1.11(v)</u>, there are no outstanding options or rights of first refusal to purchase any Real Estate, portions thereof or interest therein.  (vi) The mining rights
owned, leased, possessed, held or otherwise explored by the Company and/or its Subsidiaries are listed and described in <u>Schedule 6.1.11(vi)</u> (the foregoing rights collectively, referred to as the "<u>Mining Rights</u>"). The Company and its
Subsidiaries have, or lease, valid, binding and enforceable rights as to all Mining Rights (in accordance with the terms of the applicable Mining Right) and the Mining Rights have not been sold, transferred, alienated, leased or encumbered, as
applicable, or in any other manner has the right to use and enjoy ownership or possession of the Mining Rights been restricted, transferred or surrendered since the initial award thereof, and the Company's and its Subsidiaries&#8217; title to all
the Mining Rights is free and clear of any Liens, except for Liens set forth on Schedule 6.1.11(vi) . (vii) Each Mining Right (1) was duly granted by the appropriate granting Governmental Authority, (2) is fully and unconditionally vested in the
Company or in any of its Subsidiaries, except for the conditions set forth in <u>Schedule 6.1.11 (vi)</u> and those restrictions set forth by the applicable Mining Right, (3) is in full force and effect, (4) does not have any material irregularity,
and (5) is not subject to any pending or, to the Knowledge of Seller, threatened Action that, if adversely determined, would have a Material Adverse Effect. (viii) All Mining Rights are legal, valid and in effect in accordance with their respective
terms and the Company and its Subsidiaries have timely and fully performed and satisfied in all respects all duties, obligations, charges and requirements of any type or nature which, as holders of the Mining Rights, are imposed upon them by any
Applicable Law or under the Mining Rights, except for such duties, obligations, charges and requirements that would not have a Material Adverse Effect.  Neither the Seller, the Company nor any of its Subsidiaries has done or failed to do any act, or
by omission or commission created any cause or grounds, which might result in the termination, resolution, rescission, setting aside or avoidance of any of the Mining Rights.  (ix) All procedures of Applicable Law related to mining matters and the
award of Mining Rights, have been fully and faithfully complied with in all material respects by the Company and/or its Subsidiaries in respect of the Mining Rights.  No objection, petition to rescind, avoid or terminate or other complaint of any
kind or nature, public or private, has been made, filed or, to the Seller&#8217;s Knowledge, threatened in respect of the award or maintenance of any of the Mining Rights.  (x) Except for <u>Schedule</u> <u>6.1.11(x)</u>, in respect of each Mining
Right and each parcel of the Real Estate, the Company and/or its Subsidiaries has paid all fees, duties, royalties and other payments, obligations or burdens that relate thereto and all such payments, obligations and burdens have been timely made or
discharged, and all other requirements of Applicable Law or as set forth in the Mining Rights have been fully
and faithfully complied with in all material respects, and neither the Company nor any of its Subsidiaries is in breach thereof.  (xi) Except as set forth in <u>Schedule</u> <u>6.1.11(xi)</u>, (1) the Mining Rights and Real Estate are all the mining
rights and real estate required to construct and operate the business of the Company and of its Subsidiaries as contemplated in the Long-Term Business Plan of the Company pursuant to Exhibit 1.1 of the Shareholders&#8217; Agreement, except for the
real estate guaranteed by Seller under Section 7.2.1 herein, (2) the Company and its Subsidiaries have possession of an exclusive right to use and enjoy all Mining Rights in accordance with their respective terms, which enable them to own, possess
and exploit their businesses as contemplated in the Long-Term Business Plan of the Company pursuant to Exhibit 1.1 of the Shareholders&#8217; Agreement and (3) to Seller's Knowledge and the Company's Knowledge, there are no restrictions thereon that
would adversely affect the rights of the Company or of any of its Subsidiaries to exploit the deposits covered by the Mining Rights.  Except for Sections 6.1.15 (Permits), 6.1.23 (Undisclosed Liabilities) and 6.1.27 (Disclosure), notwithstanding any
other provision of this Agreement to the contrary, this paragraph contains the sole and exclusive representations and warranties of Seller with regard to Real Estate and Mining Rights matters. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>

<A name="page_31"></A>

<P align="justify">6.1.12 <U>Contracts</U>.  <U>Schedule 6.1.12(i)</U> lists all leases, agreements, notes, indentures, arrangements, contracts and other contractual rights and obligations (collectively, "<U>Contracts</U>") to which the Company and/or any of its
Subsidiaries is a party or by which the Company and/or any of its Subsidiaries is bound. Except as set forth on <U>Schedule 6.1.12(ii)</U> and except as would not have a Material Adverse Effect, neither the Company nor any of its Subsidiaries is in
breach of or in default under, and no event has occurred and/or is continuing that would constitute a default by the Company or any of its Subsidiaries under any provision of any Contract, and neither the Company nor any of its Subsidiaries has
received written notice from any other party to any Contract that the Company or any of its Subsidiaries is in breach of such Contract, which breach has not been remedied, and, to Seller's Knowledge, no such other party is in breach of or default
under any material provision of any such Contract.</P>
<P align="justify">
6.1.13 <U>Labor Matters</U>. Except as set forth on <U>Schedule 6.1.13</U>, there are no pending or, to Seller's Knowledge, threatened strikes, work stoppages, slowdowns or lockouts against the Company or any of its Subsidiaries and no pending
unfair labor practice charges, grievances or claims filed or, to Seller's Knowledge, threatened to be filed with any Governmental Authority based on the employment or termination by the Company or any of its Subsidiaries of any individual or group
of individuals which would have a Material Adverse Effect. </P>
<P align="justify">
6.1.14 <U>Subsidiaries</U>. <U>Schedule </U><U>6.1.14</U> of this Agreement lists all Subsidiaries of the Company and sets forth the number of outstanding shares of capital stock of each of the Subsidiaries, the names of all holders thereof and the
number and
percentage of shares owned by each such holder.  All of the outstanding capital stock of each of the Subsidiaries is held by the Company and is owned of record and beneficially by the Company free and clear of any and all Liens.  All of the
outstanding capital stock or other ownership interests of each of the Subsidiaries held by the Company have been duly authorized and validly issued. There are no outstanding or authorized options, warrants, purchase rights, subscription rights,
conversion rights, exchange rights, or other contracts or commitments that could require any of the Company or any of the Subsidiaries to sell, transfer, or otherwise dispose of any capital stock of any of the Subsidiaries or that could require any
Subsidiary or the Company to cause any Subsidiary to issue, sell, or otherwise cause to become outstanding any of its own capital stock. There are no voting agreements or understandings with respect to the voting of any capital stock of any
Subsidiary. None of the Subsidiaries controls directly or indirectly or has any direct or indirect equity participation in any corporation, partnership, trust, or other business association that is not a Subsidiary. NMSA Madeira is duly registered
with the tax and any other competent authority in Madeira Free Trade Zone (Portugal). CSN Espanha is not under a cause of dissolution pursuant to section 104 of the Private Limited Companies Act (<i>Ley 2/1995, de 23 de marzo, de Sociedades de
Responsabilidad Limitada</i>) and it is not incorporated under the form of an <i>Entidad de Tenencia de Valores Extranjeros</i> &#8211; ETVE. All exports directly made since May 7, 2008 to NMSA Madeira have been made in compliance with all Brazilian
transfer pricing regulations and all customs regulations in Brazil. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_32"></A>

<P align="justify">6.1.15 <U>Permits</U>. Except as set forth on <U>Schedule 6.1.15(i)</U>, the Company and its Subsidiaries have all Permits required to conduct their businesses as currently conducted (including all Permits required under Environmental Law (Section
6.1.16) and relating to Tax Matters (Section 6.1.17), Mining Rights and Real Estate (Section 6.1.11)) and, to the Seller&#8217;s Knowledge, there is no reason for the Company not being able to obtain any Permits in connection with the Long-Term
Business Plan of the Company pursuant to Exhibit 1.1 of the Shareholders&#8217; Agreement, except for such permits which the failure to have would not have a Material Adverse Effect. Except as set forth on <U>Schedule 6.1.15(ii)</U>, to Seller's
Knowledge, each such Permit is in full force and effect and the Company and its Subsidiaries are in compliance with all of their obligations with respect thereto, except for such failure to be in full force and effect or non-compliance that would
not have a Material Adverse Effect.  To Seller's Knowledge, there are no proceedings pending or threatened which might reasonably be expected to result in the revocation or termination of any material Permit of the Company or any of its
Subsidiaries. Except for Sections 6.1.23 (Undisclosed Liabilities) and 6.1.27 (Disclosure), notwithstanding any other provision of this Agreement to the contrary, this paragraph contains the sole and exclusive representations and warranties of
Seller with regard to Permits. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_33"></A>

<P align="justify">
6.1.16 <U>Environmental Matters</U>. Except as set forth on Schedule 6.1.16 or as would not have a Material Adverse Effect, (i) the Company and its Subsidiaries are in full compliance with, and have not been and are not in violation of or liable
under, any Environmental Law, including with respect to any and all long term iron ore purchase agreements entered into, prior to date hereof, among the Company and/or any of its Subsidiaries and Sobramil, Itaminas, Nogueira Duarte and/or Argentina;
(ii) neither Seller, the Company nor any of its Subsidiaries has received any written notice that remains uncured alleging that the Company or any of its Subsidiaries is in violation of any Environmental Law; (iii) no Lien has been imposed and is
continuing on the Company's or any of its Subsidiaries&#8217; premises by any Governmental Authority in connection with any violation of or noncompliance with Environmental Laws; (iv) neither the Company nor any of its Subsidiaries is (1) subject to
any outstanding consent decree, compliance order or administrative order pursuant to an Environmental Law or (2) in receipt of any unresolved written notice, complaint or claim seeking to impose an environmental Liability against the Company or any
of its Subsidiaries and (v) there is no Action pending or, to the Seller`s Knowledge, threatened against the Company and/or any of its Subsidiaries in connection with Environmental Law that if adversely determined would have a Material Adverse
Effect. Except for Sections 6.1.15 (Permits), 6.1.23 (Undisclosed Liabilities) and 6.1.27 (Disclosure), notwithstanding any other provision of this Agreement to the contrary, this paragraph contains the sole and exclusive representations and
warranties of Seller with regard to environmental matters. </P>
<P align="justify">
6.1.17 <U>Tax Matters</U>. Except as set forth on<U> Schedule 6.1.17</U> or as would not have a Material Adverse Effect, (i) the Company and its Subsidiaries are in full compliance with any Applicable Law relating to Taxes, and have not been and are
not in violation of any Applicable Law relating to Taxes, or liable under any Applicable Law relating to Taxes that have not been cured or may result in any Liability for the Company and/or any of its Subsidiaries, including, with respect to the
acquisition by the Company of the totality of shares issued by CFM, the amortization of goodwill resulting from the merger of CFM into the Company; (ii) all Tax Returns required to be filed by or with respect to the Company and/or its Subsidiaries
have been filed with the appropriate tax authorities in all jurisdictions in which such Tax Returns are required to be filed; (iii) such Tax Returns were true, complete and correct, and all Taxes reported on such Tax Returns and all other Taxes due
by the Company and/or its Subsidiaries as a taxpayer or as party that may be deemed liable for the collection of Taxes by Applicable Law with respect to taxable events occurred until the Closing Date have been timely paid; (iv) there are no Actions
pending or, to the Knowledge of Seller, threatened against the Company or any of its Subsidiaries by any tax authority; (v) there are no Liens for Taxes (other than for current Taxes not yet due or payable) upon the assets of the Company or any of
its Subsidiaries and (vi) the Company and its Subsidiaries have made any and all payments and has complied and are in compliance with all their obligations
related to Taxes in connection with Environmental Law, Mining Rights and Real Estate and all such payments and obligations have been timely made or discharged, and all other requirements of Applicable Law relating to Taxes and applicable to
Environmental Law, Mining Rights and Real Estate have been fully and faithfully complied with in all material respects, and neither the Company nor any of its Subsidiaries is in breach thereof. CSN Espanha is subject to corporate income tax under
the general regime established by the laws in Spain, by means of which it could be available for CSN Espanha the application of the exemption method, whereby no corporate income tax is imposed upon receipt of dividends and on the gains realized upon
disposal of the investment held in NMSA Madeira. CSN Espanha&#8217;s income arising from the equity pick-up method related to the investment in NMSA Madeira is not subject to income tax in Spain to the extent that the Controlled Foreign
Companies&#8217; rules do not apply to parent subsidiaries companies located in the European Union. Except for Sections 6.1.23 (Undisclosed Liabilities) and 6.1.27 (Disclosure), notwithstanding any other provision of this Agreement to the contrary,
this paragraph contains the sole and exclusive representations and warranties of Seller with regard to tax matters.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_34"></A>

<P align="justify">6.1.18 <U>Financial Statements</U>. The Financial Statements (including the notes thereto) of the Company fairly present the consolidated and unconsolidated financial position and consolidated and unconsolidated results of operations and cash flows
of the Company and its Subsidiaries as of the respective dates or for the respective periods set forth therein and are true, complete and correct as of the respective dates, and are consistent with the Records of the Company and its Subsidiaries
(which Records are true, correct and complete), all in conformity with GAAP consistently applied during the periods involved therein, except as otherwise noted therein, and subject to normal and recurring year-end adjustments that have not been and
are not expected to be material in amount. </P>
<P align="justify">
6.1.19 <U>Insurance</U>. Except as set forth on Schedule 6.1.19, (i) all premiums due and payable for the insurance policies of the Company and its Subsidiaries have been paid in the ordinary course of business, (ii) there are no claims in excess of
US&#36; 5,000,000 pending under any such policies and (iii) all insurance policies of the Company have adequate coverage with respect to the risks addressed by such policies, as is customary for companies engaged in similar businesses within the
same industry in Brazil. </P>
<P align="justify">
6.1.20 <U>Operational Agreements</U>. Until the Closing Date, the Amendment to the Transportation Agreement and each of the Operational Agreements will be duly and validly executed and delivered by Seller, the Company, any of its Subsidiaries and/or
MRS, as the case may be, and will constitute a valid and binding agreement enforceable against the parties thereto in accordance with its terms.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_35"></A>

<P align="justify">
6.1.21. <U>Titles to Assets</U>. Each of the Company and its Subsidiaries has good and marketable title to all properties and assets (other than Real Estate) owned by it, in each case free from Liens and defects that could materially affect the
value thereof or materially interfere with the use made or to be made thereof by them; and each of the Company and its Subsidiaries holds all leased personal property under valid and enforceable leases with no exceptions that could interfere with
the use made or to be made thereof by them, except where the failure to hold such title or lease would not result in a Material Adverse Effect. </P>
<P align="justify">
6.1.22  <U>MRS Shares</U>. All of the 34,000,000 (thirty-four million) preferred class A non-convertible shares of MRS, representing 10% (ten percent) of its total issued and outstanding capital stock (i) have been legally and validly issued, (ii)
will be, on the Closing Date, legally and validly contributed to the stock capital of the Company and (iii) will be, on the Closing Date, held by the Company free and clear of any and all Liens; </P>
<P>
6.1.23 <U>Undisclosed Liabilities</U>. Except as set forth on <U>Schedule 6.1.23</U>, the Company and its Subsidiaries have no Liabilities of any nature (whether absolute, accrued, contingent or otherwise) except for the Schedules or Exhibits, for
the Liabilities reflected or reserved against in the Financial Statements of the Company and current Liabilities incurred in the ordinary course of business. </P>
<P align="justify">
6.1.24 <U>Intellectual Property</U>. <U>Schedule 6.1.24</U> of this Agreement lists all the trademarks, logos, trade names, corporate names and other intellectual property rights held by the Company and each of its Subsidiaries. The Company and each
of its Subsidiaries are owners of, or entitled to use, all right, title, and interest in and to each of the trademarks, logos, trade names, corporate names and other intellectual property rights necessary to carry out their businesses as currently
conducted free and clear of any and all Liens and not subject to any Action. </P>
<P align="justify">
6.1.25 <U>Sufficiency of Assets</U>. The buildings, plants and equipment of the Company and its Subsidiaries are (i) in good operating condition and repair, and are adequate for the uses to which they are being put and (ii) sufficient for the
continued conduct of the Company&#8217;s and its Subsidiaries&#8217; businesses as currently conducted.</P>
<P align="justify">
6.1.26 <U>Guarantees</U>. Neither the Company nor any of its Subsidiaries is a guarantor or otherwise is responsible for any Liability of obligation (including indebtedness) of any other Person. </P>
<P align="justify">
6.1.27 <U>Disclosure</U>. The representations and warranties contained in this Article 6 do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements and information contained in
this Article 6 not misleading. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_36"></A>

<P align="justify">
6.1.28 <U>Brokerage Fees and Commissions</U>. There is no investment banker, broker or finder which has been retained by or is authorized to act on behalf of Seller or its Subsidiaries who is or might be entitled to any fee and legal fees,
commission or payment from Buyer or the Company in connection with the negotiation, preparation, execution or delivery of this Agreement or the consummation of the transactions contemplated hereby. </P>
<P>
Section 6.2 <U>Representations and Warranties of Buyer</U>.</P>
<P align="justify">
Buyer represents and warrants to Seller, as of the date hereof and as of the Closing Date the following: </P>
<P align="justify">
6.2.1 <U>Organization, Good Standing and Qualification</U>. Buyer is a closely-held corporation (<I>sociedade an&ocirc;nima</I>) duly organized and validly existing and in good standing under the laws of Brazil and has the requisite corporate power
and authority to carry on its business as now being conducted.</P>
<P align="justify">
6.2.2 <U>Authority</U>. Buyer has all requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement and the transactions contemplated
hereby have been duly and validly authorized by all requisite corporate or similar action on the part of Buyer.</P>
<P align="justify">
6.2.3 <U>Enforceability</U>. This Agreement has been duly and validly executed and delivered by Buyer and constitutes a valid and binding agreement of Buyer enforceable against Buyer in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other similar laws of general application from time to time in effect that affect creditors' rights generally.</P>
<P align="justify">
6.2.4 <U>No Violation or Breach</U>. Neither the execution and delivery of this Agreement nor the consummation of the transactions and performance of the terms and conditions of this Agreement by Buyer will (i) result in a violation or breach of or
default under any provision of the certificate of incorporation or other similar governing documents of Buyer; (ii) will result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which
Buyer is bound, other than such violations, breaches or defaults of agreements, indentures or other instruments that would not have a material adverse effect or (iii) violate any Applicable Law in relation to Buyer.</P>
<P align="justify">
6.2.5 <U>Consents</U>.  Except for any approvals or consents from SBDC, no filing or registration with, declaration or notification to, or order, authorization, consent or approval of, any Governmental Authority or any other Person is required in
connection with the execution, delivery and performance of this Agreement by Buyer or the consummation by Buyer of the transactions contemplated hereby.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_37"></A>

<P align="justify">
6.2.6 <U>Actions</U>.  There is no Action by or before any court or other Governmental Authority or any arbitration proceeding pending or, to Buyer's Knowledge, threatened against the Buyer that if adversely determined would have a material adverse
effect on Buyer's ability to perform its obligations under this Agreement.</P>
<P align="justify">
6.2.7 <U>Brokerage Fees and Commissions</U>. There is no investment banker, broker or finder which has been retained by or is authorized to act on behalf of Buyer or its Subsidiaries who is or might be entitled to any fee and legal fees, commission
or payment from Seller or the Company in connection with the negotiation, preparation, execution or delivery of this Agreement or the consummation of the transactions contemplated hereby.</P>
<P align="justify">
6.2.8 <U>Funds</U>.  Buyer will have on the Closing Date sufficient funds available to enable Buyer to consummate the transactions contemplated by this Agreement and to pay the Investment, the other payments required of Buyer hereunder and all fees
and expenses of Buyer. Consummation of the transactions contemplated by this Agreement will not cause Buyer to become insolvent.</P>
<P align="justify">
6.2.9 <U>Securities Matters</U>.  Buyer is an experienced and knowledgeable investor in the mining business. Prior to entering into this Agreement, Buyer was advised by its counsel, accountants, financial advisors and such other Persons it has
deemed appropriate concerning this Agreement. Buyer hereby acknowledges that it will acquire the Shares for its own account, and not with a view to a sale or distribution thereof. Buyer has sufficient knowledge and experience in financial and
business matters, including in the mining business, to enable it to evaluate the risks of investment in the Shares and has the ability to bear the economic risk of this investment for an indefinite period of time.</P>
<P align="justify">
6.2.10 <U>Inspection</U>. Buyer acknowledges that, prior to the execution of this Agreement, it has been afforded access and the opportunity to visit the Company's premises, review copies of certain Contracts and all other due diligence materials
made available by Seller with respect to the Company or made an independent investigation on public data. Buyer is a sophisticated purchaser, knowledgeable of the Brazilian mining business, and has made its own investigation, review and analysis
regarding the Company and the transactions contemplated hereby, which investigation, review and analysis were conducted by Buyer together with expert advisors that it has engaged for such purpose.  In entering into this Agreement, Buyer has relied
solely upon its own investigation and analysis and Buyer is not relying on any statement, representation or warranty, oral or written, express or implied, made by Seller or the Company or any of their Subsidiaries or Representatives, except for the
representations and warranties made by the Seller and expressly set forth in this Agreement.  Buyer has such knowledge and experience in financial, mining and business matters so as to be capable of
evaluating the merits and risks of an investment in the Shares, and is capable of bearing the economic risk of such investment. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_38"></A>

<P align="justify">6.2.11 <U>No Liabilities</U>. The Buyer has no Liabilities of any nature (whether absolute, accrued, contingent or otherwise). The Buyer is a holding company and it does not have, nor ever had, any operational activity. </P>
<P align="justify">
6.2.12 <U>Disclosure</U>. The representations and warranties contained in this Article 6 do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements and information contained in
this Article 6 not misleading. </P>
<P align="justify">
Section 6.3 <U>Representation and Warranties of the Guarantors</U><B> </B></P>
<P align="justify">
 Each of the Guarantors represents and warrants to Seller, severally (and not jointly), as of the date hereof and as of the Closing Date the following: </P>
<P align="justify">
6.3.1 <U>Organization, Good Standing and Qualification</U>. The Guarantor is a duly organized and validly existing entity in good standing under the Laws of country of its incorporation and has the requisite corporate power and authority to carry on
its business as now being conducted.</P>
<P align="justify">
6.3.2 <U>Authority</U>.  The Guarantor has all requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder.  The execution, delivery and performance of this Agreement and the transactions
contemplated hereby have been duly and validly authorized by all requisite corporate or similar action on the part of the Guarantor.</P>
<P align="justify">
6.3.3 <U>Enforceability</U>. This Agreement has been duly and validly executed and delivered by the Guarantor and constitutes a valid and binding agreement of the Guarantor enforceable against the Guarantor in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws of general application from time to time in effect that affect creditors' rights generally.</P>
<P align="justify">
6.3.4 <U>No Violation or Breach</U>. Neither the execution and delivery of this Agreement nor the consummation of the transactions and performance of the terms and conditions of this Agreement by the Guarantor will (i) result in a violation or
breach of or default under any provision of the certificate of incorporation or other similar governing documents of the Guarantor; (ii) will result in a violation or breach of or default under any provision of any agreement, indenture or other
instrument under which the Guarantor is bound, other than such violations, breaches or defaults of agreements, indentures or other instruments that would not have a material adverse effect or (iii) violate any Applicable Law in relation to
Guarantor.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_39"></A>

<P align="justify">
6.3.5 <U>Funds</U>.  The Guarantor has on the date hereof, and, on a pro rata basis based on its percentage ownership of the total shares issued by Buyer, will cause Buyer on the Closing Date to have, sufficient funds available to enable Buyer to
consummate the transactions contemplated by this Agreement and to pay its pro-rata portion of the Investment, the other payments required of Buyer hereunder and all fees and expenses of Buyer. Consummation of the transactions contemplated by this
Agreement will not cause the Guarantor to become insolvent. </P>
<P align="justify">
6.3.6 <U>Actions</U>.  There is no Action by or before any court or other Governmental Authority or any arbitration proceeding pending or, to Guarantor's Knowledge, threatened against the relevant Guarantor that if adversely determined would have a
material adverse effect on the relevant Guarantor's ability to perform its obligations under this Agreement. </P>
<P align="justify">
6.3.7 <U>Disclosure</U>. The representations and warranties contained in this Article 6 do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements and information contained in
this Article 6 not misleading. </P>
<P align="center">
Article 7<B> </B><br>
<U>C</U><U>OVENANTS</U> </P>
<P>
Section 7.1 <U>Pre-Closing Covenants</U>. <B> </B></P>
<P align="justify">
The Parties and the Company agree as follows with respect to period between the date hereof and the Closing ("<U>Pre-Closing Covenants</U>"): </P>
<P align="justify">
7.1.1 <U>General</U>. Each of the Parties will use its reasonable commercial efforts to take all action and to do all things necessary, proper or advisable in order to consummate and make effective the transactions contemplated by this Agreement
(including satisfaction, but not waiver, of the Closing conditions set forth in Article 4 above). </P>
<P align="justify">
7.1.2 <U>Operations of Business</U>. Without the prior written consent of Buyer, Seller will not cause or permit the Company or any of its Subsidiaries to engage in any practice, take any action, or enter into any transaction outside the ordinary
course of business of the Company and any of its Subsidiaries. Without limiting the generality of the foregoing, and except as otherwise permitted hereunder, Seller will not cause or permit the Company or any of its Subsidiaries to: </P>
<P align="justify">
(a) declare, set aside, or pay dividend or make any distribution with respect to its capital stock or redeem, purchase or otherwise acquire any of its capital stock; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_40"></A>

<P align="justify">
(b) issue any shares or other securities, convertible or not into shares; </P>
<P align="justify">(c) create any Lien or sell, transfer, assign, pledge, encumber or otherwise dispose of any of the shares of the Company or any of its Subsidiaries; or, sell, transfer, assign, pledge, lease, encumber or otherwise
dispose of or agree to sell, transfer, assign, pledge, lease, encumber or otherwise dispose of any asset (in whole or in part), or allow any assets (in whole or in part) to become subject to any Lien, provided however that nothing contained in this
Section 7.1.2(c) shall prevent the Company and/or its Subsidiaries to sell its products and render services as currently sold or rendered in the ordinary course of their businesses; </P>
<P align="justify">
(d) incur any additional indebtedness for borrowed money or guarantee any such indebtedness, save for such indebtedness for borrowed money incurred in the ordinary course of business of the Company and any its
Subsidiaries, not to exceed R&#36; 200,000.00 (or its equivalent in other currencies); </P>
<P align="justify">
(e) except for the Operational Agreements, the Amendment to Transportation Agreement and for those agreements to be executed in connection with the transaction object of this Agreement, enter into any agreement,
understanding or commitment that restrains, limits or impedes the ability of the Company and/or any of its Subsidiaries to compete with or conduct any business, including geographic limitations on the Company&#8217;s and/or any of its
Subsidiaries&#8217; activities; </P>
<P>
(f) enter into any new joint venture or similar agreement; </P>
<P align="justify">
(g) execute any new lease for real estate or mining rights or sublease for real estate or cancel, modify, terminate or amend any lease for real estate or mining rights or sublease for real estate, unless such new lease
or sublease is executed in the ordinary course of business consistent with past practice or required for the accomplishment of the transaction object of this Agreement, and does not materially impair the operations of the Company and/or any of its
Subsidiaries; </P>
<P align="justify">(h) adopt or enter into a plan of complete or partial liquidation, dissolution, winding up, merger, consolidation, restructuring, recapitalization or other reorganization, involving the Company and/or any of its
Subsidiaries; </P>
<P align="justify">
(i) terminate, cancel amend, impede renewal or cause the termination, cancellation, amendment or renewal of, any insurance coverage
relating to the assets of the Company and/or any of its Subsidiaries, which is not replaced by a comparable insurance coverage, other than in the ordinary course of business consistent with past practice; and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_41"></A>

<P align="justify">(j) impede the renewal of, or lose, any and all material Permits necessary for the conduct of the Company&#8217;s and/or any of its Subsidiaries&#8217; businesses as currently conducted, the absence of which would have
a Material Adverse Effect. </P>
<P align="justify">
7.1.3 <U>Preservation of Business</U>. Seller will cause the Company and its Subsidiaries to keep their businesses and properties substantially intact, including their present operations, physical facilities, working conditions (wear and tear
excepted) and will use its best efforts to maintain its existing relationships with suppliers, customers, and employees. </P>
<P align="justify">
7.1.4 <U>Full Access</U>. Seller will permit, and Seller will cause the Company and its Subsidiaries to permit, Representatives of Buyer (including legal counsel and accountants) to have full access at all reasonable times, and in a manner so as not
to interfere with the normal business operations of the Company and its Subsidiaries, to all premises, properties, personnel, books, records (including tax records), contracts, and documents of or pertaining to each of the Company or its
Subsidiaries. Buyer will treat and hold as confidential information any information it receives or have access to in the course of the reviews contemplated by this Section. The access rights provided in this Section 7.1.4 shall not deemed to be an
authorization to Buyer or its Representative to opine, comment or otherwise interfere in any manner or aspect with the management, operations or business of the Company and its Subsidiaries. </P>
<P align="justify">
7.1.5 <U>Notice of Developments</U>. Each of the Parties will give prompt written notice to the other of any Material Adverse Effect causing or that could reasonably be expected to cause a breach of any of the representations and warranties in
Article 6 above. No disclosure by any Party pursuant to this Section 7.1.5, however, shall be deemed to amend or supplement the Schedules of this Agreement or to prevent the occurrence or the cure of any misrepresentation, breach of warranty or
breach of covenant or obligation hereunder. </P>
<P align="justify">
7.1.5.1 Without prejudice to the remedies provided for herein (including in Section 10.1), each of the Parties may give prompt written notice to the other Parties in case of any and all breach of representations, warranties, obligations and/or
covenants provided in this Agreement. Upon receipt of such notice, the defaulting Party and the non-defaulting Parties shall use their commercially reasonable efforts to discuss alternatives suitable to cure such breach as soon as reasonably
practicable to the extent such breach can be cured. No disclosure by any Party pursuant to this Section 7.1.5.1, however, shall be deemed to amend or supplement the Schedules of
this Agreement or to prevent the occurrence or the cure of any misrepresentation, breach of warranty or breach of covenant or obligation hereunder. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_42"></A>

<P align="justify">7.1.6 <U>Exclusivity</U>. The Seller will not and will cause the Company not to (i) solicit, initiate, or encourage the submission of any proposal or offer from any Person relating to the acquisition of any capital stock or voting securities, or any
substantial portion of the assets of the CdP Mine (including the rights related to the mining title registered with DNPM (DNPM process N. 043.306/1956)), of the Company or its Subsidiaries; or (ii) participate in any discussions or negotiations
aiming at furnishing any information with respect to, assisting or participating in, or facilitating in any other manner any effort or attempt by any Person to do or seek any of the foregoing. </P>
<P>
Section 7.2 <U>Post-Closing Covenants</U>.</P>
<P align="justify">
The Parties agree as follows with respect to the period following the Closing ("<U>Post-Closing Covenants</U>"): </P>
<P align="justify">
7.2.1 Seller shall guarantee and procure that (i) all areas necessary for the construction, implementation and operation of the first and second Pellet Plants, the High Silica Plant, the B-58 Tailing Dam ("<U>Relevant Areas</U>" and "<U>Relevant
Assets</U>", respectively) are purchased by the Company (at the sole expense of Seller) for its use in accordance with the Long-Term Business Plan on or before June 30, 2010, (ii) the Company obtains all Permits required under Applicable Law
(including installation license, on or before October 31, 2010, and operational license, on or before October 31, 2012) in relation to the construction, implementation and operation of the Relevant Assets, including those Permits that should be
obtained after Closing Date, ("<U>Relevant Permits</U>") and (iii) any communities potentially occupying the Relevant Areas are definitely and legally relocated as provided in the agreement with government of the State of Minas Gerais ("<U>Relevant
Communities</U>"). In the event that the Company does not purchases the Relevant Areas, obtains the Relevant Permits and/or relocates the Relevant Communities occupying the Relevant Areas up to each of the relevant dates set forth above, then the
Seller shall guarantee and procure that (a) the Company purchases, at the sole expense of Seller, other areas appropriate for the construction, implementation and operation of the Relevant Assets and (b) all Relevant Permits in connection with such
other areas are also obtained by the Company. For the purpose of this Section, Buyer shall, jointly with Seller, cause the Company to approve all Major Decisions (as defined in the Shareholders' Agreement) necessary for the acts or events described
in items (i) to (iii) of this Section 7.2.1 and, if so requested by Seller, to grant the power of attorneys necessary to enable the Seller to obtain the Relevant Permits hereunder on behalf of the Company. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_43"></A>

<P align="justify">
7.2.2 Seller and the Buyer shall cause the Company to execute and deliver to Buyer, within a period of 4 (four) months as from the Closing Date, the applicable amendments to all agreements executed by the Company related to the exploitation of areas
in which the mining rights are not held by the Company under the DNPM registries in order to reflect appropriate compliance with <I>Portaria DNPM N. 269</I>, dated as of July 10<SUP>th</SUP>, 2008. Such agreements include, but are not limited to,
the agreements with Minas do Itacolomy Ltda., Minera&ccedil;&atilde;o Jacare&iacute; Ltda., Sobramil, Itaminas, Nogueira Duarte and Argentina. </P>
<P align="center">
Article 8<B> </B><br>
<U>L</U><U>IMITATIONS</U> </P>
<P>
Section 8.1 <U>Limitation of Warranties</U>. </P>
<P align="justify">
8.1.1 Buyer agrees that except for the representations and warranties of the Seller expressly set forth in this Agreement, which are, and shall be, true, complete and accurate as of the date hereof and as of the Closing Date (i) Seller makes no
other representation or warranty whatsoever, whether express or implied, at equity, common law, by statute or otherwise, (ii) Seller makes no representation or warranty, whether express, implied, at equity, common law, by statute or otherwise, with
respect to the accuracy or completeness of the information, Records and data now, heretofor, or hereafter made available to Buyer in connection with this Agreement or the transactions contemplated hereby (including any description of the Company,
revenue, price and expense assumptions or environmental information or any other information furnished to Buyer by Seller or its Subsidiaries or any director (<I>membro do conselho de administra&ccedil;&atilde;o</I>), officer (<I>diretor</I>),
employee, counsel, agent or advisor of Seller or its Subsidiaries) and (iii) Seller expressly disclaims and negates any other representation or warranty, whether express or implied, at equity, common law, by statute or otherwise relating to the
condition of the Company, the business of the Company or other assets of the Company. </P>
<P align="justify">
8.1.2 Seller agrees that except for the representations and warranties of Buyer expressly set forth in this Agreement, which are, and shall be, true, complete and accurate as of the date hereof and as of the Closing Date, Buyer makes no other
representation or warranty whatsoever, whether express or implied, at equity, common law, by statute or otherwise. </P>
<P>
Section 8.2 <U>Waiver of Damages</U>.</P>
<P align="justify">
Notwithstanding anything to the contrary contained in this Agreement, the Parties agree that the recovery by any Indemnified Party (as defined below) of any Losses suffered or incurred by such Indemnified Party as a
result of any breach by another Party of any of its representations, warranties, obligations and covenants (including Pre-Closing Covenants and Post-Closing Covenants, as applicable) under this Agreement shall be limited to the actual Losses
suffered or
incurred by an Indemnified Party as a result of the breach by the breaching Party of its representations, warranties, obligations and covenants (including Pre-Closing Covenants and Post-Closing Covenants, as applicable) hereunder and in no event
shall the breaching Party be liable to an Indemnified Party for any indirect, consequential, special, exemplary or punitive damages (including any damages on account of lost profits or opportunities) suffered or incurred by an Indemnified Party as a
result of the breach by the breaching Party of any of its representation, warranties, obligations and covenants (including Pre-Closing Covenants and Post-Closing Covenants, as applicable) hereunder. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_44"></A>

<P>Section 8.3 <U>No Reliance</U><B>.</B> </P>
<P align="justify">
Buyer acknowledges that (i) it is relying upon only those representations and warranties of Seller that are expressly contained in this Agreement, as well as upon its own inspections and investigation, in order to
satisfy itself as to the condition and suitability of the Shares, the business, assets, Liabilities, operations or condition (financial or otherwise) of the Company and (ii) it is not relying upon any representations, warranties, statements, advice,
documents, projections or other information of any type provided by Seller or its Representatives other than those representations and warranties expressly set forth in this Agreement; provided, however, that such acknowledgments by Buyer shall have
no effect on, and shall be disregarded for purposes of, the representations, warranties, covenants and other obligations of Seller, and the rights of Buyer (including indemnification rights under Section 9.1 through Section 9.7 herein) under this
Agreement. </P>
<P align="center">
Article 9 <br>
<U>I</U><U>NDEMNIFICATION</U><B> </B></P>
<P>
Section 9.1 <U>Indemnification by Seller</U>.</P>
<P align="justify">
Subject to the other terms and limitations set forth in this Agreement, Seller shall indemnify, defend, reimburse and hold harmless Buyer, its Subsidiaries and their respective directors (<I>membros do conselho de
administra&ccedil;&atilde;o</I>), officers (<I>diretores</I>), partners (<I>s&oacute;cios</I>), direct or indirect shareholders and employees (each such Person, a "<U>Buyer Indemnified Party</U>" and, collectively, the "<U>Buyer Indemnified</U>
<U>Parties</U>") from and against any and all Losses actually incurred by Buyer Indemnified Party for (i) any breach, inaccuracy or omission of any representation or warranty made by Seller in this Agreement, (ii) any breach or non-performance of
any covenants or obligations of Seller under this Agreement and (iii) any Losses of the Company and/or its Subsidiaries deriving from any final non-appealable court decision (<I>tr&acirc;nsito em julgado</I>) (except if any provisional court
decision which effects are not suspended requires any Buyer Indemnified Party to make any payment thereunder) in connection with the issues disputed under the Vale Lawsuits.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_45"></A>

<P>
Section 9.2 <U>Indemnification by the Buyer</U>.</P>
<P align="justify">
Subject to the other terms and limitations set forth in this Agreement, Buyer shall indemnify, defend, reimburse and hold harmless Seller, its Subsidiaries and their respective directors (<I>membros do conselho de
administra&ccedil;&atilde;o</I>), officers (<I>diretores</I>), partners (<I>s&oacute;cios</I>), direct or indirect shareholders and employees (each such Person, a "<U>Seller Indemnified Party</U>" and, collectively, the "<U>Seller Indemnified</U>
<U>Parties</U>") from and against any and all Losses actually incurred by any Seller Indemnified Party for (i) any breach, inaccuracy or omission of any representation or warranty of Buyer; and (ii) any breach or non-performance of any covenants or
obligations of Buyer under this Agreement.</P>
<P>
9.2.1 <U>Indemnification by the Guarantor</U>.</P>
<P align="justify">
Subject to the other terms and limitations set forth in this Agreement, each Guarantor (severally, and not jointly) shall indemnify, defend, reimburse and hold harmless Seller Indemnified Parties from and against any
and all Losses actually incurred by any Seller Indemnified Party for (i) any breach, inaccuracy or omission of any representation or warranty of the relevant Guarantor and (ii) any breach or non-performance of any obligations of the relevant
Guarantor under this Agreement. Section 9.3 <U>Limitations of Liability</U>.</P>
<P align="justify">
9.3.1 None of the Buyer Indemnified Parties shall be entitled to assert any right to indemnification pursuant to Section 9.1 until the aggregate amount of all Losses actually suffered by the Buyer Indemnified Parties exceeds the Deductible Amount,
and then only to the extent such Losses exceed, in the aggregate, the Deductible Amount. Parties agree that there is no maximum amount for Indemnification of Buyer Indemnified Parties by Seller under Section 9.1 above, provided, however, that any
indemnification based on Section 9.1(iii) shall be (i) limited to a maximum US&#36; 20,000,000 (twenty million Dollars)and (ii) not subject to the Deductible Amount.</P>
<P align="justify">
9.3.2 None of the Seller Indemnified Parties shall be entitled to assert any right to indemnification pursuant to Section 9.2 until the aggregate amount of all Losses actually suffered by the Seller Indemnified Parties exceeds the Deductible Amount,
and then only to the extent such Losses exceed, in the aggregate, the Deductible Amount. Parties agree that there is no maximum amount for Indemnification of Seller Indemnified Parties by Buyer under Section 9.2 above. </P>
<P align="justify">
9.3.3 Neither Buyer, Guarantors nor Seller shall be required to make any payments to Seller Indemnified Parties or Buyer Indemnified Parties, as the case may be, pursuant to this Article 9 with respect to indemnification obligations until (i) a
final non-appealable court decision (<I>tr&acirc;nsito em julgado</I>) or arbitral decision (subject to no recourse or appeal) is issued or granted against the Company, Seller Indemnified Parties or Buyer Indemnified Parties, as the case may be,
regarding a third party claim (except if any provisional court or arbitral decision which effects
are not suspended, reversed or stayed requires any Seller Indemnified Party or Buyer Indemnified Party to make any payment thereunder ("<u>Provisional Decision</u>")) or (ii) a final arbitral award is issued or granted against any of the Seller
Indemnified Parties or Buyer Indemnified Parties regarding a direct dispute between Seller and Buyer (except for a Provisional Decision) or (iii) Seller and Buyer agree in writing that such indemnification is undisputed and due by either Seller or
Buyer, as applicable.  The applicable Seller Indemnified Party or Buyer Indemnified Party shall be fully and promptly reimbursed for all costs incurred and payments made with respect to a Provisional Decision if such Provisional Decision is reverted
on behalf of the relevant Seller Indemnified Party or Buyer Indemnified Party. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_46"></A>

<P align="justify">9.3.4 The amount of any indemnifiable Loss shall be paid to the relevant Buyer Indemnified Party or Seller Indemnified Party, as applicable, including the amount of any Taxes due and/or payable by the Buyer Indemnified Party or Seller Indemnified
Party on the amount of the indemnifiable Loss to be received, so that the relevant Buyer Indemnified Party or Seller Indemnified Party, as applicable, is indemnified for the full amount of its actual Loss. </P>
<P align="justify">
9.3.5 If under any indemnifiable Loss the Company is compelled to provide any type of guarantee or deposit in order to file an appeal or otherwise to present any defense in connection with an administrative proceeding or a lawsuit of any nature, the
Indemnifying Party (as defined below) shall provide the Company with the means to provide such guarantee or deposit. In any case, the compliance by Indemnifying Party with its obligation under this Section does not authorize the dilution (via
potential capital increase of the Company) of the Seller or the Buyer, as applicable, with respect to their percentage ownership in the capital stock of the Company. </P>
<P>
Section 9.4 <U>Indemnification Procedure</U>.</P>
<P>Claims for indemnification under this Agreement shall be asserted and resolved as follows: </P>
<P align="justify">&nbsp;</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_47"></A>

<P align="justify">
 9.4.1 If a claim by a third party is made against a Seller Indemnified Party or a Buyer Indemnified Party (any such Person, an "<U>Indemnified Party</U>"), and if such Indemnified Party intends to seek indemnity with respect thereto under this
Article 9, such Indemnified Party shall promptly furnish written notice of such claim (in reasonable detail and including the factual basis for such claim and, to the extent known, the amount thereof) to the Party against whom indemnity is sought
(such Party, in such capacity, the "<U>Indemnifying Party</U>").  Thereafter, the Indemnified Party shall deliver to the Indemnifying Party, promptly after the Indemnified Party's receipt thereof, copies of all material notices and documents
(including court papers) received or transmitted by the Indemnified Party relating to such claim. The failure or delay of the Indemnified Party to deliver prompt written notice of a claim shall not affect the indemnity obligations of the Indemnifying Party hereunder, except and only to the extent that, as a result of such failure, any Indemnifying Party that was entitled to receive such notice was deprived of its right to recover any
payment under its applicable insurance coverage or was otherwise materially prejudiced as a result of such failure.  The Indemnifying Party shall have 5 (five) Business Days after receipt of such notice to elect to undertake, conduct and control
(through counsel of its own choosing and at its own expense, so long such counsel is approved by the other Party, such approval not to be unreasonably delayed or withheld), and, in any event, shall have the right to participate (at its own expense)
in, the settlement or defense of such claim, and the Indemnified Party shall cooperate with it in connection therewith.  If the Indemnifying Party elects to undertake, conduct and control the settlement or defense of such claim, the Indemnifying
Party shall permit the Indemnified Party to participate in such settlement or defense directly or through counsel chosen by such Indemnified Party (but the fees and expenses of such counsel shall be borne by such Indemnified Party).  So long as the
Indemnifying Party (at the Indemnifying Party's cost and expense) (i) has undertaken the defense of, and assumed full responsibility for all indemnified liabilities with respect to, such claim, (ii) is reasonably contesting such claim in good faith
through appropriate proceedings and (iii) has taken such action (including the posting of a bond, deposit or other security) as may be necessary to prevent any action to foreclose a Lien against or attachment of the property and/or assets of the
Indemnified Party or of any of the Company, as the case may be, for payment of such claim, the Indemnified Party shall not pay or settle any such claim; provided, however, that, the Indemnified Party shall have the right to pay or settle any such
claim if it has waived in writing any right to indemnity by the Indemnifying Party for such claim; and provided, further, that, if within five Business Days after the receipt of the Indemnified Party's notice of a claim of indemnity under this
Section 9.4.1, the Indemnifying Party does not notify the Indemnified Party that it elects (at the Indemnifying Party's cost and expense) to undertake the defense thereof and assume full responsibility for all indemnified liabilities with respect
thereto, or gives such notice and thereafter fails to contest such claim in good faith or to prevent action to foreclose a Lien against or attachment of the Indemnified Party's property as contemplated above, the Indemnified Party shall have the
right to contest, settle or compromise such claim (at the Indemnifying Party&#8217;s costs and expenses) and the Indemnified Party shall not thereby waive any right to indemnity for such claim under this Agreement.  No Indemnifying Party shall
consent to any settlement, compromise or discharge (including the consent to entry of any judgment) of any such claim without the Indemnified Party's prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned);
provided that, if the Indemnifying Party assumes the defense of any such claim, the Indemnified Party shall agree to any settlement, compromise or discharge of such claim which the Indemnifying Party may recommend and which by its terms obligates
the Indemnifying Party to pay the full
amount of Losses in connection with such claim and definitely and unconditionally releases the Indemnified Party and its Subsidiaries completely from all liability in connection with such claim; provided, however, that the Indemnified Party may
refuse to agree to any such settlement, compromise or discharge (i) that provides for injunctive or other nonmonetary relief affecting the Indemnified Party or its Subsidiaries or (ii) that, in the reasonable opinion of the Indemnified Party, would
otherwise materially adversely affect the Indemnified Party.  Whether or not the Indemnifying Party shall have assumed the defense of such claim, the Indemnified Party shall not admit any Liability with respect to, or settle, compromise or discharge
(including the consent to entry of any judgment with respect to), any such claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, delayed or conditioned) unless the Indemnified Party has
waived in writing any right to indemnity from the Indemnifying Party with respect to such claim or otherwise provided herein, in which cases no such consent shall be required. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_48"></A>

<P align="justify">9.4.2 Any claim on account of Losses for which indemnification is provided under this Agreement which does not involve a claim of a third party shall be asserted by prompt written notice (setting forth in reasonable detail the facts or circumstances
that allegedly gave rise to such claim and, to the extent known, the amount thereof) given by the Indemnified Party to the Indemnifying Party from whom such indemnification is sought. The failure or delay of the Indemnified Party to deliver prompt
written notice of a claim shall not affect the indemnity obligations of the Indemnifying Party hereunder, except and only to the extent that, as a result of such failure, any Indemnifying Party that was entitled to receive such notice was deprived
of its right to recover any payment under its applicable insurance coverage or was otherwise materially prejudiced as a result of such failure. </P>
<P align="justify">
9.4.3 In the event of payment in full by an Indemnifying Party to any Indemnified Party in connection with any claim (an "<U>Indemnified Claim</U>"), such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnified
Party as to any events or circumstances in respect of which such Indemnified Party may have any right or claim relating to such Indemnified Claim against any claimant or plaintiff asserting such Indemnified Claim or against any other Person. Such
Indemnified Party shall cooperate with such Indemnifying Party in a reasonable manner and (at such Indemnifying Party's cost and expense) in prosecuting any subrogated right or claim. </P>
<P>
Section 9.5 <U>Survival and Time Limitation</U>.</P>
<P align="justify">
Except as otherwise set forth herein, the terms and provisions of this Agreement, including the representations and warranties, shall survive the Closing of the transactions contemplated hereunder. Any claim by any
Buyer Indemnified Party that Seller is liable to such Buyer Indemnified Party under the terms of this
Agreement must be brought against Seller until the expiration of all applicable statutes of limitations.  Any claim by any Seller Indemnified Party that Buyer is liable to such Seller Indemnified Party under the terms of this Agreement must be
brought against Buyer until the expiration of all applicable statutes of limitations (including any extension thereto).</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_49"></A>

<P>Section 9.6 <U>Further Indemnity Limitations</U>. </P>
<P align="justify">
9.6.1 The amount of any indemnifiable Loss shall be reduced (i) to the extent any Indemnified Party actually receives any insurance proceeds with respect to such Loss, (ii) to take into account, if applicable, any net Tax benefit actually received
from the recognition of the Loss and (iii) to take into account any payment actually received by an Indemnified Party with respect to such Loss.</P>
<P align="justify">
9.6.2 Anything contained in this Agreement to the contrary notwithstanding, the Parties shall be liable for any and all Losses pursuant to Section 9.1, whether or not the breach, inaccuracy or omission of the applicable representation and warranty,
or the facts and circumstances underlying such breach was disclosed to or otherwise known by them prior to Closing. </P>
<P align="justify">
9.6.3 Neither the period of survival nor the liability of the Seller with respect to the Seller's representations and warranties shall be reduced by any investigation made at any time by or on behalf of Buyer. If written notice of a claim has been
given prior to the expiration of the applicable representations and warranties by Buyer to the Seller, then the relevant representations and warranties shall survive as to such claim, until such claim has been finally resolved. </P>
<P>
Section 9.7 <U>Sole and Exclusive Remedy</U>.</P>
<P align="justify">Except for fraud (<I>fraude</I>) or willful misconduct (<I>dolo</I>), the indemnification and termination provisions contained in this Agreement shall be the sole and exclusive remedy of each Party and the Seller
Indemnified Parties and the Buyer Indemnified Parties (i) for any breach, inaccuracy or omission of any Party's representations, warranties, covenants (including Pre-Closing Covenants and Post-Closing Covenants, as applicable) or undertakings
contained in this Agreement or (ii) otherwise with respect to this Agreement. Notwithstanding the foregoing, each Party shall have the right to seek specific performance of the terms of this Agreement in any court of competent jurisdiction. </P>
<P align="center">
Article 10 <br>
<U>T</U><U>ERMINATION</U><B> </B></P>
<P>
Section 10.1 <U>Termination</U>. </P>
<P align="justify">This Agreement may be terminated prior to Closing (except for breach of Post-Closing Covenant, in which case termination may occur after
Closing) by one or more Parties and all of the transactions contemplated hereby abandoned: </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_50"></A>

<P>10.1.1 by the mutual written consent of Buyer and Seller;</P>
<P align="justify">
10.1.2 by Buyer, if there has been a material breach, inaccuracy, omission or non-performance by Seller of any representation, warranty, covenant (including Post-Closing Covenant) or obligation contained in this Agreement and either (a) has not been
waived by Buyer, or (b) if capable of being cured, was not cured by Seller within 30 (thirty) days after written notice thereof from Buyer; </P>
<P align="justify">
10.1.3 by either Buyer or Seller if any Governmental Authority having competent jurisdiction has issued a final, non-appealable order, decree, ruling or injunction (other than a temporary restraining order) or taken any other action materially
changing, restraining, enjoining, prohibiting or otherwise materially and adversely affecting the transactions contemplated by this Agreement and the Operational Agreements;</P>
<P align="justify">
10.1.4 by Seller, if there has been a material breach, inaccuracy, omission or non-performance by Buyer of any representation, warranty, covenant or obligation contained in this Agreement and either (a) has not been waived by Seller or (b) if
capable of being cured, was not cured by Buyer within 30 (thirty) days after written notice thereof from Seller; and </P>
<P align="justify">
10.1.5 by any of the Parties if the Closing has not occurred because the conditions provided in Section 4.2 hereunder were not properly fulfilled or waived by the relevant Party on or before 180 (one hundred and eighty) days from the date of this
Agreement or such later date as the Parties may agree upon in writing. </P>
<P>
Section 10.2 <U>Effect of Termination</U>.</P>
<P align="justify">
In order to effect the termination of this Agreement by Seller or Buyer pursuant to Section 10.1, written notice thereof shall promptly be given by the terminating Party to the other Parties, and this Agreement shall
thereupon terminate. If this Agreement is terminated as provided herein, all filings, applications and other submissions made to any Governmental Authority shall, to the extent practicable, be withdrawn from the Governmental Authority to which they
were made.  This Agreement shall have no further force or effect, and all further obligations of the Parties under this Agreement shall terminate without further Liability of any Party to any other Party, except (a) that such termination shall not
affect (i) any claim any Party may have for damages caused by any reason of, or relieve any Party from Liability for, any breach of this Agreement prior to termination, (ii) the provisions of Section 12.3 (Arbitration) and (iii) Section 12.12
(Confidentiality) and (b) for the right of the Buyer to receive the refund from the Seller and the Company of all amounts paid as Investments (plus any potential Positive or Negative Difference of
Acquired Shares Price and Positive or Negative Difference of New Shares Prices) in the case of termination pursuant to Section 10.1.2 as a result of a breach of Post Closing Covenant.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_51"></A>

<P align="center">Article 11 <br>
<U>G</U><U>UARANTY</U> </P>
<P align="justify">
Section 11.1 <U>Guarantors</U>.  Guarantors hereby irrevocably and unconditionally guarantees to Seller the full and punctual payment of any and all amounts due and payable by Buyer under this Agreement as they come due, on a pro-rata basis based on
the percentage ownership of each of the Guarantors in the capital stock of Buyer, as set forth in <U>Schedule 11.1</U> hereto. Upon failure by Buyer to pay punctually any such amount, the Guarantors shall forthwith pay, severally (and not jointly),
to Seller the amount not so paid at the place and time and in the manner specified in this Agreement, on a pro-rata basis based on the percentage ownership of each Guarantor in the capital stock of Buyer, as set forth in Schedule 11.1 hereto. This
guaranty constitutes a direct, general and unconditional obligation of each Guarantor which will at all times rank at least pari passu with all other present and future unsecured obligations of each Guarantor, except for such obligations as may be
preferred by provisions of law that are both mandatory and of general application. Each of the Guarantors unconditionally and irrevocably waives any and all rights provided under Articles 366, 368, 821, 827, 834, 835, 837, 838, I, and 839 of the
Brazilian Civil Code and Articles 77 and 595 of the Brazilian Civil Procedure Code. </P>
<P align="center">
Article 12 <br>
<U>M</U><U>ISCELLANEOUS</U><B> </B></P>
<P>
Section 12.1 <U>Approval by SBDC</U>.</P>
<P align="justify">The Parties hereby expressly agree that Buyer shall be the sole responsible for submitting the transaction contemplated by this Agreement to the SBDC, bearing all costs and expenses related thereto.  Buyer shall in good
faith prepare such submission for obtaining the approval by SBDC, submit all relevant applications and provide all relevant information required thereto; and Seller shall in good faith endeavor its best efforts and actively cooperate with Buyer for
obtaining such approval by SBDC. All fees, costs, expenses and penalties (including fees and expenses of attorneys, accountants, financial advisors and other professionals, other than those directly hired by Seller) in connection with the
preparation and submission to SBDC of the transaction contemplated by this Agreement and other documents relating to the same will be fully and solely borne by Buyer. It is further understood and agreed that Buyer shall bear any and all risk
pertaining to obtaining of the relevant clearance of the antitrust authorities to implementation of the purchase and sale of Shares contemplated hereunder.</P>
<P>
Section 12.2 <U>Governing Law</U>. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_52"></A>

<P align="justify">
This Agreement and the rights and obligations of the Parties hereunder and the transactions contemplated hereby shall be governed by, enforced and interpreted in accordance with the laws of Brazil. </P>
<P>
Section 12.3 <U>Arbitration</U>. </P>
<P align="justify">
any dispute, controversy or claim arising out of or relating to this Agreement ("<U>Dispute</U>") will be solved by arbitration, in accordance with the following provisions: </P>
<P align="justify">
12.3.1 The Dispute will be finally settled under the Rules of Arbitration of the International Chamber of Commerce (the "<U>ICC Rules</U>") in force at the time the Dispute arises.</P>
<P align="justify">
12.3.2 Seller and Buyer shall appoint one arbitrator, and the two party-appointed arbitrators shall designate a third arbitrator ("<U>Arbitral Tribunal</U>"). However, it is hereby agreed that if any Party fails to appoint its arbitrator, such
arbitrator shall be appointed by the Court of Arbitration of the International Chamber of Commerce (the "<U>ICC Court</U>"). In case the two appointed arbitrators fail to appoint the third arbitrator within 30 (thirty) days from the date of their
appointment, upon a written request of each of the parties, the ICC Court will appoint the third arbitrator.</P>
<P align="justify">
12.3.3 The arbitration will be held in the City of S&atilde;o Paulo, Brazil.  The arbitration procedure will be held in English language and in accordance with the Brazilian Law. </P>
<P align="justify">
12.3.4 The Parties elect the courts of the City of S&atilde;o Paulo, State of S&atilde;o Paulo, exclusively for interim or conservatory measures, as provided for in the ICC Rules. </P>
<P align="justify">
12.3.5 The Arbitral Tribunal will render its final award within 12 (twelve) months as of the beginning of the arbitration. This term may be extended for up to 6 (six) months by the Arbitral Tribunal, provided it is justified. </P>
<P align="justify">
12.3.6 Except for attorney&#8217;s fees, which shall be born individually by each Party, all expenses, costs and legal fees will be borne by one or both Parties as determined by the Arbitral Tribunal. </P>
<P align="justify">
12.3.7 The Parties shall keep the confidentiality of each and every information concerning the arbitration. </P>
<P align="justify">
12.3.8 All the Parties to the Agreement shall participate in any arbitration, joining the claimant or the defendant as the case may be. The Parties agree that any order, decision or determination of the Arbitral Tribunal shall be definitely binding.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_53"></A>

<P>
Section 12.4 <U>Entire Agreement</U>.</P>
<P align="justify">
This Agreement, including the Schedules and Exhibits hereto, contains the entire agreement between the Parties with respect to the subject matter hereof and supersedes any prior written or oral agreements,
understandings, representations or warranties between the Parties. </P>
<P>
Section 12.5 <U>Notices</U>.</P>
<P align="justify">
All notices hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally, sent by documented overnight delivery service or, to the extent receipt is confirmed, by United States
mail or telecopy to the appropriate address or number as set forth below. </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=10%></TD>
	<TD width=2%></TD>
	<TD></TD>
	</TR>
<TR valign="bottom">
	<TD align=left>12.5.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>If to Seller, to:&nbsp;</TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Companhia Sider&uacute;rgica Nacional&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Avenida Brigadeiro Faria Lima, 3.400, 20th Floor&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>04538-132, S&atilde;o Paulo, SP, Brazil&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Attention:&nbsp;Mr. Juarez Saliba de Avelar and Mr. Fernando Quintana&nbsp;Merino&nbsp;</TD>
	</TR>

<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Telephone:&nbsp;55 11 3049-7505/7238&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Facsimile:&nbsp;55 11 3049-7140/7212&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>e-mail:&nbsp;<U>juarez.saliba@csn.com.br</U>&nbsp;and&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>fernando.merino@csn.com.br&nbsp;</TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>with a copy to:&nbsp;</TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Pinheiro Guimar&atilde;es &#8211; Advogados&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Avenida Paulista 1842, 24<SUP>th </SUP>Floor, Torre Norte&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>01310-200, S&atilde;o Paulo, SP, Brazil&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Attention:&nbsp;Francisco Jos&eacute; Pinheiro Guimar&atilde;es and Sergio Ramos&nbsp;Yoshino, Esq.&nbsp;</TD>
	</TR>

<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Telephone: 55 11 4501-5000&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Facsimile:&nbsp;55 11 4501-5025&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>e-mail:&nbsp;<U><font color="#0000FF">fjpg@pinheiroguimaraes.com.br</font> </U>and&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left><font color="#0000FF"><U>sramos@pinheiroguimaraes.com.br</U>&nbsp;</font></TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>12.5.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>If to Buyer, to:&nbsp;</TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Big Jump Energy Participa&ccedil;&otilde;es S.A.&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Rua da Consola&ccedil;&atilde;o, 247, 3<SUP>rd </SUP>Floor, Room 85A&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>01031-903, S&atilde;o Paulo, SP, Brazil&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Attention:&nbsp;Chief Executive Officer&nbsp;</TD>
	</TR>
</TABLE>
<BR>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_54"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=10%></TD>
	<TD width=2%></TD>
	<TD></TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Telephone:&nbsp;55 11 3170-8509&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Facsimile:&nbsp;55 11 3170-8549&nbsp;</TD>
	</TR>
<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>with a copy to:&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Machado, Meyer, Sendacz e Opice Advogados&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Avenida Brigadeiro Faria Lima, 3144, 11<SUP>th </SUP>Floor&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>01451-000, S&atilde;o Paulo, SP, Brazil&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Attention:&nbsp;Jos&eacute; Ribeiro do Prado J&uacute;nior e Arthur B. Penteado, Esq.&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Telephone:&nbsp;55 11 3150-7000&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Facsimile:&nbsp;55 11 3150-7010&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>e-mail:&nbsp;<U><font color="#0000FF">jprado@mmso.com.br</font> </U>and <U>apenteado@mmso.com.br</U>&nbsp;</TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>12.5.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>If to Guarantors, to:&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Itochu Corporation&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>5-1, Kita-Aoyama 2-Chome, Minato-ku&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Tokyo, 107-8077, Japan&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Attention:&nbsp;Mr. Yasuhiro Miyata&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Telephone:&nbsp;81 3 3497-3365&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Facsimile:&nbsp;81 3 3497-3342&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>e-mail:&nbsp;tokko@itochu.com.jp&nbsp;</TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>JFE Steel Corporation&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>2-3, Uchisaiwai-cho 2-chome Chiyoda-ku&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Tokyo 100-0011, Japan&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Attention:&nbsp;Mr.Takashi Maeno&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Telephone:&nbsp;81 3 3597-3666&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Facsimile:&nbsp;81 3 3595-3620&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>e-mail:&nbsp;<U><font color="#0000FF">t-maeno@jfe-steel.co.jp</font></U><font color="#0000FF">&nbsp;</font></TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Nippon Steel Corporation&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>6-3 Otemachi 2-chome Chiyoda-ku&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Tokyo 100-8071, Japan&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Attention:&nbsp;Mr. Masahiro Saitoh&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Telephone:&nbsp;81 3 3275-5491&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Facsimile:&nbsp;81 3 3275-5952&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>e-mail:&nbsp;<U><font color="#0000FF">saitoh.masahiro1@nsc.co.jp</font></U><font color="#0000FF">&nbsp;</font></TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Sumitomo Metal Industries, Ltd.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>8-11, Harumi 1-chome, Chuo-ku&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Tokyo 104-6111, Japan&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Attention:&nbsp;Mr. Shigeki Yamaguch&nbsp;</TD>
	</TR>
</TABLE>
<BR>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_55"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=10%></TD>
	<TD width=2%></TD>
	<TD></TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Telephone:&nbsp;81 3 4416-6246&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Facsimile:&nbsp;81 3 4416-6670&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;e-mail:&nbsp;<U><font color="#0000FF">yamaguch-sgk@sumitomometals.co.jp</font></U><font color="#0000FF">&nbsp;</font></TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Kobe Steel, Ltd.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;9-12, Kita-Shinagawa 5-chome, Shinagawa-ku&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Tokyo, 141-8688, Japan&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Attention:&nbsp;Mr. Hiroshi Tanaka&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Telephone:&nbsp;81 3 5739-6122&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Facsimile:&nbsp;81 3 5739-6930&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;e-mail:&nbsp;<U>tanaka.hiroshi@kobelco.com</U>&nbsp;</TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Nisshin Steel Co., Ltd.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;4-1, Marunouchi 3-chome, Chiyoda-ku&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Tokyo, 100-8366, Japan&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Attention:&nbsp;Mr. Ryoji Nunoya&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Telephone:&nbsp;81 3 3216-5528&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Facsimile:&nbsp;81 3 3216-5539&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;e-mail:&nbsp;<U><font color="#0000FF">n03962@nisshin-steel.co.jp</font></U><font color="#0000FF">&nbsp;</font></TD>
	</TR>
<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;POSCO Iron Ore Procurement Group&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;POSCO Center 23 F&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Daechi-4dong, Gangnam-gu,&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Seoul, 135-777, Korea&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Attention :&nbsp;Mr. Myung Deuk Seo / Group Leader&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Telephone:&nbsp;82 2 3457-0306&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Facsimile:&nbsp;82 2 3457-1908&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;e-mail:&nbsp;<U><font color="#0000FF">mdseo@posco.com</font></U><font color="#0000FF">&nbsp;</font></TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp; &nbsp;with a copy to:&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Machado, Meyer, Sendacz e Opice Advogados&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Avenida Brigadeiro Faria Lima, 3144, 11<SUP>th </SUP>Floor&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;01451-000, S&atilde;o Paulo, SP, Brazil&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Attention:&nbsp;Jos&eacute; Ribeiro do Prado J&uacute;nior and Arthur B. Penteado,&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Esq.&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Telephone:&nbsp;55 11 3150-7000&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Facsimile:&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;e-mail:&nbsp;<U><font color="#0000FF">jprado@mmso.com.br</font> </U>and <U><font color="#0000FF">apenteado@mmso.com.br</font></U><font color="#0000FF">&nbsp;</font></TD>
	</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>12.5.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>If to the intervening parties:&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left> &nbsp;Nacional Min&eacute;rios S.A.:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_56"></A>

<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=10%></TD>
	<TD width=2%></TD>
	<TD></TD>
	</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>Alameda da Serra, 400, 9<SUP>th </SUP>Floor&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>34.000-000, Nova Lima, MG, Brazil&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>Attention:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Mr. Ricardo Abramof and Mr. Adherbal Guimar&atilde;es R&ecirc;go&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Telephone:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>55 31 3269-1410&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>Facsimile:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>55 31 3269-1414&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>e-mail:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left><U><font color="#0000FF">adherbal.rego@csn.com.br</font></U>&nbsp;and&nbsp;<u><font color="#0000FF">ricardo.abramof@csn.com.br</font></u><font color="#0000FF">&nbsp;</font></TD>
	</TR>

<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>Brazil Japan Iron Ore Corporation:&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>5-1, Kita-Aoyama 2-chome, Minato-ku&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>Tokyo 107-8077, Japan&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>Attention:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Mr. Yasuhiro Miyata&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>Telephone:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>81 3 3497-3365&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>Facsimile:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>81 3 3497-3342&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left>e-mail:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left><U><font color="#0000FF">miyata-ya@itochu.co.jp</font></U><font color="#0000FF">&nbsp;</font></TD>
	</TR>
</TABLE>
<BR>
<P align="justify">
or to such other address or addresses as the Parties may from time to time designate as to itself by like notice. </P>
<P align="justify">
Notice given by overnight delivery service or Brazilian mail shall be effective upon actual receipt.  Notice given by telecopy shall be effective upon actual receipt if received during the recipient's normal business
hours, or at the beginning of the recipient's next Business Day after receipt if not received during the recipient's normal business hours. All notices by telecopy shall be confirmed by the Party giving such notice promptly after transmission in
writing by certified mail or overnight delivery to the recipient Party. </P>
<P>
Section 12.6 <U>Parties in Interest; Assignment</U>.</P>
<P align="justify">
Neither Party shall assign or delegate (in whole or in part) its rights or obligations under this Agreement without the prior written consent of the other Party, which consent shall not be unreasonably withheld, delayed
or conditioned; provided, however, that after Closing each of the Parties may assign all of its rights and obligations under this Agreement without the prior written consent of the other Parties to one or more of its shareholders in case of any
merger or amalgamation involving Buyer and the Company as provided by the Shareholders' Agreement. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns and shall be
enforceable by the Parties hereto and their respective successors and permitted assigns.</P>
<P>
Section 12.7 <U>Amendments and Waivers</U>.</P>
<P align="justify">
This Agreement may not be modified or amended except by an instrument in writing signed by each of the Parties. Seller may waive compliance by Buyer, and Buyer may waive compliance by Seller, with any term or provision
of
this Agreement on the part of such Party to be performed or complied with only by an instrument in writing. The waiver by a Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_57"></A>

<P align="justify">Section 12.8 <U>Schedules and Exhibits</U>.</P>
<P align="justify">
All Schedules and Exhibits hereto that are referred to herein are hereby made a part hereof and incorporated herein by such reference. The specification of any Dollar amount in the representations and warranties
contained in this Agreement or the inclusion of any specific item in the Schedules is not intended to imply that such amounts (or higher or lower amounts) are or are not material, and no Party shall use the fact of the setting of such amounts or the
fact of the inclusion of any such item in the Schedules in any claim, dispute or controversy as to whether any obligation, item or matter not described herein or included in a Schedule is or is not material for purposes of this Agreement. No events,
changes, circumstances, developments, effects or states of facts occurred prior to the date hereof shall be added as updates in the Schedules after the date hereof. Non-material events, changes, circumstances, developments, effects or states of
facts shall not be added as updates in the Schedules after the date hereof, provided, however, that Schedules relating to representations which are not qualified by the word "material" or the expression "Material Adverse Effect" may be updated with
non-material events, changes, circumstances, developments, effects or states of facts. </P>
<P>
Section 12.9 <U>Agreement for the Parties' Benefit Only; Non-Recourse</U>.</P>
<P align="justify">
Except as otherwise specified herein, which are also intended to benefit and to be enforceable by the Seller Indemnified Parties and the Buyer Indemnified Parties, as applicable, this Agreement is not intended to confer
upon any Person not a party hereto, other than the Parties' successors or permitted assigns, any rights or remedies hereunder, and no Person other than the Parties, their successors or permitted assigns is entitled to rely on any representation,
warranty, covenant or agreement contained herein.  No past, present or future director (<I>membro do conselho de administra&ccedil;&atilde;o</I>), officer (<I>diretor</I>), employee, incorporator, member, partner (<I>s&oacute;cio</I>), stockholder,
Affiliate, agent, attorney or Representative of Buyer or Seller, respectively, shall have any Liability for any obligations or Liabilities of Buyer or Seller (as the case may be) under this Agreement or for any claim based on, in respect of, or by
reason of, the transactions contemplated hereby, except for fraud or as otherwise provided by Brazilian Law. </P>
<P>
Section 12.10 <U>Severability</U>.</P>
<P align="justify">
If any term or other provision of this Agreement shall be held invalid, illegal or incapable of being enforced by any Applicable Law or public policy by a court of competent jurisdiction, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to a Party. Upon such determination by a court of competent jurisdiction that any term or other provision is invalid, illegal or
incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to give effect to the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated
hereby are fulfilled to the extent possible. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_58"></A>

<P align="justify">Section 12.11 <U> Conversion of Amounts</U>.</P>
<P align="justify">
12.11.1 Except as set forth in Section 12.11.2, the conversion of amounts in Reais into Dollars, and in Dollars into Reais, for the purpose of any payment obligation under this Agreement, shall use PTAX (as defined below) applicable at the close of
the business of the day that is 2 (two) Business Days prior to the relevant calculation or payment date (as the case may be). If no PTAX value is available on such date, PTAX value shall be replaced by the exchange rate freely practiced in the
financial market. "<U>PTAX</U>" means the ask rate which means the Brazilian Reais&#8217;s bid and Dollar&#8217;s ask rate, expressed as the amount of Brazilian Reais per one Dollar, published by the Central Bank of Brazil on SISBACEN Data System
under transaction code PTAX-800, Option 5, "<I>Venda</I>" by approximately 6:00 p.m., S&atilde;o Paulo time. </P>
<P align="justify">
12.11.2 The conversion of amounts in Dollars into Reais for the purpose of the payment of the Investment as per Article 2 and 3 shall use such conversion rate as reasonably determined by Seller; provided, however, that the following procedure shall
apply:</P>
<P align="justify">
(a) Within 5 (five) Business Days after the Agreement to Closing or (if Section 4.1.2 shall apply) no later than 5 (five) Business Days before November 28, 2008, the Japanese SPC and Posco shall cause the Investment (plus any applicable amount
relating to deduction or withholding for Taxes imposed under Applicable Law so that the net Converted Amount (as defined below) is equal to the Investment amount) to be deposited in Dollars, on a pro rata basis based on their direct shareholdings in
Buyer, into their Dollars accounts held at such Bank in the City of New York ("<U>New York Bank</U>"), as designated by the Japanese SPC and Posco and approved by Seller (the amount to be so deposited shall be referred to as the "Deposited Amount"),
<U>provided</U>, <U>however</U>, that such approval of Seller shall not be unreasonably withheld. Immediately after confirmation of such deposit, but in any event no later than 5 (five) Business Days after the Agreement to Closing or no later than 5
(five) Business Days before November 28, 2008, as applicable, Buyer shall notify Seller in writing of that effect (the "<U>Deposit Notice</U>"). </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_59"></A>

<P align="justify">
(b) After the receipt by Seller of the Deposit Notice and in any event within 3 (three) Business Days after such Deposit Notice, Seller shall, on behalf of the Buyer and at the cost and expense of Buyer (including any applicable Tax and banking
fees), cause the conversion of the Deposited Amount into Reais through a first tier financial institution in Brazil selected by Seller and approved by Buyer, at such applicable conversion rate in effect and transfer, on behalf of the Buyer, the
converted Reais into the Reais account of the Buyer held at a Bank in Brazil, as designated by Buyer, <U>provided</U>, <U>however</U>, that such approval of Buyer shall not be unreasonably withheld.  The aggregate of all such converted Reais amount
shall be the "<U>Converted</U> <U>Amount</U>". Seller shall notify in writing Buyer once all of the conversion has been completed (the "<U>Conversion Notice</U>"). The Closing shall be held on the date that is 2 (two) Business Days after the receipt
of the Conversion Notice. </P>
<P align="justify">
(c) For the purpose of Seller determining and agreeing the applicable conversion rate on behalf of the Japanese SPC and Posco, the Japanese SPC and Posco hereby authorize Seller to so determine and agree after the receipt by Seller of the Deposit
Notice and in any event before the Closing Date, and shall timely provide Seller with the relevant power of attorneys and other applicable documents as reasonably requested by Seller. At the Closing, Buyer shall remit (i) a portion of the Converted
Amount corresponding to the Acquired Shares Price to the bank account determined by Seller as provided in Section 2.2.1, and (ii) the remaining portion of the Converted Amount corresponding to the New Shares Price to the bank account determined by
the Company as provided in Section 3.1.2.</P>
<P align="justify">
(d) For the purpose of settling any potential Positive or Negative Difference of Acquired Shares Price and Positive or Negative Difference of New Shares Price, the conversion rate shall be the weighted average of all conversion rates applied in the
conversion process as set forth in Section 12.11.2(b) above. </P>
<P align="justify">
(e) All notices under this Section shall be timely provided by each of the Parties in compliance with the deadlines for Closing as provided in Sections 4.1.1 and 4.1.2, as applicable. </P>
<P align="justify">
(f) Notwithstanding anything to the contrary herein, Buyer's payment
obligation with respect to the Investment will only be deemed accomplished upon deposit of the applicable amounts in the accounts specified by Seller and the Company in the <u>Schedule 2.2.1</u> and <u>Schedule 3.1.2</u>, respectively. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_60"></A>

<P>Section 12.12 <U>Confidentiality</U><B>.</B></P>
<P align="justify">

Each of the Parties and Guarantors hereto shall maintain the confidentiality on this Agreement, its terms and conditions and any other related information ("<U>Confidential Information</U>"), including, without
limitation, all data and information obtained by any of them pursuant to this Agreement, except for any information which (i) at the time of disclosure, is public information, (ii) after disclosure, is published or otherwise becomes part of the
public domain without any violation of this Agreement by the Parties or Guarantors, (iii) is received by the disclosing Party or Guarantor from a third party, provided that such third party, or any other party from whom such third party received
such information, is not in breach of any confidentiality obligation in respect of such information. In the event that any Party or Guarantor becomes legally obligated (whether by Applicable Law, court order or otherwise) to disclose any of the
Confidential Information, such Party or Guarantor shall (except for any announcements pursuant to <I>Instru&ccedil;&atilde;o CVM</I> N. 358/02, as amended, in which case the relevant Party may disclose such information as it deems to be required
under such regulation) (a) immediately notify the other Parties and/or Guarantors, as applicable, of the existence, terms and circumstances in connection therewith, (b) cooperate with the other Parties and/or Guarantors, as applicable, in the event
that any Party or Guarantor seeks a protective order or other appropriate remedy, (c) furnish only that portion of the Confidential Information which is legally required and (d) exercise its reasonable efforts to attempt that confidential treatment
be accorded to the Confidential Information. The Parties and Guarantors hereby acknowledge that each of them may disclose any Confidential Information, to the extent necessary and permitted by Applicable Law, to any of their respective direct or
indirect shareholder, employee, officer (<I>diretor</I>), attorney, consultant, financial advisor, accountant or other Representative thereof, in compliance with the provisions of this Section 12.12.</P>
<P align="center">
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
<P align="center">&nbsp;</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<a name="page_a1"></a>
<P align="justify">
<I>Signature Page 1/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
COMPANHIA SIDER&Uacute;RGICA NACIONAL </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<a name="page_b1"></a>
<P align="justify">
<I>Signature Page 2/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A. </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b2"></A>

<P align="justify">
<I>Signature Page 3/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
ITOCHU CORPORATION </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b3"></A>

<P align="justify">
<I>Signature Page 4/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
JFE STEEL CORPORATION </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b4"></A>

<P align="justify">
<I>Signature Page 5/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
NIPPON STEEL CORPORATION </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b5"></A>

<P align="justify">
<I>Signature Page 6/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
SUMITOMO METAL INDUSTRIES, LTD. </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b6"></A>

<P align="justify">
<I>Signature Page 7/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
KOBE STEEL, LTD. </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b7"></A>

<P align="justify">
<I>Signature Page 8/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
NISSHIN STEEL CO., LTD. </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b8"></A>

<P align="justify">
<I>Signature Page 9/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
POSCO </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b9"></A>

<P align="justify">
<I>Signature Page 10/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
NACIONAL MIN&Eacute;RIOS S.A. </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b10"></A>

<P align="justify">
<I>Signature Page 11/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
BRAZIL JAPAN IRON ORE CORPORATION </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b11"></A>

<P align="justify">
<I>Signature Page 12/12 of the Share Purchase Agreement and Other Covenants, entered into October, 21, 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Itochu Corporation, JFE Steel Corporation,
Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nisshin Steel Co., Ltd., Posco, Nacional Min&eacute;rios S.A. and Brazil Japan Iron Ore Corporation.</I> </P>
<P align="center">
WITNESSES: </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>CPF:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>CPF:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"></H5>

<p><A name="page_c1"></A></p>
<p align="center">SHARE PURCHASE AGREEMENT AND OTHER COVENANTS&nbsp;</p>
<p align="center">EXHIBIT A&nbsp;</p>
<p align="center"><u>MINUTES OF EXTRAORDINARY GENERAL SHAREHOLDERS' MEETING AND BY-LAWS&nbsp;</u></p>
<P align="center"> NACIONAL MIN&Eacute;RIOS S.A. <br>
  <BR>
  CNPJ/MF n.&ordm;  08.446.702/0001 -05 <BR>
  NIRE 31.3.0002.417 -2 <br>
  <BR>
  ATA DE ASSEMBL&Eacute;IA GERAL EXTRAORDIN&Aacute;RIA <BR>
  <U>REALIZADA EM </U><U>[&#149;]</U><U> DE </U><U>[&#149;]</U><U> DE </U><U>2008</U> <br>
  <BR>
  (Lavrada sob a forma de sum&aacute;rio de acordo com a autoriza&ccedil;&atilde;o contida no<BR>
  par&aacute;grafo 1&ordm; do artigo 130 da Lei n.&ordm; 6.404/76, conforme alterada.) <BR>
</P>
<P> DATA , HORA E LOCAL: em [&#149;] de [&#149;] de 2008, &agrave;s [&#149;] horas, na sede da Nacional Min&eacute;rios S.A. ("<U>Companhia</U>"), localizada no Log. Casa de Pedra, s/n&ordm; - parte &#150; na Cidade de Congonhas, Estado de Minas Gerais. </P>
<P> PRESEN&Ccedil;A:   acionistas representando a totalidade do capital social, conforme se verificou das suas assinaturas no Livro de Presen&ccedil;a de Acionistas. </P>
<TABLE width=70% border=0 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left>MESA:&nbsp;</TD>
    <TD align=left>[&#149;]&nbsp;&#150;&nbsp;Presidente&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>[&#149;]&nbsp;&#150;&nbsp;Secret&aacute;rio&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P> CONVOCA&Ccedil;&Atilde;O:  dispensada, tendo em vista a presen&ccedil;a da totalidade dos acionistas, conforme disp&otilde;e o artigo 124, par&aacute;grafo 4<SUP>o</SUP>, da Lei n.<SUP>o</SUP> 6.404/76, conforme alterada ("<U>Lei n.&ordm;
  6.404/76</U>"). </P>
<P> ORDEM DO DIA:  (i) aumento de capital da Companhia, com emiss&atilde;o de novas a&ccedil;&otilde;es ordin&aacute;rias; (ii) reforma do Estatuto Social da Companhia, de forma a adequ&aacute;-lo ao Acordo de Acionistas da Companhia, celebrado entre
  seus acionistas em [&#149;] de [&#149;] de 2008 ("<U>Acordo de Acionistas</U>"); (iii) elei&ccedil;&atilde;o dos novos membros do Conselho de Administra&ccedil;&atilde;o da Companhia; e (iv) consolida&ccedil;&atilde;o do Estatuto Social da Companhia </P>
<P> DELIBERA&Ccedil;&Otilde;ES:  tomadas por unanimidade dos acionistas da Companhia: </P>
<P> 1. Aprovar o aumento de capital da Companhia no valor de R&#36;[&#149;] ([&#149;]), com emiss&atilde;o de [&#149;] ([&#149;]) novas a&ccedil;&otilde;es ordin&aacute;rias nominativas, sem valor nominal, subscritas e integralizadas neste ato, em moeda
  corrente nacional, por Big Jump Energy Participa&ccedil;&otilde;es S.A., de acordo com o boletim de subscri&ccedil;&atilde;o que constitui o <U>Anexo I</U> &agrave; presente ata.  Os acionistas Companhia Sider&uacute;rgica Nacional, Juarez Saliba de
  Avelar, Isaac Popoutchi e Ot&aacute;vio de Garcia Lazcano declararam expressamente renunciar aos seus direitos de prefer&ecirc;ncia. </P>
<P> 2. Em virtude da delibera&ccedil;&atilde;o do item 1 acima, o capital social da Companhia  passa a ser de R&#36;[&#149;] ([&#149;]), dividido em [&#149;] ([&#149;]) a&ccedil;&otilde;es ordin&aacute;rias nominativas e sem valor nominal. </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_c2"></A>
<P>3. Reformar parcialmente o Estatuto Social da Companhia de forma a adequ&aacute;-lo ao Acordo de Acionistas, conforme consta da consolida&ccedil;&atilde;o do Estatuto Social abaixo. </P>
<P> 4. Considerando a reforma do Estatuto Social da Companhia aprovada no item 3 acima, eleger como membros do Conselho de Administra&ccedil;&atilde;o da Companhia, para exercer um mandato de 2 (dois) anos, os senhores: (i) [&#149;]; e, na qualidade de
  seu suplente, [&#149;]; (ii) [&#149;]; e, na qualidade de seu suplente, [&#149;]; (iii) [&#149;]; e, na qualidade de seu suplente, [&#149;]; (iv) [&#149;]; e, na qualidade de seu suplente, [&#149;]; (v) [&#149;]; e, na qualidade de seu suplente,
  [&#149;]; (vi) [&#149;]; e, na qualidade de seu suplente, [&#149;]; (vii) [&#149;]; e, na qualidade de seu suplente, [&#149;]; (viii) [&#149;]; e, na qualidade de seu suplente, [&#149;]; e (ix) [&#149;]; e, na qualidade de seu suplente, [&#149;]. </P>
<P> Os conselheiros ora eleitos declararam n&atilde;o estar incursos em nenhum dos crimes previstos em lei que os impe&ccedil;am de exercer atividade mercantil, estando cientes do disposto no artigo 147 da Lei n.&ordm; 6.404/76. </P>
<P> 5. Em raz&atilde;o das delibera&ccedil;&otilde;es acima, consolidar o Estatuto Social da Companhia, que passa a vigorar com a reda&ccedil;&atilde;o constante do <U>Anexo II</U> &agrave; presente ata. </P>
<P> ENCERRAMENTO: Nada mais havendo a tratar, foram encerrados os trabalhos e lavrada esta ata que, tendo sido lida e achada conforme, foi assinada por todos os presentes. </P>
<P> ASSINATURAS: [&#149;] &#150; Presidente; [&#149;] &#150; Secret&aacute;rio; Companhia Sider&uacute;rgica Nacional, [&#149;], Juarez Saliba de Avelar, Isaac Popoutchi, Ot&aacute;vio de Garcia Lazcano, <br>
[DEMAIS MEMBROS DO CONSELHO]. </P>
<P align="center"> Congonhas, [&#149;] de [&#149;] de 2008 </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR valign="bottom" style="font-size: 1px">
  <TD >&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD>&nbsp;</TD>
</TR>

  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=right>&nbsp;</TD>
    <TD align=center>[&#149;]&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD align=center>[&#149;]&nbsp;</TD>
    <TD width="20%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD align=center>Presidente&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>Secret&aacute;rio&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_c3"></A>
<P align="center"> NACIONAL MIN&Eacute;RIOS S.A. <br>
  <BR>
  CNPJ/MF n.&ordm;  08.446.702/0001 -05 <BR>
  NIRE 31.3.0002.417 -2 <br>
  <br>
  <BR>
  <U>A</U><U>NEXO </U><U>I</U> <BR>
</P>
<P> Boletim de Subscri&ccedil;&atilde;o Anexo &agrave; Assembl&eacute;ia Geral Extraordin&aacute;ria Realizada em [&#149;] de [&#149;] de 2008. </P>
<P> <U>Subscritor</U>: <B>Big Jump Energy Participa&ccedil;&otilde;es S.A.</B>, sociedade por a&ccedil;&otilde;es, com sede na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, na Rua da Consola&ccedil;&atilde;o, 247, 3&ordm; andar, sala 85A,
  Centro, CEP 01301-903, com seus atos atos constitutivos registrados na Junta Comercial do Estado de S&atilde;o Paulo sob o NIRE 35.300.354.401 e devidamente inscrita no CNPJ/MF sob o n.&ordm; 09.431.882/0001 -14. </P>
<P> <U>N&uacute;mero de A&ccedil;&otilde;es Subscritas</U>: [&#149;] ([&#149;]) a&ccedil;&otilde;es ordin&aacute;rias, todas nominativas e sem valor nominal. </P>
<P> <U>Valor da Subscri&ccedil;&atilde;o</U>: R&#36;[&#149;] ([&#149;]). </P>
<P> <U>Prazo de Integraliza&ccedil;&atilde;o</U>:  &agrave; vista. </P>
<P align="center"> Congonhas, [&#149;] de [&#149;] de 2008. </P>
<P align="center"><br>
</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR valign="bottom" style="font-size: 1px">
    <TD >&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=right>&nbsp;</TD>
    <TD align=center>[&#149;]&nbsp;<B>Big Jump Energy Participa&ccedil;&otilde;es S.A.</B>&nbsp;</TD>
    <TD width="20%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD align=center>[&#149;]</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE><br>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d1"></A>
<P align="center"> NACIONAL MIN&Eacute;RIOS S.A. <br>
  <BR>
  CNPJ/MF n.&ordm; 08.446.702/0001 -05 <BR>
  NIRE 31.3.0002.417 -2<B> </B><br>
  <BR>
  <U>A</U><U>NEXO </U><U>II</U> <br>
  <BR>
  <U>E</U><U>STATUTO </U><U>S</U><U>OCIAL</U> <br>
  <br>
  <BR>
  Cap&iacute;tulo I <br>
  <BR>
  DENOMINA&Ccedil;&Atilde;O, OBJETO, SEDE E DURA&Ccedil;&Atilde;O <BR>
</P>
<P> Art. 1<SUP>o</SUP> NACIONAL MIN&Eacute;RIOS S.A. reger-se-&aacute; por este Estatuto Social, onde ser&aacute; doravante designada abreviadamente como Companhia, e pelas disposi&ccedil;&otilde;es legais que lhe forem aplic&aacute;veis. </P>
<P> Art. 2<SUP>o </SUP>A Companhia tem por objeto a explora&ccedil;&atilde;o da atividade mineral, em todo o territ&oacute;rio nacional e no exterior, compreendendo o aproveitamento de jazidas minerais, pesquisa, explora&ccedil;&atilde;o,
  extra&ccedil;&atilde;o, comercializa&ccedil;&atilde;o de min&eacute;rios em geral e de subprodutos derivados da atividade mineral, beneficiamento, industrializa&ccedil;&atilde;o, transporte, embarque, presta&ccedil;&atilde;o de servi&ccedil;os de
  minera&ccedil;&atilde;o, importa&ccedil;&atilde;o e exporta&ccedil;&atilde;o de min&eacute;rios em geral, bem como a explora&ccedil;&atilde;o de quaisquer outras atividades correlatas e afins, que direta ou indiretamente digam respeito &agrave;s
  finalidades da Companhia, tais como compra de min&eacute;rios e, ainda, a participa&ccedil;&atilde;o no capital de outras sociedades nacionais ou internacionais constitu&iacute;das sob qualquer forma societ&aacute;ria e qualquer que seja o objeto
  social. </P>
<P> Art. 3<SUP>o</SUP> A Companhia tem sede e foro na Cidade de Congonhas, Estado de Minas Gerais, podendo, por delibera&ccedil;&atilde;o do Conselho de Administra&ccedil;&atilde;o, instalar ou encerrar filiais, sucursais, ag&ecirc;ncias,
  escrit&oacute;rios ou representa&ccedil;&otilde;es em qualquer parte do territ&oacute;rio nacional ou no exterior. </P>
<P> Art. 4<SUP>o</SUP> A Companhia tem prazo de dura&ccedil;&atilde;o indeterminado. </P>
<P align="center"> Cap&iacute;tulo II </P>
<P align="center"> CAPITAL SOCIAL E A&Ccedil;&Otilde;ES </P>
<P> Art. 5&ordm; O capital social da Companhia, totalmente subscrito e integralizado, &eacute; de R&#36;[&#149; ] ([&#149; ]), dividido em [&#149; ] ([&#149; ]) a&ccedil;&otilde;es ordin&aacute;rias nominativas, sem valor nominal. </P>
<P> Par&aacute;grafo 1&ordm; As a&ccedil;&otilde;es s&atilde;o indivis&iacute;veis perante a Companhia. </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d2"></A>
<P> Par&aacute;grafo 2&ordm; Cada a&ccedil;&atilde;o ordin&aacute;ria d&aacute; direito a um voto nas delibera&ccedil;&otilde;es da Assembl&eacute;ia Geral.</P>
<P> Par&aacute;grafo 3&ordm; Qualquer voto contr&aacute;rio &agrave;s disposi&ccedil;&otilde;es do Acordo de Acionistas da Companhia, celebrado por seus acionistas em [&#149; ] de [&#149; ] de 2008 ("<U>Acordo de</U> <U>Acionistas</U>") registrado na
  forma do artigo 118 da Lei n.&ordm; 6.404, de 15 de dezembro de 1976, conforme alterada ("<U>Lei das Sociedades por A&ccedil;&otilde;es</U>"),ser&aacute; considerado nulo.</P>
<P> Art. 6&ordm; A Companhia observar&aacute; todos os termos do Acordo de Acionistas, obrigando-se a dar ci&ecirc;ncia de seu conte&uacute;do a seus administradores e cabendo &agrave; administra&ccedil;&atilde;o da Companhia abster-se de registrar
  transfer&ecirc;ncias de a&ccedil;&otilde;es contr&aacute;rias aos termos do Acordo de Acionistas e ao Presidente da Assembl&eacute;ia Geral e/ou do Conselho de Administra&ccedil;&atilde;o abster-se de computar os votos lan&ccedil;ados contra
  referido Acordo de Acionistas. No caso de qualquer diverg&ecirc;ncia entre o presente Estatuto e o Acordo de Acionistas, as disposi&ccedil;&otilde;es do Acordo de Acionistas dever&atilde;o prevalecer. </P>
<P align="center"> Cap&iacute;tulo III </P>
<P align="center"> ASSEMBL&Eacute;IA GERAL </P>
<P> Art. 7&ordm; A Assembl&eacute;ia Geral tem poderes para decidir todos os neg&oacute;cios relativos &agrave; Companhia, tomar as resolu&ccedil;&otilde;es que julgar convenientes &agrave; sua defesa e ao seu desenvolvimento, e ser&aacute; convocada,
  com a indica&ccedil;&atilde;o da ordem do dia, na forma da lei. </P>
<P> Art. 8&ordm; Assembl&eacute;ia Geral ser&aacute; instalada e presidida pelo Presidente do Conselho de Administra&ccedil;&atilde;o, que escolher&aacute; o secret&aacute;rio da Mesa. </P>
<P> Art. 9&ordm; A Assembl&eacute;ia Geral reunir-se-&aacute; ordinariamente, na sede social, nos quatro primeiros meses subseq&uuml;entes ao encerramento do exerc&iacute;cio social a fim de deliberar sobre as mat&eacute;rias previstas no artigo 132 da
  Lei das Sociedades por A&ccedil;&otilde;es, e extraordinariamente sempre que os interesses sociais o exigirem. </P>
<P> Art. 10&ordm; Observado o disposto no Acordo de Acionistas, compete &agrave; Assembl&eacute;ia Geral, al&eacute;m das atribui&ccedil;&otilde;es fixadas em lei: </P>
<P> I aprovar as demonstra&ccedil;&otilde;es financeiras anuais, o plano de neg&oacute;cios de longo prazo, o plano de neg&oacute;cios de m&eacute;dio prazo e o or&ccedil;amento operacional anual da Companhia, bem como qualquer altera&ccedil;&atilde;o
  material a estes documentos; </P>
<P> II celebra&ccedil;&atilde;o, altera&ccedil;&atilde;o, renova&ccedil;&atilde;o ou rescis&atilde;o de qualquer opera&ccedil;&atilde;o ou contrato, s&eacute;ries de opera&ccedil;&otilde;es ou de contratos, com custo anual, individual ou agregado,
  superior a US&#36;25.000.000 (vinte e cinco milh&otilde;es de d&oacute;lares) (ou valor  equivalente em moeda nacional), exceto se expressamente aprovado, sem reservas, em conjunto com o or&ccedil;amento operacional anual; </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d3"></A>
<P>III contrata&ccedil;&atilde;o de d&iacute;vida, a qualquer tempo, em valor superior a US&#36;150.000.000 (cento e cinq&uuml;enta milh&otilde;es de d&oacute;lares) (ou valor equivalente em moeda nacional), exceto os contratos financeiros
expressamente previstos no Acordo de Acionistas ("<U>Contratos Financeiros</U>"), ou se expressamente aprovado, sem reservas, em conjunto com o or&ccedil;amento operacional anual; </P>
<P> IV altera&ccedil;&atilde;o, renova&ccedil;&atilde;o e rescis&atilde;o dos Contratos Financeiros; </P>
<P> V associa&ccedil;&otilde;es (<I>joint venture</I>), aquisi&ccedil;&atilde;o de participa&ccedil;&otilde;es acion&aacute;rias ou de todos ou de parte substancial dos ativos de terceiros, e celebra&ccedil;&atilde;o ou aprova&ccedil;&atilde;o de
  qualquer investimento realizado pela Companhia em valor superior a US&#36;20.000.000 (vinte milh&otilde;es de d&oacute;lares), exceto os Contratos Financeiros, ou se expressamente aprovado, sem reservas, em conjunto com o or&ccedil;amento
  operacional anual; </P>
<P> VI celebra&ccedil;&atilde;o, altera&ccedil;&atilde;o, renova&ccedil;&atilde;o ou rescis&atilde;o de qualquer opera&ccedil;&atilde;o (inclusive, sem limita&ccedil;&atilde;o, presta&ccedil;&atilde;o de garantias e/ou compromissos de indenizar),
  contrato, ou ren&uacute;ncia de direito e consentimento referente a contrato celebrado com qualquer sociedade controlada pela Companhia ou sociedade na qual a Companhia possua ao menos 10% (dez por cento) do capital social, assim como com qualquer
  acionista da Companhia, sendo certo que a aprova&ccedil;&atilde;o destas mat&eacute;rias n&atilde;o poder&aacute; ser negada imotivadamente;</P>
<P> VII declara&ccedil;&atilde;o de dividendos e/ou juros sobre o capital pr&oacute;prio, distribui&ccedil;&atilde;o de reservas ou lucros, altera&ccedil;&atilde;o ou desvio da pol&iacute;tica de dividendos da Companhia e/ou das sociedades controladas
  pela Companhia, ou qualquer decis&atilde;o de reter recursos dispon&iacute;veis para distribui&ccedil;&atilde;o de dividendos em raz&atilde;o de investimentos da Companhia e/ou das sociedades controladas pela Companhia; </P>
<P> VIII aumento do capital social da Companhia ou de sociedades controladas pela Companhia, ou concess&atilde;o de empr&eacute;stimo a acionistas ou sociedades controladas pela Companhia, exceto se diversamente acordado por escrito com os acionistas; </P>
<P> IX redu&ccedil;&atilde;o do capital social, pagamento em dinheiro ou bens aos acionistas; </P>
<P> X. cancelamento, emiss&atilde;o ou resgate de a&ccedil;&otilde;es do capital social da Companhia e/ou das sociedades controladas pela Companhia, de direitos ou b&ocirc;nus de subscri&ccedil;&atilde;o, ou t&iacute;tulos convers&iacute;veis em
  a&ccedil;&otilde;es da Companhia ou das sociedades controladas pela Companhia, exceto aquelas a&ccedil;&otilde;es emitidas conforme acordo celebrado pelos acionistas da Companhia; </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d4"></A>
<P> XI fus&atilde;o, cis&atilde;o, incorpora&ccedil;&atilde;o ou qualquer outro ato de reestrutura&ccedil;&atilde;o societ&aacute;ria (incluindo a cria&ccedil;&atilde;o de grupos de sociedades), ou venda de qualquer ativo material, ou de parcela
  relevante dos ativos da Companhia ou das sociedades controladas pela Companhia; </P>
<P> XIII dissolu&ccedil;&atilde;o ou liquida&ccedil;&atilde;o, ou qualquer pedido de fal&ecirc;ncia ou recupera&ccedil;&atilde;o judicial pela Companhia ou sociedades controladas pela Companhia; </P>
<P> XIII remunera&ccedil;&atilde;o anual de cada membro do Conselho de Administra&ccedil;&atilde;o da Companhia; </P>
<P> XIV observado o previsto no Acordo de Acionistas, aumento ou diminui&ccedil;&atilde;o do n&uacute;mero de membros do Conselho de Administra&ccedil;&atilde;o e da Diretoria; e </P>
<P> XV qualquer altera&ccedil;&atilde;o neste Estatuto Social, incluindo, mas n&atilde;o se limitando, qualquer altera&ccedil;&atilde;o referente (i) &agrave; administra&ccedil;&atilde;o ou seus respectivos deveres e responsabilidades, (ii) ao nome e
  (iii) ao objeto social da Companhia e/ou das sociedades controladas pela Companhia. </P>
<P> Par&aacute;grafo &Uacute;nico Qualquer contrato de venda de longo prazo (<I>off take</I>) ou acordos similares contendo penalidades, indeniza&ccedil;&otilde;es, cl&aacute;usulas de compra compuls&oacute;ria (<I>take or pay</I>) e quaisquer outras
  disposi&ccedil;&otilde;es materialmente distintas da pr&aacute;tica de mercado somente poder&atilde;o ser celebrados mediante a aprova&ccedil;&atilde;o da unanimidade dos acionistas em Assembl&eacute;ia Geral, exceto pelos acionistas que
  tamb&eacute;m s&atilde;o membros do Conselho de Administra&ccedil;&atilde;o da Companhia. </P>
<P align="center"> Cap&iacute;tulo IV </P>
<P align="center"> ADMINISTRA&Ccedil;&Atilde;O </P>
<P> Art. 11 A administra&ccedil;&atilde;o da Companhia compete ao Conselho de Administra&ccedil;&atilde;o e &agrave; Diretoria. </P>
<P> Art. 12 A remunera&ccedil;&atilde;o anual de cada membro do Conselho de Administra&ccedil;&atilde;o ser&aacute; fixada pela Assembl&eacute;ia Geral, e a remunera&ccedil;&atilde;o anual de cada membro da Diretoria ser&aacute; fixada pelo Conselho de
  Administra&ccedil;&atilde;o. </P>
<P align="center"> <U>Se&ccedil;&atilde;o I</U> </P>
<P align="center"> CONSELHO DE ADMINISTRA&Ccedil;&Atilde;O </P>
<P> Art. 13 O Conselho de Administra&ccedil;&atilde;o ser&aacute; composto por 9 (nove) membros, e igual n&uacute;mero de suplentes, todos acionistas, residentes ou n&atilde;o no Brasil, eleitos pela Assembl&eacute;ia Geral, com prazo de gest&atilde;o
  de dois anos, ou at&eacute; a elei&ccedil;&atilde;o de sucessor, falecimento, aposentadoria, defici&ecirc;ncia, ren&uacute;ncia ou destitui&ccedil;&atilde;o do cargo, sendo  permitida a reelei&ccedil;&atilde;o.  Dentre os membros do Conselho de Administra&ccedil;&atilde;o ser&aacute; nomeado um Presidente. </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d5"></A>
<P>Art. 14 O Conselho de Administra&ccedil;&atilde;o reunir-se-&aacute; mediante convoca&ccedil;&atilde;o efetuada pelo Presidente ou por 2 (dois) Conselheiros. </P>
<P> Par&aacute;grafo 1&ordm; As reuni&otilde;es do Conselho de Administra&ccedil;&atilde;o somente se instalar&atilde;o com a presen&ccedil;a da maioria dos seus membros. </P>
<P> Par&aacute;grafo 2&ordm; Caso n&atilde;o se verifique o quorum necess&aacute;rio para a instala&ccedil;&atilde;o da reuni&atilde;o, os conselheiros presentes dever&atilde;o adiar a reuni&atilde;o e o Presidente do Conselho de
  Administra&ccedil;&atilde;o ou qualquer destes conselheiros presentes poder&atilde;o convocar novamente a reuni&atilde;o, mediante aviso pr&eacute;vio enviado aos demais conselheiros com, pelo menos, 7 (sete) dias de anteced&ecirc;ncia. No caso de
  ainda n&atilde;o se verificar a maioria dos membros do Conselho de Administra&ccedil;&atilde;o, a reuni&atilde;o poder&aacute; ser instalada na presen&ccedil;a da maioria menos um conselheiro. </P>
<P> Par&aacute;grafo 3<SUP>o</SUP> Das reuni&otilde;es ser&atilde;o lavradas atas em livro pr&oacute;prio. </P>
<P> Par&aacute;grafo 4&ordm; As delibera&ccedil;&otilde;es do Conselho de Administra&ccedil;&atilde;o ser&atilde;o tomadas por maioria de votos dos presentes.</P>
<P> Par&aacute;grafo 5&ordm; As reuni&otilde;es do Conselho de Administra&ccedil;&atilde;o ser&atilde;o presididas pelo Presidente do Conselho de Administra&ccedil;&atilde;o. </P>
<P> Art. 15 Nos casos de vac&acirc;ncia, impedimento tempor&aacute;rio ou aus&ecirc;ncia de membro do Conselho de Administra&ccedil;&atilde;o e seu respectivo suplente, ser&atilde;o observadas as disposi&ccedil;&otilde;es do Acordo de Acionistas e as
  seguintes regras: </P>
<P> Par&aacute;grafo 1&ordm; No caso de vac&acirc;ncia de qualquer membro do Conselho de Administra&ccedil;&atilde;o e seu respectivo suplente, os Conselheiros remanescentes dever&atilde;o nomear substituto que servir&aacute; at&eacute; a primeira
  Assembl&eacute;ia Geral da Companhia e que, se confirmado pela respectiva Assembl&eacute;ia Geral, completar&aacute; o mandato do substitu&iacute;do. </P>
<P> Par&aacute;grafo 2<SUP>o</SUP> No caso de impedimento tempor&aacute;rio ou aus&ecirc;ncia de qualquer membro do Conselho de Administra&ccedil;&atilde;o e seu respectivo suplente, o Conselheiro ausente ou impedido poder&aacute; indicar, dentre os
  demais Conselheiros, aquele que o representar&aacute;, sendo que a substitui&ccedil;&atilde;o ocorrer&aacute; enquanto durar o impedimento, que, se for superior a 90 (noventa) dias, caracterizar&aacute; a vac&acirc;ncia do cargo. </P>
<P> Par&aacute;grafo 3&ordm; Se a vac&acirc;ncia ocorrer no cargo de Presidente (incluindo seu suplente), ele ser&aacute; substitu&iacute;do por outro Conselheiro escolhido pelos Conselheiros </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d6"></A>
<P align="left"> remanescentes. No caso de impedimento tempor&aacute;rio ou aus&ecirc;ncia (do Presidente e seu suplente), o Presidente ser&aacute; substitu&iacute;do por outro Conselheiro por ele indicado. </P>
<P align="left"> Par&aacute;grafo 4&ordm; Nas hip&oacute;teses de impedimento tempor&aacute;rio ou aus&ecirc;ncia previstos neste Art. 15, o representante agir&aacute;, inclusive para efeito de vota&ccedil;&atilde;o em reuni&otilde;es do Conselho de
  Administra&ccedil;&atilde;o, por si e pelo Conselheiro representado. </P>
<P align="left"> Art. 16 O Conselho de Administra&ccedil;&atilde;o, para seu assessoramento, poder&aacute; criar comit&ecirc;s especiais, permanentes ou n&atilde;o, com objetivos definidos, integrados por pessoas por ele designadas, acionistas ou n&atilde;o e com
  conhecimento espec&iacute;fico relacionado ao objetivo do comit&ecirc;. </P>
<P align="left"> Art. 17 Observado o disposto no Acordo de Acionistas, compete ao Conselho de Administra&ccedil;&atilde;o, al&eacute;m das atribui&ccedil;&otilde;es fixadas em lei: </P>
<P align="left"> I aprovar a remunera&ccedil;&atilde;o anual (a) de cada membro da Diretoria da Companhia, e (b) do Conselho de Administra&ccedil;&atilde;o, da Diretoria e do Conselho Fiscal de qualquer sociedade controlada pela Companhia; </P>
<P align="left"> II eleger e destituir qualquer membro (a) da Diretoria da Companhia, e (b) do Conselho de Administra&ccedil;&atilde;o, da Diretoria e do Conselho Fiscal de qualquer sociedade controlada pela Companhia e/ou na qual a Companhia possua ao menos 10%
  (dez por cento) do capital social, desde que, neste caso, possua poder para tanto e tenha o direito de exerc&ecirc;-lo; </P>
<P align="left"> III aprovar qualquer aditamento ou altera&ccedil;&atilde;o nas condi&ccedil;&otilde;es dos contratos operacionais celebrados pela Companhia e/ou pelas sociedades controladas pela Companhia, assim como a rescis&atilde;o e renova&ccedil;&atilde;o
  destes contratos operacionais, ou qualquer decis&atilde;o referente a estes contratos, incluindo, mas n&atilde;o se limitando, a qualquer ato referente ao cumprimento de qualquer destes contratos operacionais ou a controv&eacute;rsias e
  a&ccedil;&otilde;es relacionadas a estes contratos operacionais, obedecidos os requisitos e quoruns previstos no item 9.1 (iii) do Acordo de Acionistas; </P>
<P align="left"> IV tomar qualquer decis&atilde;o envolvendo (a) direitos de minera&ccedil;&atilde;o, existentes ou futuros, pertencentes &agrave; ou no usufruto da Companhia (incluindo a transfer&ecirc;ncia de, ou &ocirc;nus sobre estes direitos), (b) plantas de
  peletiza&ccedil;&atilde;o, e (c) qualquer outro ativo relevante da Companhia e/ou das sociedades controladas pela Companhia; </P>
<P align="left"> V aprovar qualquer presta&ccedil;&atilde;o de garantia ou compromisso de indenizar pela Companhia e/ou pelas sociedades controladas pela Companhia, relacionadas a d&iacute;vidas ou obriga&ccedil;&otilde;es de terceiros; </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d7"></A>
<P align="left"> VI escolher auditores e aprovar qualquer altera&ccedil;&atilde;o na pol&iacute;tica cont&aacute;bil da Companhia e das sociedades controladas pela Companhia; </P>
<P align="left"> VII aprovar acordos visando encerrar qualquer controv&eacute;rsia ou a&ccedil;&atilde;o judicial relevante da qual a Companhia e/ou as sociedades controladas pela Companhia sejam parte;</P>
<P align="left"> VIII aprovar, renovar, alterar, de forma material, ou rescindir planos de pens&atilde;o e outros planos de benef&iacute;cio empregat&iacute;cio da Companhia e/ou das sociedades controladas pela Companhia;</P>
<P align="left"> IX estabelecer as regras b&aacute;sicas da administra&ccedil;&atilde;o da Companhia, inclusive no tocante &agrave; produ&ccedil;&atilde;o, comercializa&ccedil;&atilde;o, transfer&ecirc;ncia de tecnologia, uso de marcas e patentes, gest&atilde;o
  financeira e de investimentos, bem como zelar pelo seu estrito cumprimento, e deliberar a respeito da pol&iacute;tica de recursos humanos e pol&iacute;tica salarial; </P>
<P align="left"> X determinar a realiza&ccedil;&atilde;o de auditorias em sociedades, associa&ccedil;&otilde;es, funda&ccedil;&otilde;es e entidades assemelhadas, de que a Companhia participe; </P>
<P align="left"> XI definir lista tr&iacute;plice de empresas especializadas para determina&ccedil;&atilde;o do valor econ&ocirc;mico da Companhia para fins de reembolso; </P>
<P align="left"> XII autorizar a negocia&ccedil;&atilde;o, pela Companhia, de a&ccedil;&otilde;es de sua pr&oacute;pria emiss&atilde;o, observado o disposto na legisla&ccedil;&atilde;o em vigor; </P>
<P align="left"> XIII observado o limite estabelecido pelo Art. 10, III, fixar os termos e demais condi&ccedil;&otilde;es de coloca&ccedil;&atilde;o de deb&ecirc;ntures simples, n&atilde;o convers&iacute;veis em a&ccedil;&otilde;es, e sem garantia real, bem como
  deliberar sobre as condi&ccedil;&otilde;es de que tratam os incisos VI a VIII, do art. 59 da Lei das Sociedades por A&ccedil;&otilde;es, e sobre a oportunidade da emiss&atilde;o, nos outros casos; e </P>
<P align="left"> XIV vetar a execu&ccedil;&atilde;o de decis&otilde;es dos Diretores eventualmente adotadas contra as disposi&ccedil;&otilde;es deste Estatuto Social e do Acordo de Acionistas. </P>
<P align="center"> <U>Se&ccedil;&atilde;o II</U> </P>
<P align="center"> DIRETORIA </P>
<P align="left"> Art. 18 A Companhia ter&aacute; uma Diretoria composta por 6 (seis) diretores, sendo um Diretor Presidente, um Diretor Financeiro, um Diretor Operacional, um Diretor Administrativo, um Diretor Comercial e um Diretor Jur&iacute;dico, todos residentes
  no Brasil. </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d8"></A>
<P> Par&aacute;grafo 1<SUP>o</SUP> O prazo de gest&atilde;o dos Diretores &eacute; de 2 (dois) anos, permitida a sua reelei&ccedil;&atilde;o. </P>
<P> Par&aacute;grafo 2<SUP>o</SUP> Nos casos de impedimento ou f&eacute;rias, os membros da Diretoria ser&atilde;o substitu&iacute;dos em conformidade com o que dispuser o Conselho de Administra&ccedil;&atilde;o. </P>
<P> Par&aacute;grafo 3<SUP>o</SUP> Em caso de vac&acirc;ncia de cargo de Diretor, seu substituto ser&aacute; indicado na forma do par&aacute;grafo anterior e exercer&aacute; o cargo pelo per&iacute;odo remanescente do prazo de gest&atilde;o do
  substitu&iacute;do. </P>
<P> Par&aacute;grafo 4&ordm; Os diretores podem renunciar a qualquer tempo ao cargo mediante notifica&ccedil;&atilde;o escrita ao Conselho de Administra&ccedil;&atilde;o. </P>
<P> Par&aacute;grafo 5&ordm; A elei&ccedil;&atilde;o dos diretores se dar&aacute; em reuni&atilde;o do Conselho de Administra&ccedil;&atilde;o convocada especialmente para este fim. </P>
<P> Art. 19 A Diretoria, observadas as diretrizes e delibera&ccedil;&otilde;es do Conselho de Administra&ccedil;&atilde;o e da Assembl&eacute;ia Geral, ter&aacute; poderes de administra&ccedil;&atilde;o e gest&atilde;o dos neg&oacute;cios sociais,
  podendo praticar todos os atos e realizar todas as opera&ccedil;&otilde;es que se relacionem com o objeto social da Companhia, observadas as limita&ccedil;&otilde;es e respeitadas as disposi&ccedil;&otilde;es previstas neste Estatuto Social e no
  Acordo de Acionistas. </P>
<P> Par&aacute;grafo &uacute;nico A Diretoria poder&aacute; designar um Diretor ou procurador para representar singularmente a Companhia em atos determinados; </P>
<P> Art. 20 A Diretoria reunir-se-&aacute; sempre que convocada por qualquer de seus membros. </P>
<P> Par&aacute;grafo &uacute;nico A Diretoria sempre deliberar&aacute; pela maioria dos membros presentes. Em caso de empate, a Diretoria dever&aacute; submeter a mat&eacute;ria &agrave; delibera&ccedil;&atilde;o do Conselho de
  Administra&ccedil;&atilde;o.</P>
<P> Art. 21 Compete a cada Diretor, no &acirc;mbito da &aacute;rea espec&iacute;fica de atua&ccedil;&atilde;o que lhe for definida pelo Conselho de Administra&ccedil;&atilde;o: </P>
<P> I representar a Companhia, nos termos da lei e deste Estatuto Social; </P>
<P> II organizar, coordenar e supervisionar os servi&ccedil;os que lhe competem; </P>
<P> III participar das reuni&otilde;es da Diretoria, concorrendo para a defini&ccedil;&atilde;o das pol&iacute;ticas a serem seguidas pela Companhia e relatando os assuntos da sua respectiva &aacute;rea de supervis&atilde;o e coordena&ccedil;&atilde;o; </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d9"></A>
<P align="left"> IV cumprir e fazer cumprir a pol&iacute;tica e a orienta&ccedil;&atilde;o geral dos neg&oacute;cios da Companhia estabelecidos pelo Conselho de Administra&ccedil;&atilde;o, sendo cada Diretor respons&aacute;vel pela sua &aacute;rea espec&iacute;fica
  de atividades. </P>
<P align="left"> Art. 22 A representa&ccedil;&atilde;o da Companhia e a pr&aacute;tica dos atos necess&aacute;rios ao seu funcionamento regular caber&atilde;o aos membros da Diretoria, observadas as seguintes normas: </P>
<P align="left"> I todos os atos, contratos ou documentos que impliquem responsabilidade para a Companhia, ou desonerem terceiros de responsabilidade ou obriga&ccedil;&otilde;es para com a Companhia dever&atilde;o, sob pena de n&atilde;o produzirem efeitos contra a
  Companhia, ser assinados (a) por dois Diretores; (b) por um Diretor e um procurador com poderes especiais; ou (c) por dois procuradores com poderes especiais; </P>
<P align="left"> II ressalvado o disposto neste Estatuto Social, a Companhia poder&aacute; ser representada, indistintamente, por qualquer um dos Diretores ou procurador com poderes especiais, conforme designa&ccedil;&atilde;o da Diretoria (Art. 19, par&aacute;grafo
  &uacute;nico), (i) na pr&aacute;tica de atos de simples rotina administrativa, inclusive os praticados perante as reparti&ccedil;&otilde;es p&uacute;blicas em geral, autarquias, empresas p&uacute;blicas, sociedades de economia mista, Junta
  Comercial, Justi&ccedil;a do Trabalho, INSS, FGTS e seus bancos arrecadadores, (ii) perante concession&aacute;rias ou permission&aacute;rias de servi&ccedil;os p&uacute;blicos, em atos que n&atilde;o importem em assun&ccedil;&atilde;o de
  obriga&ccedil;&otilde;es ou na desonera&ccedil;&atilde;o de obriga&ccedil;&otilde;es de terceiros, (iii) para a preserva&ccedil;&atilde;o de seus direitos em processos administrativos ou de qualquer natureza, e no cumprimento de suas
  obriga&ccedil;&otilde;es fiscais, trabalhistas ou previdenci&aacute;rias, (iv) no endosso de t&iacute;tulos para efeitos de cobran&ccedil;a ou dep&oacute;sito em contas banc&aacute;rias da Companhia, (v) para representar a Companhia nas
  assembl&eacute;ias gerais de acionistas ou equivalentes de sociedades, cons&oacute;rcios e outras entidades das quais participe a Companhia, (vi) para fins de recebimento de intima&ccedil;&otilde;es, cita&ccedil;&otilde;es,
  notifica&ccedil;&otilde;es ou interpela&ccedil;&otilde;es, na representa&ccedil;&atilde;o ativa e passiva da Companhia em Ju&iacute;zo, bem como para prestar depoimento pessoal ou praticar atos an&aacute;logos e (vii) na assinatura de documentos de
  qualquer esp&eacute;cie que importem em assun&ccedil;&atilde;o de obriga&ccedil;&atilde;o pela a Companhia, em circunst&acirc;ncias nas quais n&atilde;o seja poss&iacute;vel a presen&ccedil;a do segundo procurador e desde que autorizado pela
  Diretoria. </P>
<P align="left"> Art. 23 Na constitui&ccedil;&atilde;o de procuradores observar-se-&atilde;o as seguintes regras: </P>
<P align="left"> I todas as procura&ccedil;&otilde;es ter&atilde;o de ser outorgadas por dois Diretores; </P>
<P align="left"> II exceto nos casos das procura&ccedil;&otilde;es &#147;ad judicia&#148;, que poder&atilde;o ser outorgadas por prazo indeterminado, todas as procura&ccedil;&otilde;es ser&atilde;o por prazo certo, n&atilde;o superior a um ano, e ter&atilde;o
  poderes espec&iacute;ficos e limitados. </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d10"></A>
<P> Art. 24 Compete a qualquer membro da Diretoria, al&eacute;m de exercer os poderes e atribui&ccedil;&otilde;es conferidos pelo presente Estatuto Social, cumprir outras fun&ccedil;&otilde;es que vierem a ser fixadas pelo Conselho de
  Administra&ccedil;&atilde;o. </P>
<P align="center"> Capitulo V </P>
<P align="center"> CONSELHO FISCAL </P>
<P> Art. 25 Com funcionamento nos exerc&iacute;cios sociais em que se instalar, a pedido de acionistas, o Conselho Fiscal &eacute; composto de 3 (tr&ecirc;s) membros efetivos e 3 (tr&ecirc;s) suplentes, eleitos pela Assembl&eacute;ia Geral, que
  fixar&aacute; a remunera&ccedil;&atilde;o dos membros efetivos. </P>
<P> Par&aacute;grafo &uacute;nico Cada per&iacute;odo de funcionamento do Conselho Fiscal termina na primeira Assembl&eacute;ia Geral Ordin&aacute;ria, realizada ap&oacute;s a sua instala&ccedil;&atilde;o. </P>
<P align="center"> Cap&iacute;tulo VI </P>
<P align="center"> EXERC&Iacute;CIO SOCIAL, DEMONSTRA&Ccedil;&Otilde;ES FINANCEIRAS E DESTINA&Ccedil;&Atilde;O DO LUCRO </P>
<P> Art. 26 O exerc&iacute;cio social encerrar-se-&aacute; em 31 de dezembro de cada ano, findo o qual ser&atilde;o elaboradas as demonstra&ccedil;&otilde;es financeiras do exerc&iacute;cio, que ser&atilde;o, ap&oacute;s manifesta&ccedil;&atilde;o do
  Conselho de Administra&ccedil;&atilde;o, submetidas &agrave; Assembl&eacute;ia Geral, juntamente com a proposta de destina&ccedil;&atilde;o do lucro do exerc&iacute;cio. </P>
<P> Par&aacute;grafo 1<SUP>o</SUP> Do resultado do exerc&iacute;cio ser&atilde;o deduzidos, antes de qualquer participa&ccedil;&atilde;o, os preju&iacute;zos acumulados e a provis&atilde;o para o imposto sobre a renda e contribui&ccedil;&atilde;o social
  sobre o lucro l&iacute;quido. </P>
<P> Par&aacute;grafo 2&ordm; O lucro do exerc&iacute;cio ter&aacute; obrigatoriamente a seguinte destina&ccedil;&atilde;o: </P>
<P> I 5% (cinco por cento) para a forma&ccedil;&atilde;o do fundo de reserva legal, at&eacute; atingir 20% (vinte por cento) do capital social subscrito; </P>
<P> II pagamento de dividendo de acordo com o previsto no Acordo de Acionistas; </P>
<P> III o lucro remanescente ter&aacute; a destina&ccedil;&atilde;o deliberada em Assembl&eacute;ia Geral, observadas as prescri&ccedil;&otilde;es legais. </P>
<P> Art. 27 A Companhia distribuir&aacute; como dividendo, em cada exerc&iacute;cio social, no m&iacute;nimo, 50% (cinq&uuml;enta por cento) do lucro l&iacute;quido do exerc&iacute;cio. </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d11"></A>
<P> Art. 28 Os dividendos n&atilde;o reclamados no prazo de 3 (tr&ecirc;s) anos contados do in&iacute;cio do seu pagamento prescrever&atilde;o em favor da Companhia. </P>
<P align="center"> Cap&iacute;tulo VII </P>
<P align="center"> LIQUIDA&Ccedil;&Atilde;O </P>
<P> Art. 29 A Companhia entra em liquida&ccedil;&atilde;o nos casos previstos em lei, observadas as normas pertinentes. </P>
<P> Par&aacute;grafo &uacute;nico Compete &agrave; Assembl&eacute;ia Geral que aprovar a liquida&ccedil;&atilde;o nomear o liquidante e os membros do Conselho Fiscal que dever&aacute; funcionar durante o per&iacute;odo de liquida&ccedil;&atilde;o,
  fixando-lhes os respectivos honor&aacute;rios. </P>
<P align="center"> Cap&iacute;tulo VIII </P>
<P align="center"> DISPOSI&Ccedil;&Otilde;ES GERAIS </P>
<P> Art. 30 O valor de reembolso das a&ccedil;&otilde;es ser&aacute; o quociente da divis&atilde;o do valor econ&ocirc;mico da Companhia, apurado mediante avalia&ccedil;&atilde;o nos termos da lei, pelo n&uacute;mero total das a&ccedil;&otilde;es
  emitidas pela Companhia, exclu&iacute;das as a&ccedil;&otilde;es em Tesouraria.</P>
<P> Par&aacute;grafo &uacute;nico  Compete &agrave; Assembl&eacute;ia Geral escolher a empresa especializada respons&aacute;vel pela determina&ccedil;&atilde;o do valor econ&ocirc;mico da Companhia para fins de reembolso, dentre uma lista
  tr&iacute;plice de empresas apontadas pelo Conselho de Administra&ccedil;&atilde;o. </P>
<P> Art. 31 Quaisquer disputas, controv&eacute;rsias e demandas envolvendo a Companhia, seus acionistas, os administradores e/ou conselheiros fiscais decorrentes ou relacionadas a este Estatuto Social, &agrave;s disposi&ccedil;&otilde;es da Lei das
  Sociedades An&ocirc;nimas e &agrave;s demais normas aplic&aacute;veis (&#147;<U>Disputa</U>&#148;) ser&atilde;o dirimidas por arbitragem de acordo com seguintes disposi&ccedil;&otilde;es: </P>
<P> Par&aacute;grafo 1&ordm;  A Disputa ser&aacute; resolvida de acordo com as Regras de Arbitragem da C&acirc;mara Internacional do Com&eacute;rcio (&#147;<U>Regras ICC</U>&#148;) vigentes no momento em que surgir a Disputa</P>
<P> Par&aacute;grafo 2&deg;  Cada parte envolvida na Disputa indicar&aacute; um &aacute;rbitro e os &aacute;rbitros indicados dever&atilde;o indicar um &aacute;rbitro adicional (&#147;Tribunal Arbitral&#148;). Caso qualquer das partes envolvidas
  n&atilde;o indique um &aacute;rbitro, tal &aacute;rbitro dever&aacute; ser indicado pela Corte Arbitral da C&acirc;mara Internacional do Com&eacute;rcio (&#147;<U>Corte ICC</U>&#148;). </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_d12"></A>
<P> Caso os &aacute;rbitros indicados n&atilde;o indiquem o &aacute;rbitro adicional em at&eacute; 30 dias de suas indica&ccedil;&otilde;es, caber&aacute; &agrave; Corte ICC, mediante solicita&ccedil;&atilde;o por escrito das partes envolvidas, indicar
  o &aacute;rbitro adicional.</P>
<P> Par&aacute;grafo 3&deg;  Os procedimentos de arbitragem ser&atilde;o realizados na Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, Brasil. A arbitragem instaurada nos termos deste artigo dever&aacute; ser realizada em ingl&ecirc;s e com base
  nas leis da Rep&uacute;blica Federativa do Brasil. </P>
<P> Par&aacute;grafo 4&deg;  O foro da Cidade de S&atilde;o Paulo, Estado de S&atilde;o Paulo, ser&aacute; competente exclusivamente para medidas preliminares ou de urg&ecirc;ncia, conforme previsto nas Regras ICC. </P>
<P> Par&aacute;grafo 5&ordm;  O Tribunal Arbitral dever&aacute; proferir sua senten&ccedil;a arbitral em at&eacute; 12 (doze) meses contados do in&iacute;cio da arbitragem. Esse prazo poder&aacute; ser estendido por at&eacute; 6 (seis) meses adicionais
  pelo Tribunal Arbitral, desde que devidamente justificado. </P>
<P> Par&aacute;grafo 6&ordm;  Exceto por honor&aacute;rios de advogados, os quais ser&atilde;o devidos individualmente por cada parte, todas as despesas, custos e taxas ser&atilde;o arcados por uma ou mais partes envolvidas conforme determinado pelo
  Tribunal Arbitral. </P>
<P> Par&aacute;grafo 7&ordm;  As partes envolvidas dever&atilde;o manter a confidencialidade de toda e qualquer informa&ccedil;&atilde;o referente &agrave; arbitragem. </P>
<P> Par&aacute;grafo 8&deg;  Qualquer ordem, decis&atilde;o ou determina&ccedil;&atilde;o arbitral ser&aacute; definitiva e vinculativa, constituindo t&iacute;tulo executivo judicial vinculante das partes e de seus sucessores, independentemente de
  execu&ccedil;&atilde;o judicial. </P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<P align="center">SHARE PURCHASE AGREEMENT AND OTHER COVENANTS</P>
<P align="center">EXHIBIT B&nbsp;</P>
<P align="center"><u>OFF TAKE AGREEMENTS</u>&nbsp;</P>
<P align="center">[agreement&nbsp;not  included in the original]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<P align="center">SHARE PURCHASE AGREEMENT AND OTHER COVENANTS</P>
<P align="center">EXHIBIT C&nbsp;</P>
<P align="center"><u>BASIC OPERATIONAL AGREEMENTS</u>&nbsp;</P>
<P align="center">[agreement&nbsp;not  included in the original]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<P align="center">SHARE PURCHASE AGREEMENT AND OTHER COVENANTS</P>
<P align="center">EXHIBIT D&nbsp;</P>
<P align="center"><u>AMENDMENT TO TRANSPORTATION AGREEMENT</u>&nbsp;</P>
<P align="center">[agreement&nbsp;not  included in the original]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<p><A name="page_e1"></A></p>
<P align="center">SHARE PURCHASE AGREEMENT AND OTHER COVENANTS</P>
<P align="center">EXHIBIT E&nbsp;</P>
<P align="center"><u>METHOD OF CALCULATION OF ESTIMATED NET DEBT AND FINAL NET DEBT</u>&nbsp;</P>
<p>&nbsp;</p>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

  <TR valign="bottom">
    <TD align=left>Consolidated Net Debt Calculation&nbsp;(R&#36; MM)</TD>
    <TD align=left>September 30, 2008&nbsp;</TD>
    <TD align=left>November 30, 2008 <SUP>1</SUP>&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>Total loandand financing &#150; short&nbsp;term &#150; principal&nbsp;</TD>
    <TD align=left>156.0&nbsp;</TD>
    <TD align=left>179.3&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Total loans and financings - short&nbsp;term &#150; Accrued interest&nbsp;</TD>
    <TD align=left>3.9&nbsp;</TD>
    <TD align=left>7.9&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Total loans and financings - long&nbsp;term &#150; principal&nbsp;</TD>
    <TD align=left>114.9&nbsp;</TD>
    <TD align=left>132.0&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Dividends payable&nbsp;</TD>
    <TD width="25%" align=left>0.0&nbsp;</TD>
    <TD width="25%" align=left>0.0&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>(+) AFAC (advance for future capital&nbsp;increase)</TD>
    <TD align=left>0.0&nbsp;</TD>
    <TD align=left>0.0&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Other liabilities (shor and long&nbsp;term)</TD>
    <TD align=left>212.1&nbsp;</TD>
    <TD align=left>0.0&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Provision for contingencies (as&nbsp;per books)</TD>
    <TD align=left>12.5&nbsp;</TD>
    <TD align=left>5.2&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Other provisions / REFIS (long&nbsp;term portion)</TD>
    <TD align=left>4.3&nbsp;</TD>
    <TD align=left>4.3&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Other potential adjustments&nbsp;</TD>
    <TD align=left>N/Q&nbsp;</TD>
    <TD align=left>N/Q&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>(=) Total Debt (A)</TD>
    <TD align=left>503.6&nbsp;</TD>
    <TD align=left>328.7&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>Cash and short term marketable&nbsp;securities&nbsp;</TD>
    <TD align=left>86.8&nbsp;</TD>
    <TD align=left>99.2&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(=) Cash na cash equivalents (B)</TD>
    <TD align=left>86.8&nbsp;</TD>
    <TD align=left>99.2&nbsp;</TD>
  </TR>

  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Net Debt (A-B)</TD>
    <TD align=left>416.8&nbsp;</TD>
    <TD align=left>229.5&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>1 Estimated value provided by CSN&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<p><A name="page_f1"></A></p>
<P align="center">SHARE PURCHASE AGREEMENT AND OTHER COVENANTS</P>
<P align="center">EXHIBIT F&nbsp;</P>
<P align="center"><u>METHOD OF CALCULATION OF ESTIMATED WORKING CAPITAL, FINAL WORKING CAPITAL AND WORKING CAPITAL REFERENCE AMOUNT</u>&nbsp;</P>
<p>&nbsp;</p>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

  <TR valign="bottom">
    <TD align=left>Consolidated Working capital Calculation (R$ MM)</TD>
    <TD align=left>September 30, 2008&nbsp;</TD>
    <TD align=left>November 30, 2008 <SUP>1</SUP>&nbsp;</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>Total accounts receivable&nbsp;</TD>
    <TD align=left>172.2</TD>
    <TD align=left>175.4</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Total advances to suppliers&nbsp;</TD>
    <TD align=left>97.3</TD>
    <TD align=left>2.0</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Total inventories&nbsp;</TD>
    <TD align=left>100.8</TD>
    <TD align=left>243.5</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+)Total tax recoverable&nbsp;</TD>
    <TD width="25%" align=left>30.8</TD>
    <TD width="25%" align=left>30.8</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>(+)Total other current assets&nbsp;</TD>
    <TD align=left>0.6</TD>
    <TD align=left>0.6</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(=)Working capital assets (A)&nbsp;</TD>
    <TD align=left>401.7</TD>
    <TD align=left>452.3</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>Total suppliers payable&nbsp;</TD>
    <TD align=left>116.0</TD>
    <TD align=left>189.6</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+) Salaries and social charges payable&nbsp;</TD>
    <TD align=left>2.3</TD>
    <TD align=left>1.6</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(+)Total tax payable&nbsp;</TD>
    <TD align=left>2.8</TD>
    <TD align=left>3.0</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>(+)Total advances from customers&nbsp;</TD>
    <TD align=left>63.8</TD>
    <TD align=left>63.8</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>(+) Other accounts payable&nbsp;</TD>
    <TD align=left>1.7</TD>
    <TD align=left>27.5</TD>
  </TR>


  <TR valign="bottom">
    <TD align=left>(=) Working capital  liabilities (B)&nbsp;</TD>
    <TD align=left>236.6</TD>
    <TD align=left>285.5</TD>
  </TR>

  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Working capital (A-B)</TD>
    <TD align=left>165.1</TD>
    <TD align=left>166.8</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>1 Estimated value provided by CSN&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"></H5>
<p><A name="xpage_32x"></A></p>
<p align="center">SHARE PURCHASE  AGREEMENT AND OTHER COVENANTS<br>
Schedule 1.1(IV)<br>
<u>Shareholders'  Agreement of Nacional Min&eacute;rios S.A.</u></p>
<p align="center">[file separately]</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_32"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 2.2.1<br>
<u>Seller's Bank Accounts</u></p>
<H5 align="left" style="page-break-before:always"></H5>
<TABLE border=0 width=70% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Seller:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>Companhia Sider&uacute;rgica Nacional</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>Bank:</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD align=left>Banco Citibank</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Bank Number:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>745</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Branch Number:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>0003</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Current Account:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>5234085-6</TD>
  </TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

</TABLE>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_33"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
  Schedule 2.3.2<br>
<u>Buyer's Bank Accounts</u></p>
<p align="center"><u>[To be provided]</u></p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_34"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
  Schedule 3.1.2<br>
<u>Company's Bank Accounts</u></p>
<H5 align="left" style="page-break-before:always"></H5>
<TABLE border=0 width=70% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Company:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>Nacional Min&eacute;rios S.A.</TD>
  </TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>Bank:</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD align=left>Banco Ita&uacute;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Bank Number:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>341</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Branch Number:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>910</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Current Account:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>09595-9</TD>
  </TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_35"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.6<br>
<u>Consents</u></p>
<p align="center">There are no items to be disclosed under this Schedule.</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_36"></A>

<P align="center">
SHARE PURCHASE AGREEMENT AND OTHER COVENANTS </P>
<P align="center">
SCHEDULE 6.1.7 <U><br>
A</U><U>CTIONS</U> </P>
<P align="justify">
1. <U>C</U><U>IVIL </U><U>J</U><U>UDICIAL </U><U>P</U><U>ROCEEDINGS</U> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24%></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>1.1&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD width="24%" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="24%" align=left>NUMBER&nbsp;</TD>
	<TD align=left>0180.05.024.921-8&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>COURT&nbsp;</TD>
	<TD align=left>1<SUP>st </SUP>Civil State Court of Congonhas, State of Minas Gerais&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Jo&atilde;o Aleixo Gon&ccedil;alves&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>CFM&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>1.2&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="24%" align=left>NUMBER&nbsp;</TD>
	<TD align=left>0180.08.043306-3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Civil State Court of Congonhas, State of Minas Gerais&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Dular M&oacute;veis&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>1.3&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="24%" align=left>NUMBER&nbsp;</TD>
	<TD align=left>2005.34.00.032899&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>COURT&nbsp;</TD>
	<TD align=left>20<SUP>th </SUP>Federal Court of the Federal District&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Companhia Vale do Rio Doce&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Conselho Administrativo de Defesa Econ&ocirc;mica &#150; CADE&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>1.4&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="24%" align=left>NUMBER&nbsp;</TD>
	<TD align=left>2006.34.00.015624-4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>COURT&nbsp;</TD>
	<TD align=left>10<SUP>th </SUP>State Court of Rio de Janeiro&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Companhia Vale do Rio Doce&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Companhia Sider&uacute;rgica Nacional&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>1.5&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="24%" align=left>NUMBER&nbsp;</TD>
	<TD align=left>2006.001.0209316-3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>COURT&nbsp;</TD>
	<TD align=left>5<SUP>th </SUP>Federal Court of the Federal District&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Companhia Vale do Rio Doce&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Companhia Sider&uacute;rgica Nacional e Conselho Administrativo de Defesa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>&nbsp;</TD>
	<TD align=left>Econ&ocirc;mica &#150; CADE&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>1.6&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="24%" align=left>NUMBER&nbsp;</TD>
	<TD align=left>2008.001.233636-6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>COURT&nbsp;</TD>
	<TD align=left>7<SUP>th </SUP>State Court of Rio de Janeiro&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Companhia Vale do Rio Doce&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Companhia Sider&uacute;rgica Nacional&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_37"></A>

<P>
2. <U>L</U><U>ABOR </U><U>J</U><U>UDICIAL </U><U>P</U><U>ROCEEDINGS</U> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24%></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=left>2.1&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00233.2007.088.03.000&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Edmar Jos&eacute; Guarberto Bruno&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Ribergas Transportes e Loca&ccedil;&otilde;es de Bens Pr&oacute;prios Ltda. and CFM&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.2&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00217.2007.054.03.000&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>1<SUP>st </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Jo&atilde;o Gon&ccedil;alves Filho&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Ribergas Transportes e Loca&ccedil;&otilde;es de Bens Pr&oacute;prios Ltda. and CFM&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.3&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00225.2006.088.03.002&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Lucia Gon&ccedil;alves Matosinha&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>CFM&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.4&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00232.2007.088.03.005&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Sandro Magno Lopes&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>CFM&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.5&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00405.2008.088.03.006&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Mauro Lucio de Paula&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.6&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00406.2008.088.03.000&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Sandro cesar Vieira&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>2.7&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>90214.2008.069.03.000&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>1<SUP>nd </SUP>Labor Court of Ouro Preto, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Waldir dos Reis&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_38"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24%></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=left>2.8&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00462.2008.088.03.006&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Carlos de Assum&ccedil;&atilde;o Silva&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.9&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00433.2008.054.03.006&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>1<SUP>st </SUP>Labor Court of Ouro Preto, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Jo&atilde;o Carlos Pereira&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.10&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00494.2008.088.03.000&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Carlos de Assun&ccedil;&atilde;o Silva&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.11&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00496.2008.088.03.000&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Marcos Ant&ocirc;nio do Vale&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.12&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00445.2008.088.03.008&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Marcos Ant&ocirc;nio do Vale&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.13&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>00555.2008.088.03.000&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Labor Court of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>Carlos de Assun&ccedil;&atilde;o Silva&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=2>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>2.14&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>NUMBER&nbsp;</TD>
	<TD align=left>01214.2008.003.03.001&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COURT&nbsp;</TD>
	<TD align=left>3<SUP>rd </SUP>Labor Court of Belo Horizonte, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>PLAINTIFF&nbsp;</TD>
	<TD align=left>S&eacute;rgio Gomes da Silva&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>DEFENDANT&nbsp;</TD>
	<TD align=left>Namisa&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_39"></A>

<P>
3. <U>L</U><U>ABOR </U><U>A</U><U>DMINISTRATIVE </U><U>P</U><U>ROCEEDINGS</U> </P>
<P>
A. CFM </P>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

<TR valign="bottom">
	<TD width="20%" align=center>&nbsp;</TD>
	<TD width="20%" align=center>Number&nbsp;</TD>
	<TD width="20%" align=center>Court&nbsp;</TD>
	<TD width="20%" align=center>Plaintiff&nbsp;</TD>
	<TD width="20%" align=center>Defendant&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.1&nbsp;</TD>
	<TD align=center>014774810&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.2&nbsp;</TD>
	<TD align=center>014774801&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.3&nbsp;</TD>
	<TD align=center>014774798&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.4&nbsp;</TD>
	<TD align=center>014774780&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.5&nbsp;</TD>
	<TD align=center>014774771&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.6&nbsp;</TD>
	<TD align=center>014774763&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.7&nbsp;</TD>
	<TD align=center>014629259&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.8&nbsp;</TD>
	<TD align=center>014629241&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.9&nbsp;</TD>
	<TD align=center>014629232&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.10&nbsp;</TD>
	<TD align=center>014629224&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.11&nbsp;</TD>
	<TD align=center>014627639&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.12&nbsp;</TD>
	<TD align=center>014628538&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.13&nbsp;</TD>
	<TD align=center>014628546&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.14&nbsp;</TD>
	<TD align=center>014628562&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.15&nbsp;</TD>
	<TD align=center>014628554&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.16&nbsp;</TD>
	<TD align=center>014627191&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.17&nbsp;</TD>
	<TD align=center>014627213&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.18&nbsp;</TD>
	<TD align=center>014627221&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.19&nbsp;</TD>
	<TD align=center>014627167&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.20&nbsp;</TD>
	<TD align=center>014627183&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.21&nbsp;</TD>
	<TD align=center>014627205&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.22&nbsp;</TD>
	<TD align=center>014627175&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_40"></A>

<TABLE width=100% border=1 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

<TR valign="bottom">
	<TD width="20%" align=center>3.23&nbsp;</TD>
	<TD width="20%" align=center>014627230&nbsp;</TD>
	<TD width="20%" align=center>Administrative Court&nbsp;</TD>
	<TD width="20%" align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD width="20%" align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.24&nbsp;</TD>
	<TD align=center>014627248&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.25&nbsp;</TD>
	<TD align=center>014627159&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.26&nbsp;</TD>
	<TD align=center>014627124&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.27&nbsp;</TD>
	<TD align=center>014627116&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.28&nbsp;</TD>
	<TD align=center>014627141&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.29&nbsp;</TD>
	<TD align=center>014627132&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.30&nbsp;</TD>
	<TD align=center>014627761&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.31&nbsp;</TD>
	<TD align=center>014627108&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.32&nbsp;</TD>
	<TD align=center>014627787&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.33&nbsp;</TD>
	<TD align=center>014627256&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.34&nbsp;</TD>
	<TD align=center>014626756&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.35&nbsp;</TD>
	<TD align=center>014627272&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.36&nbsp;</TD>
	<TD align=center>014626748&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.37&nbsp;</TD>
	<TD align=center>014627264&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.38&nbsp;</TD>
	<TD align=center>014627281&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.39&nbsp;</TD>
	<TD align=center>013083740&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.40&nbsp;</TD>
	<TD align=center>013083759&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.41&nbsp;</TD>
	<TD align=center>014599317&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.42&nbsp;</TD>
	<TD align=center>014457636&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.43&nbsp;</TD>
	<TD align=center>014457539&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.44&nbsp;</TD>
	<TD align=center>014457580&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.45&nbsp;</TD>
	<TD align=center>014457661&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.46&nbsp;</TD>
	<TD align=center>014457610&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>3.47&nbsp;</TD>
	<TD align=center>014457652&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD>
</TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_41"></A>

<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

<TR valign="bottom">
	<TD width="20%" align=center>3.48&nbsp;</TD>
	<TD width="20%" align=center>014457628&nbsp;</TD>
	<TD width="20%" align=center>Administrative Court&nbsp;</TD>
	<TD width="20%" align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD width="20%" align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.49&nbsp;</TD>
	<TD align=center>014457521&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.50&nbsp;</TD>
	<TD align=center>014457512&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.51&nbsp;</TD>
	<TD align=center>014457601&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.52&nbsp;</TD>
	<TD align=center>014457598&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.53&nbsp;</TD>
	<TD align=center>014457571&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.54&nbsp;</TD>
	<TD align=center>014457563&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.55&nbsp;</TD>
	<TD align=center>014457555&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.56&nbsp;</TD>
	<TD align=center>014457547&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.57&nbsp;</TD>
	<TD align=center>014599040&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.58&nbsp;</TD>
	<TD align=center>014599031&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.59&nbsp;</TD>
	<TD align=center>014599023&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.60&nbsp;</TD>
	<TD align=center>014599015&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.61&nbsp;</TD>
	<TD align=center>014599058&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.62&nbsp;</TD>
	<TD align=center>014599244&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>CFM&nbsp;</TD></TR>
</TABLE>
<BR>
<P>
B. Namisa </P>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

<TR valign="bottom">
	<TD width="20%" align=center>&nbsp;</TD>
	<TD width="20%" align=center>Number&nbsp;</TD>
	<TD width="20%" align=center>Court&nbsp;</TD>
	<TD width="20%" align=center>Plaintiff&nbsp;</TD>
	<TD width="20%" align=center>Defendant&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.1&nbsp;</TD>
	<TD align=center>014752425&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.2&nbsp;</TD>
	<TD align=center>014752417&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.3&nbsp;</TD>
	<TD align=center>014752433&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.4&nbsp;</TD>
	<TD align=center>014752468&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.5&nbsp;</TD>
	<TD align=center>014752476&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.6&nbsp;</TD>
	<TD align=center>014752450&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.7&nbsp;</TD>
	<TD align=center>014752441&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_42"></A>

<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

<TR valign="bottom">
	<TD width="20%" align=center>3.8&nbsp;</TD>
	<TD width="20%" align=center>014755921&nbsp;</TD>
	<TD width="20%" align=center>Administrative Court&nbsp;</TD>
	<TD width="20%" align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD width="20%" align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.9&nbsp;</TD>
	<TD align=center>014755939&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.10&nbsp;</TD>
	<TD align=center>014755904&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.11&nbsp;</TD>
	<TD align=center>014755912&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.12&nbsp;</TD>
	<TD align=center>014755891&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.13&nbsp;</TD>
	<TD align=center>014832330&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.14&nbsp;</TD>
	<TD align=center>014832348&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.15&nbsp;</TD>
	<TD align=center>014832372&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.16&nbsp;</TD>
	<TD align=center>014482321&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.17&nbsp;</TD>
	<TD align=center>014831244&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.18&nbsp;</TD>
	<TD align=center>014831252&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.19&nbsp;</TD>
	<TD align=center>014832429&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.20&nbsp;</TD>
	<TD align=center>014832411&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.21&nbsp;</TD>
	<TD align=center>014752492&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.22&nbsp;</TD>
	<TD align=center>014756544&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.23&nbsp;</TD>
	<TD align=center>014756552&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.24&nbsp;</TD>
	<TD align=center>014831961&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.25&nbsp;</TD>
	<TD align=center>014831881&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.26&nbsp;</TD>
	<TD align=center>014831872&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.27&nbsp;</TD>
	<TD align=center>014831911&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.28&nbsp;</TD>
	<TD align=center>014831945&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.29&nbsp;</TD>
	<TD align=center>014831899&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.30&nbsp;</TD>
	<TD align=center>014831902&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.31&nbsp;</TD>
	<TD align=center>014831970&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.32&nbsp;</TD>
	<TD align=center>014831929&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_43"></A>

<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

<TR valign="bottom">
	<TD width="20%" align=center>3.33&nbsp;</TD>
	<TD width="20%" align=center>014831937&nbsp;</TD>
	<TD width="20%" align=center>Administrative Court&nbsp;</TD>
	<TD width="20%" align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD width="20%" align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.34&nbsp;</TD>
	<TD align=center>014831864&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.35&nbsp;</TD>
	<TD align=center>014831856&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.36&nbsp;</TD>
	<TD align=center>014756510&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.37&nbsp;</TD>
	<TD align=center>014756528&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.38&nbsp;</TD>
	<TD align=center>014752484&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.39&nbsp;</TD>
	<TD align=center>014752506&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.40&nbsp;</TD>
	<TD align=center>014832356&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.41&nbsp;</TD>
	<TD align=center>014832313&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.42&nbsp;</TD>
	<TD align=center>014832364&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.43&nbsp;</TD>
	<TD align=center>014832305&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.44&nbsp;</TD>
	<TD align=center>014832402&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.45&nbsp;</TD>
	<TD align=center>014832399&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.46&nbsp;</TD>
	<TD align=center>014832381&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.47&nbsp;</TD>
	<TD align=center>014756536&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3.48&nbsp;</TD>
	<TD align=center>30341024062008&nbsp;</TD>
	<TD align=center>Administrative Court&nbsp;</TD>
	<TD align=center><I>Delegacia Regional do Trabalho</I>&nbsp;</TD>
	<TD align=center>Namisa&nbsp;</TD></TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_44"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
  Schedule 6.1.8<br>
  <u>Capitalization of the Company</u></p>
<p align="left">1.Prior to MRS Shares  Contribution:</p>
<p>The current capital stock of Namisa is R$423,664,319.30,  divided into 223,923,310 common shares with no par value, distributed among its  shareholders as follows:<br>
</p>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <tr>
    <td align="center" valign="middle">      Shareholder </td>
    <td width="25%" align="center" valign="middle"><p align="center">Number    of Shares</p></td>
    <td width="25%" align="center" valign="middle"><p align="center">%    of Capital Stock (%)</p></td>
  </tr>
  <tr>
    <td><p align="left">Companhia Sider&uacute;rgica Nacional</p></td>
    <td align="right"><p align="right">223,923,307</p></td>
    <td align="right"><p align="right">99,9999866</p></td>
  </tr>
  <tr>
    <td><p align="left">Juarez Saliba de Avelar</p></td>
    <td align="right"><p align="right">1</p></td>
    <td align="right"><p align="right">0,0000004</p></td>
  </tr>
  <tr>
    <td><p align="left">Isaac Popoutchi</p></td>
    <td align="right"><p align="right">1</p></td>
    <td align="right"><p align="right">0,0000004</p></td>
  </tr>
  <tr>
    <td><p align="left">Ot&aacute;vio de Garcia Lazcano</p></td>
    <td align="right"><p align="right">1</p></td>
    <td align="right"><p align="right">0,0000004</p></td>
  </tr>
  <tr>
    <td><p align="left">Total</p></td>
    <td align="right"><p align="right">223,923,310</p></td>
    <td align="right"><p align="right">100</p></td>
  </tr>
</TABLE>
<p>2.&nbsp;&nbsp;Immediately after to the &nbsp;MRS Shares Contribution:</p>
<p>[TO  BE PROVIDED UPON CAPITALIZATION OF MRS SHARES CONTRIBUTION] </p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_45"></A>

<p align="center">SHARE PURCHASE AGREEMENT AND OTHER COVENANTS<br>
  <br>
  SCHEDULE 6.1.9(I)<br>
COMPLIANCE WITH APPLICABLE LAW</p>
<p><br>
[&#149;]</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_46"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
  Schedule 6.1.9(ii)<br>
  <u>Compliance with Applicable Law</u></p>
<p align="center">&nbsp;</p>
<p align="center">Please  Refer to Schedule 6.1.7.</p>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_47"></A>

<P align="center">
SHARE PURCHASE AGREEMENT AND OTHER COVENANTS</P>
<P align="center"> SCHEDULE 6.1.11(i) <br>
<U>R</U><U>EAL </U><U>E</U><U>STATE</U> </P>
<P>
A. <U>N</U><U>AMISA</U> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=29%></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=left>1.&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>

    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left valign="top">REGISTRATION NUMBER&nbsp;</TD>
	<TD align=left>4,747&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left valign="top">REAL ESTATE REGISTRAR&nbsp;</TD>
	<TD align=left>Real Estate Registrar of Ouro Preto, State of Minas Gerais&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left valign="top">LOCATION&nbsp;</TD>
	<TD align=left>Land with an area of 90,6ha, at <I>Fazenda do Pires</I>, District of&nbsp;Miguel Burnier, Municipality of Ouro Preto, State of Minas&nbsp;Gerais.&nbsp;</TD></TR>

    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left valign="top">OWNER&nbsp;</TD>
	<TD align=left>Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o Ltda.&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left valign="top">[&#149;]</TD>
  <TD align=left>[&#149;]</TD>
</TR>

    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left valign="top">COMMENT&nbsp;</TD>
	<TD align=left>Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o Ltda. executed&nbsp;with CFM several documents related to the mining rights,&nbsp;such as a Mining Easements Agreement (<i>Instrumento</i>&nbsp;<i>Particular de Acordo com Constitui&ccedil;&atilde;o de Servid&atilde;o</i>&nbsp;<i>Miner&aacute;ria</i>) and Assignment of Mining Right Agreement. For&nbsp;more information, please refer to Schedule 6.1.11(vi).&nbsp;</TD></TR>

    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_48"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=29%></TD>
	<TD></TD>
  </TR>
<TR valign="bottom">
	<TD width="29%" align=left>2.&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
  </TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="29%" align=left valign="top">REGISTRATION NUMBER&nbsp;</TD>
	<TD align=left>4746&nbsp;</TD>
  </TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="29%" align=left valign="top">REAL ESTATE REGISTRAR&nbsp;</TD>
	<TD align=left>Real Estate Registrar of Ouro Preto, State of Minas Gerais&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="29%" align=left valign="top">LOCATION&nbsp;</TD>
	<TD align=left>Amount of land with an area of 10 <I>alqueires</I>&nbsp;(approximately 20ha), at <i>Fazenda do Pires</i>, District of&nbsp;Miguel Burnier, Municipality of Ouro Preto, State of Minas&nbsp;Gerais.&nbsp;</TD></TR>

    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="29%" align=left valign="top">OWNER&nbsp;</TD>
	<TD align=left>Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o Ltda.&nbsp;</TD></TR>
    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="29%" align=left valign="top">[&#149;]</TD>
  <TD align=left>[&#149;]</TD>
</TR>

    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" valign="top" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="29%" align=left valign="top">COMMENT&nbsp;</TD>
	<TD align=left>Santa Mariana&nbsp;Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o Ltda.&nbsp;executed with CFM several documents related to the&nbsp;mining rights, such as a Mining Easements Agreement&nbsp;(<i>Instrumento Particular de Acordo com Constitui&ccedil;&atilde;o de</i>&nbsp;<i>Servid&atilde;o Miner&aacute;ria</i>) and Assignment of Mining Right&nbsp;Agreement. For more information, please refer to Schedule&nbsp;6.1.11(vi).&nbsp;</TD>
  </TR>

    <TR valign="bottom" style="font-size: 1px">
    <TD width="29%" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
3. <U>Deed of Assignment of Possession of Real Estate Property (</U><I><U>Escritura</U></I><U> </U><I><U>P&uacute;blica</U></I><I> </I><I><U>Declarat&oacute;ria de Cess&atilde;o de Direito de Posse</U></I><U>)</U> </P>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24%></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Agenor Francisco dos Santos as lessor, and CFM as lessee.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Area of 1.300,00m&sup2;, with 2 buildings, at Motas, Municipality of&nbsp;Ouro Preto, State of Minas Gerais.&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Real Estate Registrar of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>February 14, 2006.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Comments</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>There is also an Assignment of Purchase and Sale Commitment of&nbsp;Real Estate Property Agreement (<i>Contrato de Cess&atilde;o de Direito de</i>&nbsp;<i>Promessa de Compra e Venda Imobili&aacute;ria</i>) executed on October&nbsp;19, 2005, related to such property, described below.&nbsp;</TD></TR>
</TABLE>
<BR>
<P>
4. <U>Assignment of Purchase and Sale Commitment of Real Estate Property Agreement</U> <U>(</U><I><U>Contrato de Cess&atilde;o de Direito de Promessa de Compra e Venda Imobili&aacute;ria</U></I><U>)</U> </P>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24%></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=left><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Agenor Francisco dos Santos and Terezinha da Costa as lessors,&nbsp;and CFM as lessee.&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=left><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Amount of land at Motas, with an area of 1.300,00m&sup2;, located at R.&nbsp;Principal 15, Municipality of Ouro Preto, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>October 19, 2005.&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
ii</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_49"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="top">
	<TD colspan="3" align=left>5.&nbsp;<u>Deed of Assignment of Inheritance Rights (</u><i><u>Escritura P&uacute;blica de Cess&atilde;o de Direitos</u><u>Heredit&aacute;rios</u></i><u>)</u>&nbsp;</TD>
  </TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Elza dos Anjos Lopes Cunha and others as lessors, and CFM as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD align=left>Area of 28.150,00m&sup2;, at a Pires, Municipality of Congonhas, State&nbsp;of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Real Estate Registrar of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>October 18, 2006.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan="3" align=left>6.&nbsp;<u>Deed of Assignment of Inheritance Rights (</u><i><u>Escritura P&uacute;blica de Cess&atilde;o de Direitos</u></i>&nbsp;<i><u>Heredit&aacute;rios</u></i><u>)</u></TD>
  </TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Geraldo Gon&ccedil;alves Magalh&atilde;es and Elsana da Silva Magalh&atilde;es as&nbsp;lessors, and CFM as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD align=left>Area of 5,30ha, at Azia, located at Pires, Municipality of Ouro&nbsp;Preto, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD align=left>1<SUP>st </SUP>Registrar of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>April 16, 2007.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan="3" align=left>7.&nbsp;<u>Deed of Assignment of Inheritance Rights (</u><i><u>Escritura P&uacute;blica de Cess&atilde;o de Direitos</u></i>&nbsp;<i><u>Heredit&aacute;rios</u></i><u>)</u></TD>
  </TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Raimundo Gon&ccedil;alves Magalh&atilde;es and others as lessors, and CFM as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD align=left>Area of 69,77ha, at Azia, located at Pires, Municipality of Ouro&nbsp;Preto, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD align=left>1<SUP>st </SUP>Registrar of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>August 25, 2006.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan="3" align=left>8.&nbsp;<u>Deed of Purchase and Sale (</u><i><u>Escritura P&uacute;blica de Compra e Venda</u></i><u>)</u></TD>
  </TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Nantildes Lopes de Godoy and others as sellers, and CFM as&nbsp;purchaser.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD align=left>Area of 28.150,00m&sup2;, located at Pires, Municipality of Congonhas,&nbsp;State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Registrar of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>October 18, 2006.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan="3" align=left>9.&nbsp;<u>Deed of Purchase and Sale (</u><i><u>Escritura P&uacute;blica de Compra e Venda</u></i><u>)</u></TD>
  </TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>S&atilde;o Carlos Min&eacute;rios S.A., as seller, and Cayman Minera&ccedil;&atilde;o do&nbsp;Brasil Ltda., as purchaser.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD align=left>Real estate property named Palmital, with an area of 237,785ha,&nbsp;located at the District of Acuri, Municipality of Itabirito, State of&nbsp;Minas Gerais.&nbsp;</TD></TR>


<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD align=left>Real Estate Registrar of Itabirito, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>September 12, 2006.&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
iii</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_50"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>10. <U>Deed of Assignment of Possession of Real Estate Property </U>(<I>Escritura P&uacute;blica de</I>&nbsp;<i>Cess&atilde;o de Posse Imobili&aacute;ria</i>)</TD>
</TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Itaminas Com&eacute;rcio de Min&eacute;rios S.A. as lessor, and CFM as lessee.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Area of 555,38ha called Fazenda Velha, Municipality of Rio&nbsp;Acima, State of Minas Gerais. Fernandinho Mine is located at such&nbsp;area.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Registrar of Nova Lima, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>June 4, 2007.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Comment</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>There is also a Purchase and Sale Commitment Agreement&nbsp;(<I>Contrato de Promessa de Compra e Venda</I>) dated April 1<SUP>st </SUP>, 1987,&nbsp;executed between Usina Queiroz Junior S.A. &#150; Ind&uacute;stria&nbsp;Sider&uacute;rugica as committed seller, and Itaminas Com&eacute;rcio de&nbsp;Min&eacute;rios S.A., as committed purchaser, related to such property.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>11. <U>Real Estate Property Lease Agreement</U>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Emtel &#150; Empreendimentos Tecnologia e Engenharia Ltda. as lessor,&nbsp;Namisa as lessee, and Companhia Sider&uacute;rgica Nacional as&nbsp;guarantor.&nbsp;</TD></TR>


<TR valign="bottom">
	<TD align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>(i) 16 offices (from No. 901 to 916) located in the 9<SUP>th </SUP>floor;&nbsp;(ii) office 1002, located in the 10<SUP>th </SUP>floor; and (iii) 10 parking spaces&nbsp;(No. 9 to 12, 35, 40, 41, and 44 to 46) of <I>Edif&iacute;cio Mirante do</I>&nbsp;<I>Sereno</I>, at Alameda da Serra 400, Vale do Sereno, Municipality of&nbsp;Nova Lima, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>February 13, 2007.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>12. <U>Real Estate Property Free Lease Agreement</U>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Itaminas Com&eacute;rcio de Min&eacute;rios S.A. as lessor, and Namisa as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Office No. 06 of building <I>Escrit&oacute;rio Operacional</I>, located at&nbsp;<I>Fazenda Engenho Seco</I>, at the Municipality of Sarzedo, State of&nbsp;Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>November 3, 2006.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>13. <U>Real Estate Property Free Lease Agreement</U>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Itaminas Com&eacute;rcio de Min&eacute;rios S.A. as lessor, and CFM as lessee.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Office at <I>Fazenda do Engenho Seco</I>, Municipality of Sarzedo, State&nbsp;of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>July 6, 2007.&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
iv</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_51"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>14. <U>Assignment of Possession of Real Estate Property Agreement (</U><I><U>Contrato Particular de</U></I>&nbsp;<I><U>Cess&atilde;o de Posse</U></I><U>)</U></TD>
</TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Maria da Concei&ccedil;&atilde;o Bonif&aacute;cio and others as lessors, and CFM as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Area of approximately 3.360,00m&sup2;, located at <I>Corrego da</I>&nbsp;<I>Ponciana </I>or Bergaria, domain area of Departamento Nacional de&nbsp;Infra-Estrutura de Transportes &#150; DNIT, Municipality of&nbsp;Congonhas, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>August 9, 2006.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>15. <U>Assignment of Inheritance Rights Agreement (</U><I><U>Instrumento Particular de Cess&atilde;o de</U></I>&nbsp;<I><U>Direito de Heran&ccedil;a</U></I><U>)</U></TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Expedito Bento and others as lessors, and CFM as lessee.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Area of 600,00m&sup2;, where 3 houses were built, District of Motas,&nbsp;Municipality of Ouro Preto, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>2005.&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3 align=left>16. <U>Assignment of Inheritance Rights Agreement (</U><I><U>Instrumento Particular de Cess&atilde;o de</U></I>&nbsp;<I><U>Direito de Heran&ccedil;a</U></I><U>)</U></TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Suely Avelina Rosalino Bernardo and others as lessors, and CFM&nbsp;as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Area of 4,05ha (including a house), at Pires, Municipality of Ouro&nbsp;Preto, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>2005.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>17. <U>Purchase and Sale Commitment Agreement (</U><I><U>Instrumento Particular de Promessa de</U></I>&nbsp;<I><U>Compra e Venda Imobili&aacute;ria</U></I><U>)</U></TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Pontual Consultoria de Im&oacute;veis Ltda. as committed seller, and&nbsp;CFM as committed purchaser.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property:</U>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Three fractions of a real estate property owned by the committed&nbsp;seller, at <I>Fazenda do Vigia</I>, District of Miguel Burnier,&nbsp;Municipality of Ouro Preto, State of Minas Gerais. The 1<SUP>st </SUP>part is&nbsp;an area of 16.600,00m&sup2;; the 2<SUP>nd </SUP>part is an area of 10.303,00m&sup2;; and&nbsp;the 3<SUP>rd </SUP>part is an area of 13.125,00m&sup2;. Such property was registered&nbsp;at the Real Estate Registrar of Ouro Preto, State of Minas Gerais&nbsp;under No. 5,614.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>November, 2005.&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
v</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_52"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>18. <U>Lease Agreement (</U><I><U>Instrumento Particular de Acordo com Efeito de Transa&ccedil;&atilde;o</U></I><U>)</U></TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Luiz Carlos Pereira and Leila Biancheti Pereira as lessors, and&nbsp;Minas do Itacolomy Ltda. as lessee</TD>
</TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Lease of an area of 5.80ha, located at <I>Fazenda do Vigia</I>,&nbsp;District of Miguel Burnier, Municipality of Ouro Preto, State of&nbsp;Minas Gerais.&nbsp;</TD></TR>


<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>October 18, 1999.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>19. <U>Purchase and Sale Commitment Agreement (</U><I><U>Contrato de Compromisso de Compra e</U></I>&nbsp;<I><U>Venda Imobili&aacute;ria</U></I><U>)</U></TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Roberval Martins Rodrigues as committed seller, and CFM as&nbsp;committed purchaser.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>The real estate property is divided into 3 fractions, all located at&nbsp;Pires, District of Miguel Burnier, Municipality of Congonhas,&nbsp;State of Minas Gerais. The 1<SUP>st </SUP>part is an area of 6,00 ha; the 2<SUP>nd</SUP>&nbsp;part is an area of 6,3740ha; and the 3<SUP>rd </SUP>part is divided into two&nbsp;fractions areas, with a total area of 12.37,40ha.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>June 19, 2005.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>20. <U>Purchase and Sale Commitment Agreement (</U><I><U>Contrato de Compromisso de Compra e</U></I>&nbsp;<I><U>Venda Imobili&aacute;ria</U></I><U>)</U></TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Fl&aacute;vio de Ara&uacute;jo Ribeiro and Cl&aacute;udio Alves de Aquino as&nbsp;committed sellers, and CFM as committed purchaser.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Area of 9.240,00m&sup2; at Pires, District of Miguel Burnier,&nbsp;Municipality of Ouro Preto, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>June 10, 2005.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>21. <U>Assignment of Real Estate Property Exchange Agreement (</U><I><U>Instrumento Particular de</U></I>&nbsp;<I><U>Promessa de Permuta Imobili&aacute;ria</U></I><U>)</U></TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Edmar Aparecido dos Santos as assignor, CFM as assignee,&nbsp;and Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o S.A. &#150; EPP as&nbsp;third party.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Area of 3,00ha at Pires, District of Pires, Municipality of Ouro&nbsp;Preto, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>April 28, 2005.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>22. <U>Free Lease Agreement (</U><I><U>Contrato de Comodato</U></I><U>)</U></TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o S.A. as lessor, and&nbsp;CFM as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Leased Assets</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Office at a mining complex, at <I>Fazenda do Pires</I>, Rodovia BR-40, km 590, Municipality of Ouro Preto, State of Minas Gerais.&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>May 10, 1997.&nbsp;</TD></TR>
</TABLE>
<P align="center">
vi</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_53"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD>
  </TR>
<TR valign="top">
	<TD colspan=3 align=left>23. <U>Free Lease Agreement (</U><I><U>Contrato de Comodato</U></I><U>)</U></TD>
  </TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Itaminas Com&eacute;rcio de Min&eacute;rios S.A. as lessor, and CFM as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Leased Assets</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Office with an area of 21,0m&sup2; at <I>Fernandinho</I>, located at&nbsp;Rodovia dos Inconfidentes, km 40, Municipality of Itabirito,&nbsp;State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>May 10, 1997.&nbsp;</TD>
  </TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>24. <U>Industrial Installation of Mineral Treatment Free Lease Agreement (</U><I><U>Contrato de</U></I>&nbsp;<i><u>Comodato das Instala&ccedil;&otilde;es Industriais de Tratamento Mineral, Seus Complementos,</u></i>&nbsp;<I><U>Bens M&oacute;veis e Outras Aven&ccedil;as</U></I><U>)</U></TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o S.A. as lessor, and&nbsp;CFM as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Leased Assets</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Industrial complex located at Rodovia Federal BR-40, District&nbsp;of Pires, Municipality of Ouro Preto, State of Minas Gerais,&nbsp;and respective assets used in the mining activities, such as:&nbsp;(i) building used to store explosives; (ii) certain buildings used&nbsp;as&nbsp;warehouses&nbsp;and others;&nbsp;(iii) analysis&nbsp;laboratory;&nbsp;(vii) telephone lines; and (viii) internal access roads to the&nbsp;mineral treatment installations, among others.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>May 29, 1998.&nbsp;</TD>
  </TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>25. <U>Lease Agreement (</U><I><U>Contrato de Arrendamento</U></I><U>)</U></TD>
  </TR>
<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o S.A. as lessor, and&nbsp;CFM as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Leased Assets</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Assets used at mining activities, all located at the District of&nbsp;Pires, Municipality of Ouro Preto, State of Minas Gerais, as&nbsp;follows: (i) building used to store explosives; (ii) certain&nbsp;buildings used as warehouses, garage, toilets, oil deposits and&nbsp;others; (iii) buildings used as the production office,&nbsp;maintenance, store instruments and others; (vi) analysis&nbsp;laboratory; (vii) areas to store products from mining activities;&nbsp;and (viii) internal access roads to the mineral treatment&nbsp;installations.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>April 2<SUP>nd </SUP>, 2001.&nbsp;</TD>
  </TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>26. <U>Real Estate and Movable Properties Free Lease Agreement (</U><I><U>Contrato de Comodato</U></I>&nbsp;<I><U>de Bens M&oacute;veis e Im&oacute;veis</U></I><U>)</U></TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o Ltda. &#150; EPP as&nbsp;lessor, and CFM as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="top"><U>Leased Assets</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Assets used at mining process, all located at the District of&nbsp;Pires, Municipality of Ouro Preto, State of Minas Gerais, as&nbsp;follows: (i) building used to store explosives; (ii) buildings&nbsp;used as warehouses, garage, toilets, oil deposits and others;&nbsp;(iii) buildings used as the production office, maintenance, store&nbsp;instruments and others; (vi) analysis laboratory; (vii) areas to&nbsp;store products from mining activities; and (viii) internal access&nbsp;roads to the mineral treatment installations.&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>February 1<SUP>st </SUP>, 2004.&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
vii</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_54"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>

<TR valign="top">
	<TD colspan=3 align=left>27. <U>Real Estate Property Free Lease Agreement (</U><I><U>Contrato de Comodato de Im&oacute;vel</U></I><U>)</U></TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Namisa as lessor, and Companhia Sider&uacute;rgica Nacional as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>(i) 8 offices at the 9<SUP>th </SUP>(No. 901, 903, 905, 907, 909, 911, 913&nbsp;and 915) floor; and (ii) 1 office at the 10<SUP>th </SUP>floor (No. 1002) of&nbsp;<I>Edif&iacute;cio Mirante do Sereno </I>at Alameda da Serra 400, Vale do&nbsp;Sereno, Municipality of Nova Lima, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>November 13, 2007.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>28. <U>Real Estate Property Free Lease Agreement (</U><I><U>Contrato de Comodato de Im&oacute;vel</U></I><U>)</U></TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Companhia Sider&uacute;rgica Nacional as lessor, and Namisa as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>One office of 24,41m&sup2;, located at the office building of&nbsp;Minera&ccedil;&atilde;o Casa de Pedra, Area 39, located at Estrada Casa de&nbsp;Pedra, Municipality of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>November 3, 2006.&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3 align=left>29. <U>Real Estate Property Free Lease Agreement (</U><I><U>Contrato de Comodato de Im&oacute;vel</U></I><U>)</U></TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Companhia Sider&uacute;rgica Nacional as lessor, and Namisa as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>One office of 16,48m&sup2;, located at the <I>Casa de A&ccedil;o </I>building, at&nbsp;the installations of <I>Porto de Sepetiba</I>, <I>Terminal do Carv&atilde;o</I>, at&nbsp;Estrada Ilha da Madeira s/n&deg;, Municipality of Itagua&iacute;, State of&nbsp;Rio de Janeiro.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>November 3, 2006.&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top">30. <U>Certificate</U>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Issuer</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Real Estate Registrar of Nova Lima, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Purpose</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Certificate Esperan&ccedil;a S.A. &#150; Administra&ccedil;&atilde;o, Participa&ccedil;&otilde;es,&nbsp;Ind&uacute;stria e Com&eacute;rcio has not sold, donated or exchanged the&nbsp;real estate property named <I>Fazenda Velha</I>, located at the&nbsp;District of Rio Acima, Municipality of Nova Lima, State of&nbsp;Minas Gerais, with an area of 555,38ha, registered under&nbsp;No. 6,415 on that Registrar. The certificate also states that&nbsp;there are the following liens on such property: (i) first and&nbsp;special mortgage registered as R-2, on April 2<SUP>nd </SUP>, 1979;&nbsp;(ii) second and special mortgage, registered as R-3, on August&nbsp;9, 1982, both in favor of Banco de Desenvolvimento de Minas&nbsp;Gerais &#150; BDMG; and (iii) judgment lien (<I>penhora</I>), registered&nbsp;as R-4, on June 27, 1990, as guaranty of payment pursuant to&nbsp;the mortgages described in items (i) and (ii) above.&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left valign="top"><U>Date</U>:&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>March 10, 2008.&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
viii</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_55"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top">31. <U>Certificate</U>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Issuer</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Real Estate Registrar of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Mining site named <I>Casa de Pedra</I>, with an area of 668,89&nbsp;<I>alqueires</I>, located at the Municipality of Congonhas, State of&nbsp;Minas Gerais and owned by Companhia Sider&uacute;rgica Nacional,&nbsp;registered under No. 6,992.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Purpose</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Certificate the terms and conditions of the Real Estate&nbsp;Certificate (<I>matr&iacute;cula</I>) No. 6,992, such as: (i) the real estate&nbsp;property is owned by Companhia Sider&uacute;rgica Nacional;&nbsp;(ii) exploration activities on the property may only be carried&nbsp;out with authorizations issued by <I>Instituto Brasileiro de Defesa</I>&nbsp;<I>do Fornecedor </I>&#150; IBDF and by <I>Instituto Estadual de Florestas </I>&#150;&nbsp;IEF; (iii) there is a Term of Commitment (<I>Termo de</I>&nbsp;<I>Compromisso de Recomposi&ccedil;&atilde;o, Reloca&ccedil;&atilde;o e Averba&ccedil;&atilde;o de</I>&nbsp;<I>Reserva Legal</I>), executed between the <I>Instituto Estadual de</I>&nbsp;<I>Florestas </I>&#150; IEF, an environmental entity of the State of Minas Gerais, and Companhia Sider&uacute;rgica Nacional &#150; Minera&ccedil;&atilde;o&nbsp;&nbsp;Casa de Pedra, by means of which CSN shall transfer the legal&nbsp;reserve of 627 hectares, related to the <I>Barragem do Batateiro</I>&nbsp;(as
required by the Technical Report (<I>Parecer T&eacute;cnico</I>) issued&nbsp;by <I>Instituto Estadual de Florestas </I>&#150; IEF No. 144/2005).&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>May 7<SUP>th </SUP>, 2008.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>32. <U>Free Lease Agreement (</U><I><U>Contrato de Comodato</U></I><U>)</U></TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Companhia Sider&uacute;rgica Nacional as lessor, and Santa Mariana&nbsp;Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o S.A. as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Area registered under No. 6,992 at the Real Estate Registrar of&nbsp;Congonhas, located at Minera&ccedil;&atilde;o Casa de Pedra, Municipality&nbsp;of Congonhas, State of Minas Gerais.</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>October 4, 1999.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Comment</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>The mining right related to such property held by Santa&nbsp;Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o S.A. was transferred to&nbsp;CFM, according to the Publication in the Official Gazette of&nbsp;the Federal Executive (<I>Di&aacute;rio Oficial da Uni&atilde;o</I>) dated&nbsp;September 20, 2005. .&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
ix</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_56"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="top">
	<TD colspan=3 align=left>33. <U>Quota Purchase and Sale Commitment Agreement (</U><I><U>Contrato Particular de Compra e</U></I>&nbsp;<I><U>Venda de Quotas</U></I><U>)</U></TD>
</TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Ord&eacute;lio Azevedo Sette and V&acirc;nia Moreira Rocha as committed&nbsp;sellers, CFM as committed purchaser and Cayman Minera&ccedil;&atilde;o&nbsp;do Brasil Ltda. as third party.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Purpose</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Acquisition by CFM of one of the surviving companies of the&nbsp;spin-off of Cayman Minera&ccedil;&atilde;o do Brasil Ltda. According to&nbsp;the Quota Purchase and Sale Commitment Agreement, CFM&nbsp;will acquire the surviving company that holds the real estate&nbsp;property named Palmital, located at the City of Itabirito, State&nbsp;of Minas Gerais, as well as all mining rights related such&nbsp;property. Such mining rights are the purpose of process&nbsp;DNPM 5600-45.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>September 22, 2006.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Comments</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>(i) The Quota Purchase and Sale Commitment Agreement&nbsp;states that CFM acknowledges Cayman Minera&ccedil;&atilde;o do Brasil&nbsp;Ltda. has executed, prior to the spin off of Cayman, on May 27,&nbsp;2002 a Sale and Purchase of Ore Agreement (<I>Contrato de</I>&nbsp;<I>Compra e Venda de Min&eacute;rio "In Situ") </I>with Novelis do Brasil&nbsp;Ltda., which shall be observed by CFM. The amendment to&nbsp;such Sale and Purchase of Ore Agreement, dated March 13,&nbsp;2007, states that Cayman Minera&ccedil;&atilde;o do Brasil Ltda. assigned&nbsp;the rights and obligations derived from the Sale and Purchase&nbsp;of Ore Agreement to Minera&ccedil;&atilde;o Jacare&iacute; Ltda., that is one of the&nbsp;companies which resulted from the spin-off of Cayman; (ii) the&nbsp;Quota Purchase and Sale Commitment Agreement also states&nbsp;that CFM acknowledges Cayman Minera&ccedil;&atilde;o do Brasil Ltda.&nbsp;has entered into a Mining Right Lease Agreement (<I>Contrato de</I>&nbsp;<I>Arrendamento de Dire
ito de Lavra</I>) with Minera&ccedil;&atilde;o Serras do&nbsp;Oeste Ltda. Such Mining Right Lease Agreement, executed on&nbsp;August 9, 2006, states Cayman assigned to Minera&ccedil;&atilde;o Serras&nbsp;do Oeste Ltda. the mining rights solely related to gold ore,&nbsp;pursuant to DNPM 5600-45, and assigned an area of&nbsp;approximately 8,0ha of Fazenda Palmital for the facilities of&nbsp;Minera&ccedil;&atilde;o Serras do Oeste Ltda.; and (iii) there is also a&nbsp;Mining Right Lease Agreement (<I>Instrumento Particular de</I>&nbsp;<I>Arrendamento de Direitos Miner&aacute;rios</I>), entered into Cayman&nbsp;Minera&ccedil;&atilde;o do Brasil Ltda. and Minera&ccedil;&atilde;o Jacare&iacute; Ltda., by&nbsp;means of which Cayman Minera&ccedil;&atilde;o do Brasil Ltda. assigned to&nbsp;Minera&ccedil;&atilde;o Jacare&iacute; Ltda. the mining rights related to bauxite&nbsp;ore, pursuant to DNPM 5600-45. Such agreement expressly&nbsp;states that the mining rights related to the iron ore shall&nbsp;continue with Caym
an Minera&ccedil;&atilde;o do Brasil Ltda.&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
x</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_57"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="top">
	<TD colspan="3" align=left>34.&nbsp;<u>Lease and Easement of Road Agreement (</u><i><u>Contrato de Loca&ccedil;&atilde;o e Servid&atilde;o de</u></i>&nbsp;<i><u>Estrada em &Aacute;rea Rural</u></i><u>)</u></TD>
  </TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Jos&eacute; Luciano Rufino, Pedro Isabel Rufino and Paulo Rufino da&nbsp;Rocha as lessors, and Namisa as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Purpose</U>:&nbsp;</TD>
	<TD align=left>Lease and easement of a road located in a rural area onwed by&nbsp;the lessors, which grants access to an area owned by CSN,&nbsp;through &Aacute;rea Rural Lagoa das Casas Velhas, located in the&nbsp;Municipality of Belo Vale, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>June 1<SUP>st </SUP>, 2008.&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan="3" align=left>35.&nbsp;<u>Lease of Railway Terminal Agreement (</u><i><u>Contrato de Arrendamento de Terminal de</u></i>&nbsp;<i><u>Embarque Ferrovi&aacute;rio</u></i><u>)</u></TD>
	</TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Itaminas Com&eacute;rcio de Min&eacute;rios S.A as lessor, and CFM as&nbsp;lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Purpose</U>:&nbsp;</TD>
	<TD align=left>Lease of a railway terminal located at <I>Fazenda do Engenho</I>&nbsp;<I>Seco</I>, Municipality of Sarzedo, State of Minas Gerais<U>.</U>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>July 10, 2007.&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan="3" align=left>36.&nbsp;<u>Deed of Purchase and Sale (</u><i><u>Escritura P&uacute;blica de Compra e Venda</u></i><u>)</u></TD>
	</TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>WM. H. Muller (Min&eacute;rios, Com&eacute;rcio e Navega&ccedil;&atilde;o) as seller,&nbsp;and Santa Mariana Participa&ccedil;&atilde;o e Administra&ccedil;&atilde;o Ltda. as&nbsp;purchaser.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD align=left>Area known as Goiabeiras, with an area of approximately&nbsp;121,0m&sup2;, located at the Municipality of Congonhas, State of&nbsp;Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Registrar of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>July 2, 1987.&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan="3" align=left>37.&nbsp;<u>Ratification of Free Lease Agreement (</u><i><u>Ratifica&ccedil;&atilde;o do Contrato de Comodato</u></i><u>)</u></TD>
	</TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Minera&ccedil;&otilde;es Brasileiras Reunidas S.A. &#150; MBR as lessor, and&nbsp;Itaminas Com&eacute;rcio de Min&eacute;rios S.A. as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Leased Assets</U>:&nbsp;</TD>
	<TD align=left>Real estate property named <I>Fazenda do Pico do Fernandinho</I>,&nbsp;located at the Municipality of Itabirito, State of Minas Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD align=left>September 11, 1992.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Comment</U>:&nbsp;</TD>
	<TD align=left>Such agreement ratifies the Free Lease Agreement (<I>Ratifica&ccedil;&atilde;o</I>&nbsp;<I>do Contrato de Comodato</I>) executed between Itaminas&nbsp;Com&eacute;rcio de Min&eacute;rios S.A., as lessee, and the former owner of&nbsp;such property, Usina Queiroz J&uacute;nior S.A. &#150; Ind&uacute;stria&nbsp;Sider&uacute;rgica, on July 18, 1986.&nbsp;</TD></TR>
</TABLE>
<BR>
<P>
38. <U>Deed of Assignment of Inheritance Rights (</U><I><U>Escritura P&uacute;blica de Cess&atilde;o de Direitos</U></I><I> </I><I><U>Heredit&aacute;rios</U></I><U>)</U> </P>
<P align="center">
xi</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_58"></A>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=24% valign="top"></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Elson Miguel and others as lessors, and CFM as lessee.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Property</U>:&nbsp;</TD>
	<TD align=left>Real estate property with an area of approximately 2.520m&sup2;,&nbsp;located at Pires, Municipality of Congonhas, State of Minas&nbsp;Gerais.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Real Estate Registrar</U>:&nbsp;</TD>
	<TD align=left>2<SUP>nd </SUP>Real Estate Registrar of Congonhas, State of Minas Gerais.&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>September 5, 2006.&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="24%" align=left valign="top">B.&nbsp;<u>NMSA M</u><u>ADEIRA </u><u>L</u><u>TD</u><u>.</u>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan="3" align=left>1.&nbsp;<u>Lease Agreement (</u><i><u>Contrato de Utiliza&ccedil;&atilde;o de Espa&ccedil;o</u></i><u>)</u></TD>
  </TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Startrade Management Lda. as lessor, and NMSA &#150; Madeira&nbsp;Lda. as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Purposes</U>:&nbsp;</TD>
	<TD align=left>Lease of office No. 106 Fornax, with an area of 20.9m&sup2;, located&nbsp;at room 5.4, floor 5, Edif&iacute;cio Arriaga, Avenida Arriaga 42B,&nbsp;City of Funchal, Portugal.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>August 1<SUP>st </SUP>, 2008.&nbsp;</TD></TR>
<TR valign="top">
	<TD colspan=3>&nbsp;</TD></TR>

<TR valign="top">
	<TD colspan="3" align=left>2.&nbsp;<u>Lease Agreement (</u><i><u>Contrato de Utiliza&ccedil;&atilde;o de Espa&ccedil;o</u></i><u>)</u></TD>
  </TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Parties</U>:&nbsp;</TD>
	<TD align=left>Startrade Management Lda. as lessor, and NMSA &#150; Madeira&nbsp;Lda. as lessee.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=2 align=left valign="top"><U>Purposes</U>:&nbsp;</TD>
	<TD align=left>Lease of 3 parking spaces No. 4.55, No. 4.5 and No. 4.48,&nbsp;located at Edif&iacute;cio Arriaga, Avenida Arriaga 42B, City of&nbsp;Funchal, Portugal.&nbsp;</TD></TR>

<TR valign="bottom">
	<TD width="24%" align=left valign="top"><U>Date</U>:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>August 1<SUP>st </SUP>, 2008.&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
xii</P>

<hr size="2" noshade color="#000000" align="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_59"></A>

<p align="center">Share Purchase Agreement and other Covenants<br>
  <br>
Schedule 6.1.11(ii)<br>
<u>Real Estate Liens</u><u> </u></p>
[&#149;]
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_60"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.11(iii)<br>
<u>Real Estate Actions</u></p>
<H5 align="left" style="page-break-before:always"></H5>
[&#149;]
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_61"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.11(iv)<br>
<u>Real Estate Governmental Approvals</u></p>
<p align="center">There are no items to be disclosed under this Schedule. </p>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_62"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.11(V)<br>
<u>Real Estate Options</u></p>
<ol>
  <li><u>Assignment of Purchase and Sale  Commitment of Real Estate Property Agreement </u>(<i>Contrato  de Cess&atilde;o de Direito de Promessa de Compra e Venda Imobili&aacute;ria</i>)</li>
</ol>
<p><u>Parties</u>: Agenor Francisco dos Santos  and Terezinha da Costa as lessors, and CFM as lessee.<br>
    <u>Real Estate Property</u>: Amount  of land at Motas, with an area of 1.300,00m&sup2;, located at R. Principal 15, Municipality of Ouro Preto,  State of Minas Gerais. <br>
    <u>Date</u>:  October 19, 2005.</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_63"></A>
<P align="center"> SHARE PURCHASE AGREEMENT AND OTHER COVENANTS <br>
  <BR>
  SCHEDULE 6.1.11( VI) <BR>
  <U>M</U><U>INING </U><U>R</U><U>IGHTS</U><U>,</U><U> </U><U>L</U><U>IENS</U> <BR>
</P>
<P align="left"> A. <U>M</U><U>INING </U><U>R</U><U>IGHTS</U> </P>
<P align="left">[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_64"></A>
<P align="left">[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_65"></A>
<P align="left">[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_66"></A>
<P>[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_67"></A>
<P align="left">[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_68"></A>
<P align="left">[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_69"></A>
<P>[&#149;]<BR>
</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_70"></A>
<P>[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_71"></A>
<P>[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_72"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.11(x)<br>
<u>Mining Rights Fees</u></p>

<p align="left"><br>


<ol><li>[&#149;]
</ol>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_73"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.11(xi)<br>
<u>Mining Rights Required to the Construction and<br>
Operation of the Company</u></p>
<ol>
  <li>[&#149;]<br>
    <br>
  </li>
  <li>[&#149;]</li>
</ol>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_74"></A>

<P align="center">
SHARE PURCHASE AGREEMENT AND OTHER COVENANTS </P>
<P align="center">
SCHEDULE 6.1.12(I)<br>
<U>C</U><U>ONTRACTS</U> </P>
<P align="justify">[&#149;]<BR>
</P>
<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_75"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_76"></A>

<P>[&#149;]<BR>
</P>
<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_77"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_78"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_79"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_80"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_81"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_82"></A>

<P>[&#149;]<BR>
</P>
<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_83"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_84"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_85"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_86"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_87"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_88"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_89"></A>[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_90"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.12(II)<br>
<u>CONTRACTS</u></p>
<p align="center">There are no items to be disclosed under this Schedule.</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_a90"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.13<br>
<u>Labor Matters</u></p>
<p align="center">Please  Refer to Items 2 and 3 of Schedule 6.1.7.</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_91"></A>

<H5 align="left" style="page-break-before:always"> </H5>
<p align="center"><br>
  <br>
SHARE PURCHASE AGREEMENT AND OTHER COVENANTS <br>
<BR>
SCHEDULE 6.1.14 <BR>
<U>S</U><U>UBSIDIARIES</U> </p>
<p><BR>
  1. Namisa holds equity interest directly in companies listed below: <br>
  <BR>
  1.1. MG Min&eacute;rios S.A. <BR>
</p>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>SHAREHOLDER&nbsp;</TD>
    <TD align=center>NUMBER OF SHARES&nbsp;</TD>
    <TD align=center>% OF CAPITAL STOCK (%)</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Namisa&nbsp;</TD>
    <TD align=right>999,997&nbsp;</TD>
    <TD align=right>99,9997&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Juarez Saliba de Avelar&nbsp;</TD>
    <TD width="25%" align=right>1&nbsp;</TD>
    <TD width="25%" align=right>0,0001&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Isaac Popoutchi&nbsp;</TD>
    <TD align=right>1&nbsp;</TD>
    <TD align=right>0,0001&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Ot&aacute;vio de Garcia Lazcano&nbsp;</TD>
    <TD align=right>1&nbsp;</TD>
    <TD align=right>0,0001&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Total&nbsp;</TD>
    <TD align=right>1,000,000&nbsp;</TD>
    <TD align=right>100&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P> 1.2. Inversiones CSN Espanha S.L.:</P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>

  <TR valign="bottom">
    <TD align=center>QUOTAHOLDER&nbsp;</TD>
    <TD align=center>NUMBER OF&nbsp;</TD>
    <TD align=center>EUR&nbsp;</TD>
    <TD align=center>% OF CORPORATE&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=center>QUOTAS&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>CAPITAL (%)</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>Namisa&nbsp;</TD>
    <TD width="20%" align=right>3,010&nbsp;</TD>
    <TD width="20%" align=right>3,010.00&nbsp;</TD>
    <TD width="20%" align=right>100&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>Total&nbsp;</TD>
    <TD align=right>3,010&nbsp;</TD>
    <TD align=right>3,010.00&nbsp;</TD>
    <TD align=right>100&nbsp;</TD>
  </TR>
</TABLE>
<BR>
2. Namisa holds equity interest indirectly in companies listed below: <br>
<BR>
2.1. NMSA Madeira Lda.: <br>
<br>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>

  <TR valign="bottom">
    <TD align=center>QUOTAHOLDER&nbsp;</TD>
    <TD align=center>NUMBER OF&nbsp;</TD>
    <TD align=center>EUR&nbsp;</TD>
    <TD align=center>% OF CAPITAL&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD width="20%" align=center>QUOTAS&nbsp;</TD>
    <TD width="20%" align=center>&nbsp;</TD>
    <TD width="20%" align=center>STOCK (%)</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>Inversiones CSN Espanha S.L&nbsp;</TD>
    <TD align=right>2&nbsp;</TD>
    <TD align=right>5,000.00&nbsp;</TD>
    <TD align=right>100&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>Total&nbsp;</TD>
    <TD align=right>2&nbsp;</TD>
    <TD align=right>5,000.00&nbsp;</TD>
    <TD align=right>100&nbsp;</TD>
  </TR>
</TABLE>
<BR>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_92"></A>
<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
  Schedule 6.1.15(i)<br>
<u>Permits</u></p>
<p>&nbsp;</p>
<p>[&#149;]</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_93"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
  Schedule 6.1.15(ii)<br>
<u>Permits<br>
<br>
</u>There  are no items to be disclosed under this Schedule.
</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_94"></A>

<P align="center">
SHARE PURCHASE AGREEMENT AND OTHER COVENANTS </P>
<P align="center">
SCHEDULE 6.1.16 </P>
<P align="center">
<U>E</U><U>NVIRONMENTAL </U><U>M</U><U>ATTERS</U> </P>
[&#149;]<BR>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_95"></A>[&#149;]<BR>
<P align="center">
ii</P>

<hr size="2" noshade color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_96"></A>[&#149;]<BR>
<P align="center">
iii</P>

<hr size="2" noshade color="#000000" align="left">


<H5 align="left" style="page-break-before:always"></H5>
<A name="xpage_97"></A>[&#149;]<BR>
<P align="center">
iv</P>

<hr size="2" noshade color="#000000" align="left">


<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_98"></A>
<P align="center"> SHARE PURCHASE AGREEMENT AND OTHER COVENANTS </P>
<P align="center"> SCHEDULE 6.1.17 <br>
<U>T</U><U>AX </U><U>M</U><U>ATTERS</U> </P>
<P>[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_99"></A>
<P>[&#149;]</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_100"></A>
<P>[&#149;]<BR>
</P>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_101"></A>[&#149;]
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_102"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.19<br>
<u>Insurance</u></p>
<p align="center">There  are no items to be disclosed under this Schedule.</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>
<A name="xpage_103"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.23<br>
<u>Undisclosed Liabilities</u></p>
<p align="center">There are no items to be disclosed under this Schedule.</p>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_104"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 6.1.24<br>
<u>Intellectual Property</u></p>
1.<TABLE width=100% border=1 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:10px">
  <TR valign="bottom">
    <TD align=center valign="middle">&nbsp;</TD>
    <TD align=center valign="middle">TRADEMARK AND<br>
      REQUEST NUMBER</TD>
    <TD align=center valign="middle">REQUEST<br>
      NUMBER</TD>
    <TD align=center valign="middle">FORM</TD>
    <TD align=center valign="middle">TYPE</TD>
    <TD align=center valign="middle">DATE OF<br>
      DEPOSIT</TD>
    <TD align=center valign="middle">CONCESSION<br>
      DATE</TD>
    <TD align=center valign="middle">MATURITY<br>
      DATE</TD>
    <TD align=center valign="middle">EXTENSION</TD>
    <TD align=center valign="middle">CLASS</TD>
    <TD align=center valign="middle">SITUATION</TD>
  </TR>


  <TR valign="bottom">
    <TD align=center valign="middle">1.</TD>
    <TD align=center valign="middle">NAMISA COM BR</TD>
    <TD align=center valign="middle">829744231</TD>
    <TD align=center valign="middle">Name</TD>
    <TD align=center valign="middle">Service</TD>
    <TD align=center valign="middle">May 23,<br>
      2008</TD>
    <TD align=center valign="middle">-</TD>
    <TD align=center valign="middle">-</TD>
    <TD align=center valign="middle">-</TD>
    <TD align=center valign="middle">NCL (9)
    37</TD>
    <TD align=center valign="middle">Registration
      request
    published</TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align=center valign="middle">2.</TD>
    <TD align=center valign="middle"><img src="nacionalminerios.gif" width="178" height="127"></TD>
    <TD width="9%" align=center valign="middle">829043640</TD>
    <TD width="9%" align=center valign="middle">Name
      and
    image</TD>
    <TD width="9%" align=center valign="middle">Service</TD>
    <TD width="9%" align=center valign="middle">March 14,<br>
    2007</TD>
    <TD width="9%" align=center valign="middle">-</TD>
    <TD width="9%" align=center valign="middle">-</TD>
    <TD width="9%" align=center valign="middle">-</TD>
    <TD width="9%" align=center valign="middle">NCL
    (9) 40</TD>
    <TD width="9%" align=center valign="middle">Registration
      request
    published</TD>
  </TR>




</TABLE>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"> </H5>

<A name="xpage_105"></A>

<p align="center">Share Purchase Agreement and  other Covenants<br>
  <br>
Schedule 11.1<br>
<u>Guarantors Percentage Ownership of Buyer</u></p>
<H5 align="left" style="page-break-before:always"></H5>
<TABLE border=0 width=70% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">

  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Itochu Corporation:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>40.000%</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>JFE Steel  Corporation:</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="40%" align=left>16.200%</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Nippon Steel  Corporation:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>16.200%</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Sumitomo Metal  Industries, Ltd.:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>6.575%</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Kobe Steel, Ltd.:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>3.075%</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Nisshin Steel Co.,  Ltd.:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>1.750%</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Posco:</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>16.200%</TD>
  </TR>

    <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

</TABLE>
<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">
<H5 align="left" style="page-break-before:always"></H5>




</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>exhibit103.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<!DOCTYPE HTML PUBLIC "">


<html><head><title>Provided by MZ Data Products</title></head>

<BODY style="font-family: 'Times New Roman, Times, Serif'; text-align:justify; font-size:11px" bgcolor="#ffffff">
<P align="right"><a href="sidform20f2008a.htm#topexhibit">Table of Contents</a></P>
<A name="page_1"></A>


<P align="center">
SHAREHOLDERS' AGREEMENT OF <U><br>
N</U><U>ACIONAL </U><U>M</U><U>IN&Eacute;RIOS </U><U>S.A.</U> </P>
<P align="justify">
This Shareholders' Agreement is entered into by and among: </P>
<P align="justify">
I. as parties: </P>
<P align="justify">
COMPANHIA SIDER&Uacute;RGICA NACIONAL, with head offices in the city of Rio de Janeiro, state of Rio de Janeiro, at Rua S&atilde;o Jos&eacute; N. 20, group 1602 (part), enrolled with the Federal Taxpayer's Registry under N. 33.042.730/0001 -04,
herein represented in accordance with its by-laws ("<U>CSN</U>"); and </P>
<P align="justify">
BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A., with head offices in the city of S&atilde;o Paulo, state of S&atilde;o Paulo, at Rua da Consola&ccedil;&atilde;o, 247, 3<SUP>rd</SUP> Floor, Room 85A, enrolled with the Federal Taxpayer's Registry
under N. 09.431.882/0001 -14, herein represented in accordance with its by-laws ("<U>New Investor</U>"); </P>
<P align="justify">
II. as intervening parties: </P>
<P align="justify">
NACIONAL MIN&Eacute;RIOS S.A., with head offices in the city of Congonhas, state of Minas Gerais, at Logradouro Casa da Pedra, without number, part, enrolled with the Federal Taxpayer's Registry under N. 08.446.702/0001 -05, herein represented in
accordance with its by-laws ("<U>Company</U>"); </P>
<P align="justify">
BRAZIL JAPAN IRON ORE CORPORATION, with its head office at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo 107-8077, Japan, herein represented in accordance with its by-laws  ("<U>Japanese SPC</U>"); and </P>
<P align="justify">
POSCO, with its head office at 892 Daechi 4-dong Gangnam-gu, Seoul, 135-777, Korea, herein represented in accordance with its by-laws ("<U>Posco</U>"). </P>
<P align="justify">
(CSN and the New Investor jointly referred to as "<U>Parties</U>" or "<U>Shareholders</U>" and individually as "<U>Party</U>" or "<U>Shareholder</U>") </P>
<P align="justify">
WHEREAS: </P>
<P align="justify">
(A) the Parties are the owners of all of the shares issued by the Company, including shares transferred to the members of the Board of Directors appointed by each Shareholder;</P>
<P align="justify">
(B) the New Investor will be merged into the Company or the Company will be merged into the New Investor, resulting that, in any case, the Japanese SPC and Posco will become direct shareholders' of the Company; and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_2"></A>

<P align="justify">
(C) by means of this agreement, the Parties intend to agree upon principles, procedures and rules which shall govern their relationship as shareholders of the Company; </P>
<P align="justify">
NOW, THEREFORE, the Parties and the intervening parties agree to enter into this shareholders' agreement ("<U>Shareholders' Agreement</U>"), which shall be governed by the following provisions: </P>
<P align="justify">
SECTION I. <U>B</U><U>ASIC </U><U>P</U><U>RINCIPLES </U><U>A</U><U>PPLICABLE TO THE </U><U>C</U><U>OMPANY</U> </P>
<P align="justify">
1.1 The Parties shall exercise their voting rights and controlling power so as to ensure that the activities of the Company comply with the following basic principles and premises: </P>
<P align="justify">
(i) the management of the businesses of the Company shall be exercised by capable and experienced professionals, who must be duly qualified to hold their positions;</P>
<P align="justify">
(ii) the strategic decisions of the Company shall procure the growth of its business, the development of new projects, and the maximization of the return of the investment made by its shareholders in compliance with prudent management practices;</P>
<P align="justify">
(iii) the management (<I>administra&ccedil;&atilde;o</I>) of the Company shall always seek high levels of profitability, efficiency and competitiveness pursuant to applicable law; and </P>
<P align="justify">
(iv) basic guiding principles and premises set forth in <U>Exhibit 1.1</U> attached hereto. </P>
<P align="justify">
1.2 The Parties agree and acknowledge that <U>Exhibit 1.1</U> attached hereto constitutes the Long-Term Business Plan (as defined below) of the Company approved by the Parties.  Subject to events not under reasonable control of the Parties, the
Parties agree to cause the Company to construct the production facilities listed on such <U>Exhibit 1.1</U>, including the beneficiation plant and the pellet plants substantially in accordance with those descriptions. </P>
<P align="justify">
1.3 The Parties agree to adopt the draft of the by-laws attached hereto, as amended from time to time from the date hereof, as the by-laws of the Company, the terms and conditions of which are (i) in accordance with the terms and conditions hereof;
and (ii) appropriate to enforce the rights and obligations of the Parties pursuant to this Shareholders&#8217; Agreement ("<U>By-Laws</U>"). </P>
<P align="justify">
1.3.1 If any provision hereof is deemed to be conflicting or otherwise not enforceable vis-&agrave;-vis any provision of the By-Laws, the Parties agree (i) that such
provision of this Shareholders&#8217; Agreement shall prevail over the applicable provision of the By-Laws; and (ii) to cause the Company to hold an Extraordinary Shareholders&#8217; Meeting as soon as reasonably practicable and approve in such
meeting amendments to the By-Laws so that the terms and conditions hereof can be fully enforced by the Parties during all times.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_3"></A>

<P>SECTION II. <U>S</U><U>HARES </U><U>S</U><U>UBJECT TO THIS </U><U>A</U><U>GREEMENT</U> </P>
<P>
2.1 All shares issued by the Company and owned by the Parties on the date hereof or which may be acquired during the term of this Shareholders' Agreement by any of them in any capacity and in any manner, including all rights inherent to such shares
("<U>Shares</U>"), are subject to this Shareholders' Agreement. </P>
<P>
2.2 Each of CSN and the New Investor hereby represents on the date hereof, and for the remaining term of this Shareholders&#8217; Agreement, that (i) it owns of record and beneficially its Shares that are registered in its respective name in the
Nominative Shares Registry Book of the Company; (ii) its Shares have been duly authorized and validly issued and are fully paid in and nonassessable; (iii) its Shares are free and clear of any and all Liens (as defined below) for the benefit of any
third party, debts or obligations of any nature whatsoever, except for the Liens created pursuant to this Shareholders' Agreement; (iv) except for this Shareholders' Agreement, there are no voting agreements or understandings of any nature involving
its Shares for the benefit of any third party; and (v) there is no pending Action (as defined below) which may in any way, directly or indirectly, involve its Shares. For the purposes of this Shareholders&#8217; Agreement, (a) "<U>Lien</U>" means
any lien (<I>gravame</I>), pledge (<I>penhor</I>), usufruct, security interest (any <I>direito real</I> <I>de garantia</I> including, but not limited to, <I>aliena&ccedil;&atilde;o fiduci&aacute;ria</I>), charge, claim, mortgage, deed of trust,
option, call, warrant, purchase right, lease, priority rights, preemptive rights, rights of first refusal, purchase preference rights, commitments, rights of conversion, rights to exchange, transfer restrictions of any nature, or other agreements or
commitments, of any nature, providing for the purchase, issuance, or sale of securities, voting trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to any rights attributable to securities, or any
other encumbrance (<I>gravame</I>) whatsoever, and (b) "<U>Action</U>" means any litigation, action, suit, proceeding, condemnation, investigation, judicial or administrative claim, or audit commenced, brought or conducted by, before or with any
court or governmental authority, or any arbitration proceeding. </P>
<P>
2.3 Notwithstanding the provisions of Section III and Section IV below, in the event a Party is authorized to make a Direct Transfer (as defined below) of its Shares to a third party, such Direct Transfer will not be valid until the acquirer adheres
in writing to this Shareholders' Agreement and, in case CSN is the transferor, CSN complies with its obligations under Section 15.3.1. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_4"></A>

<P align="justify">
2.4 Unless such act is carried out with the prior written consent of all Parties, no Party shall be permitted to create a Lien, directly or indirectly, on its Shares to secure any of its obligations or those of any third party. </P>
<P align="justify">
2.5 The Parties agree that any and all Direct Transfers of Shares are hereby prohibited, except</P>
<P align="justify">
(i) for direct purchases and sales of the Shares in accordance with Section III (Right of First Refusal),</P>
<P align="justify">
(ii) transfer of Shares from [&#149;] to [&#149;]<SUP>1</SUP> as a result of the Downstream Merger (as defined in Section 9.4),</P>
<P align="justify">
(iii) after consummation of the Downstream Merger or Upstream Merger (as defined in Section 9.4.3), as the case may be, Direct Transfer of all or part of the Shares held by Posco to any third party, provided, however, that (1) Japanese SPC, one or
more shareholders of the Japanese SPC (on the date hereof) and/or Posco shall hold, directly or indirectly, [&#149;]% [&#149;] of all Shares held by the New Investor on the date hereof, (2) such acquiring person adheres to this Shareholders'
Agreement, and (3) be considered jointly with the Japanese SPC as one single Party for any and all purposes hereunder;</P>
<P align="justify">
(iv) Direct Transfer of Shares by and between Japanese SPC and Posco;</P>
<P align="justify">
(v) Direct Transfer of Shares between a Party and any entity directly or indirectly Controlled by such Party, provided that (i) the transferring Party is, during all times, the direct and/or indirect owner of at least [&#149;]% [&#149;] of voting
and total capital stock of the acquirer, which shall remain during all times as the direct holder of all acquired Shares, and (ii) the acquirer adheres in writing to this Shareholders' Agreement, becoming a Party hereto and undertaking to comply
with all obligations set forth herein; provided, however, that the transferring Party shall remain jointly and severally liable with respect to the obligations (including transfer restrictions) provided in this Shareholders' Agreement; and </P>
<P align="justify">
(vi) as expressly provided for in Sections IV (Tag Along Rights), X (Put and Call &#8211; Disagreement) and XV (Put and Call &#8211; Default under the
Shareholders&#8217; Agreement and the Operational Agreements) (each such permitted Direct Transfer a "<u>Permitted Transfer</u>").</P>
<P align="justify">____________________<br>
<SUP>1</SUP>Text marked as [&#149;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_5"></A>

<P align="justify">2.5.1 For the purposes of this Shareholders' Agreement, "<U>Direct Transfer</U>" shall mean any direct sale, transfer, assignment, exchange, donation, increase of the capital stock of a company with, disposal of,
cancellation or replacement of the Shares, with or without consideration therefor, foreclosure on a pledge (<I>excuss&atilde;o de penhor ou cau&ccedil;&atilde;o</I>), placement in trust (<I>fideicomisso</I>), or any other transaction (including,
without limitation, any corporate restructuring event, such as spin-off, merger, amalgamation or drop down of assets) which results in the Direct Transfer of ownership of, and/or rights inherent to, the Shares.</P>
<P align="justify">2.5.2 Permitted Transfers may not be used to circumvent any of the provisions of this Shareholders' Agreement, including, but not limited to, the right of first refusal set forth in Section III and the tag along rights
set forth in Section IV. </P>
<P align="justify">
2.6 The Parties agree that any and all indirect sale, transfer, assignment, exchange, donation, increase of the capital stock of a company with, disposal of, cancellation or replacement of the Shares, with or without consideration therefor,
foreclosure on a pledge (<I>excuss&atilde;o de penhor ou cau&ccedil;&atilde;o</I>), placement in trust (<I>fideicomisso</I>), or any other transaction (including, without limitation, any corporate restructuring event, such as spin-off, merger,
amalgamation or drop down of assets) which results in the indirect transfer of ownership of, and/or rights inherent to, the Shares ("<U>Indirect Transfers</U>") are hereby permitted, provided that, in case of any Indirect Transfer by the Japanese
SPC, Posco and/or one or more shareholders of the Japanese SPC (on the date hereof), then Posco and/or one or more shareholders of the Japanese SPC (on the date hereof) shall continue to hold, directly or indirectly, at least, [&#149;]% [&#149;] of
all Shares held by the New Investor on the date hereof. </P>
<P align="justify">
2.7 Any and all Direct Transfers of Shares in accordance with this Shareholders&#8217; Agreement must include all, but not less than all, of the Shares held by a Party, except Direct Transfers under Sections 2.5(iii) and 2.5(iv) . </P>
<P align="justify">
2.8 Nothing contained in this Shareholders&#8217; Agreement shall be interpreted as prohibiting, preventing or otherwise restricting or impairing a change in the corporate ownership structure of (i) CSN or its Controlled companies (other than the
Company and/or its Controlled companies), (ii) shareholders of Japanese SPC (as of the date hereof) and/or (iii) Posco (including a change in Control), and no such change in corporate ownership structure shall give right to any of the rights
provided in Section III (Right of First Refusal) and Section IV (Tag Along Rights). For the purposes of this Shareholders' Agreement, the concept of "<U>Control</U>", "<U>Controlling</U>" or "<U>Controlled</U>", as used with respect to any person,
means direct or indirect ownership of majority of equity interest in such person and/or the possession, directly or indirectly, of the right to direct or cause the direction of the management and
policies of a corporation, limited liability company, partnership, association, or other business entity, whether through ownership of voting securities, by contract or otherwise. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_6"></A>

<P align="justify">2.9 Notwithstanding anything to the contrary set forth in this Shareholders&#8217; Agreement, (a) CSN acknowledges and agrees that except for Related Party Permitted Transfer, it shall not make any Direct Transfer and/or Indirect Transfer of all or
part of its Shares until the earlier of (i) December 31<SUP>st</SUP>, 2014; or (ii) the completion of the construction of the second Pellet Plant by the Company (as contemplated in <U>Exhibit 1.1</U>) without the prior written consent of the New
Investor; and (b) while CSN, directly or indirectly, is a shareholder of the Company, the New Investor agrees that it shall not make any Direct Transfer and/or Indirect Transfer of all or part of its Shares to <I>Companhia Vale do Rio Doce</I> (or
any of its direct or indirect Controlled companies) or Banco Bradesco S.A. (or any of its direct or indirect Controlled or Controlling companies) at any time during the term of this Shareholders&#8217; Agreement without prior written consent of
CSN.</P>
<P align="justify">
SECTION III. <U>R</U><U>IGHT OF </U><U>F</U><U>IRST </U><U>R</U><U>EFUSAL</U> </P>
<P align="justify">
3.1 In case a Party ("<U>Notifying Party</U>") receives a third party bona fide firm cash offer to sell its Shares ("<U>Third Party Offer</U>"), it shall deliver a written notice ("<U>RoFR</U> <U>Notice</U>") to that effect to the other Party
("<U>Notified Party</U>") containing (i) the Notifying Party's intention to sell its Shares and the name and address of the proposed transferee; (ii) the proposed price for the Shares, which shall consist solely of cash to be paid at the closing of
the proposed sale; (iii) the number of Shares proposed to be transferred, which must include all, but not less than all, of the Shares held by the Notifying Party; and (iv) any other material terms of the Third Party Offer, and give the Notified
Party the right of first refusal to acquire all, but not less than all, of the Shares held by the Notifying Party, as set forth herein. </P>
<P align="justify">
3.1.1 The Party intending to make a Direct Transfer of Shares without having received a Third Party Offer shall negotiate the terms and conditions of such Direct Transfer with the other Party and obtain its prior written consent. </P>
<P align="justify">
3.2 The right of first refusal shall be exercised by means of a written notice ("<U>RoFR Exercise Notice</U>") to be delivered by the Notified Party within [&#149;] days from the date of receipt of the RoFR Notice. In case the Notified Party does not deliver a RoFR Exercise Notice as set forth in this Section within such
[&#149;] day period, the Notifying Party may sell such Shares to the person identified in the RoFR Notice on the same price, terms and conditions set forth in the RoFR Notice. The sale must take place within [&#149;] days from the date of the
receipt of the RoFR Notice. After such period, if the sale does not occur, the Shares subject to the Third Party Offer shall again be subject to the right of first refusal set forth in this Section III. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_7"></A>

<P align="justify">
3.3 If the Notified Party exercises the right of first refusal as per this Section III, it shall acquire all, but not less than all, of the Shares owned by the Notifying Party, on the same price and terms and conditions set forth in the RoFR
Notice.</P>
<P align="justify">
3.4 If the Notified Party exercises its right of first refusal pursuant to this Section, it may carry out any and all acts and execute any and all documents on behalf of the Notifying Party that may be necessary for the performance of the
transaction contemplated by this Section, including the execution of the Shares Transfer Book of the Company on behalf of the Notifying Party and cause the Company to annotate in the Nominative Shares Registry Book of the Company the transfer of
ownership of the Shares subject to the right of first refusal in the event the Notifying Party fails to do so on the day in which, pursuant to the RoFR Notice, the Direct Transfer of such Shares is deemed to occur.</P>
<P align="justify">
3.5 Upon consummation of the Downstream Merger or the Upstream Merger, as applicable, Posco and the Japanese SPC shall be considered jointly as one single Party for any and all purposes of this Shareholders Agreement.</P>
<P align="justify">
3.6 Any Lien, Direct Transfer or Indirect Transfer of Shares which violates this Shareholders' Agreement shall be null and void and of no effect with respect to the Company or any Party. </P>
<P align="justify">
SECTION IV. <U>T</U><U>AG </U><U>A</U><U>LONG </U><U>R</U><U>IGHTS</U> </P>
<P align="justify">
4.1 Any of the Shareholders will have the right to sell all of its Shares, on the same conditions, including the price per Share, in case of any sale of Shares by another Shareholder, provided that the Shares to be transferred, directly or
indirectly, represent, at least, [&#149;]% [&#149;] plus 1 (one) Share of the capital stock of the Company. </P>
<P align="justify">4.2 For the exercise of the tag along right set forth in this Section, the transferring Shareholder ("<U>Tag Along Shareholder</U>") must send to the
  other Shareholder a notice to that effect, containing (i) the Shareholder's intention to sell its Shares and the name and address of the proposed transferee; (ii) the proposed consideration for such Shares, which shall consist solely of cash to be
  paid at the closing of the proposed sale; (iii) the number of Shares proposed to be sold, which must include all, but not less than all, of the Shares held by such Party; and (iv) any other material terms of the proposed sale.</P>
<P align="justify">
4.3 The other Shareholder must, within [&#149;] days from the receipt of the notice referred to in Section 4.2 above, inform as to whether it wants to (i) exercise the right of first refusal set forth in Section III above, to purchase all of the
Shares held by the Tag Along Shareholder, at the price per Share set forth in the notice; or (ii) exercise its tag along right as set forth in this Section IV. In case of a negative answer or failure to provide such answer within the term provided
for herein, the </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_8"></A>

<P align="justify">
Tag Along Shareholder may carry out the sale of all of its Shares on the same conditions as set forth in the notice referred to in Section 4.2 above.</P>
<P align="justify">
4.4 In the event the Tag Along Shareholder fails to carry out the sale in accordance with Section 4.2 above within [&#149;] days from the receipt of the notice set forth in Section 4.2 above, the Tag Along Shareholder must not sell its Shares
without complying again with all the requirements set forth in this Shareholders' Agreement.</P>
<P align="justify">
4.5 The tag along right set forth in this Section IV is not applicable to Permitted Transfers or Indirect Transfers. </P>
<P align="justify">
SECTION V. <U>V</U><U>OTING </U><U>R</U><U>IGHTS</U> </P>
<P align="justify">
5.1 Each Party hereby agrees to exercise its voting rights so as to fully comply with its obligations set forth herein. </P>
<P align="justify">
5.2 Any vote cast by a Party at a shareholders' meeting of the Company in breach of the provisions of this Shareholders' Agreement shall be null and void. </P>
<P align="justify">
SECTION VI. <U>M</U><U>ANAGEMENT OF THE </U><U>C</U><U>OMPANY</U>  </P>
<P align="justify">
6.1 Subject to the terms of Section IX below, the Company shall be managed by a Board of Directors (<I>Conselho de Administra&ccedil;&atilde;o</I>) and a Board of Officers (<I>Diretoria</I>), in accordance with (i) this Shareholders' Agreement; (ii)
the By-Laws; (iii) the resolutions adopted at shareholders' meetings or at the meetings of the Board of Directors, as the case may be; and (iv) the applicable law. </P>
<P align="justify">
SECTION VII. <U>B</U><U>OARD OF </U><U>D</U><U>IRECTORS</U> </P>
<P align="justify">
7.1 Each Party hereby agrees to make the Directors (as defined below) elected pursuant to the terms hereunder to exercise their voting rights and duties so as to fully comply with the obligations set forth herein. </P>
<P align="justify">
7.2 The Board of Directors of the Company shall consist of 9 (nine) members (<I>conselheiros</I>) (each, a "<U>Director</U>") and 9 (nine) alternates, provided, however, that, if CSN holds [&#149;]% [&#149;] of the Shares and the New Investor the
remaining [&#149;]% [&#149;] of the Shares, the Board of Directors shall consist of 10 (ten) members.  The members of the Board of Directors shall be shareholders, may or may not reside in Brazil, and shall be elected by the shareholders at a
shareholders' meeting for a term of 2 (two) years or until his or her successor is appointed and qualified, or until such Director's earlier death, disability, retirement, resignation or removal. Each Director may serve an unlimited number of
consecutive terms.</P>
<P align="justify">
7.3 So long as a Party holds in the aggregate the percentage of the Shares set forth in the first column below, that Party shall be entitled to nominate the number
of Directors set forth in the second column below, and the Shareholders shall take such actions as necessary to cause such nominees to be appointed as Directors.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<p><A name="page_9"></A></p>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD></TD>
    <TD width=50%></TD>
  </TR>

  <TR valign="bottom">
    <TD align=center><u>P</u><u>ERCENTAGE OF THE </u><u>S</u><u>HARES</u></TD>
    <TD align=center><u>N</u><u>UMBER OF </u><u>D</u><u>IRECTORS</u><u>*</u></TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Less than or equal to [&#149;] </TD>
    <TD align=center>[&#149;] </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>More than [&#149;], but less than [&#149;]</TD>
    <TD align=center> [&#149;] </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>More than or equal to [&#149;], but less than [&#149;]</TD>
    <TD align=center> [&#149;]</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> [&#149;] </TD>
    <TD align=center>[&#149;] </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>More than [&#149;], but less than or equal to [&#149;]</TD>
    <TD align=center> [&#149;] </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>More than
[&#149;], but less than [&#149;]</TD>
    <TD align=center> [&#149;] </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>More than or equal to [&#149;]</TD>
    <TD align=center> [&#149;] </TD>
  </TR>
</TABLE>
<div>* And respective alternate. </div>
<P align="justify">
7.4 The Board of Directors shall appoint one of the Directors as Chairman of the Board of Directors, who shall hold office for the same term as he or she holds office as a Director.  So long as CSN owns not less than [&#149;]% [&#149;] of the
Shares, the Chairman shall be a Director nominated by CSN. In all other cases, the Chairman will be elected by the majority of the members of the Board of Directors.  The Chairman of the Board of Directors shall preside over all meetings of the
Board of Directors. In the event of a tie vote with respect to any matter, the Chairman shall not have an additional deciding or casting vote.</P>
<P align="justify">
7.5 Each of the Parties may request, at any time, the replacement of a member of the Board of Directors appointed by such Party, appointing a new member to be elected under the terms of this Section VII.</P>
<P align="justify">
7.6 The election and replacement of the members of the Board of Directors of the Company as set forth in this Section shall take place at a shareholders' meeting of the Company called for this specific purpose, and the Parties shall vote to elect or
dismiss the Directors and alternates appointed by the Party as indicated in this Section. </P>
<P align="justify">
7.7 In the event a Party no longer has the right to nominate the number of Directors by which it is currently represented on the Board of Directors, (i) the exceeding member(s) of the Board of Directors and respective alternate(s), appointed by such
Party and elected under the terms of this Section shall be automatically prevented from taking part in any decision of the Board of Directors of the Company; (ii) a shareholders' meeting shall be immediately called and held to remove from office the
exceeding member(s) of the Board of Directors and
alternate(s) referred to in item (i) above and to elect new Director(s) and alternate(s) as provided in item (iii) below; and (iii) in order to replace the exceeding member(s) and respective alternate(s) removed from office, each of the Parties
shall appoint the number of members of the Board of Directors and respective alternates for election under the terms of this Section at the shareholders' meeting called as provided in item (ii) above. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_10"></A>

<P align="justify">7.8 Each Party shall, for the purposes of article 146 of Law N. 6,404, of December 15, 1976, as amended, transfer 1 (one) Share to each of the members of the Board of Directors appointed by such Party. A right of usufruct shall be constituted on
such Shares to the benefit of the transferring Party, which shall have the right to repurchase the Shares. For the purposes of this Shareholders' Agreement, the Shares transferred to the members of the Board of Directors under the terms of this
Section 7.8 shall be considered as shares held by the transferring Party. </P>
<P align="justify">7.9 The meetings of the Board of Directors may be convened by any Director through a written
notice delivered to each Director at least 7 (seven) business days prior to the meeting.
Such notice shall reasonably detail the matters to be discussed in the pertinent meeting
of the Board of Directors.&nbsp;</P>
<P align="justify">7.10 The meetings of the Board of Directors shall be held on a monthly basis,
whether physically or via tele or audio conference.&nbsp;</P>
<P align="justify">
7.11 At all meetings of the Board of Directors, the presence of a majority of Directors, including at least 1 (one) Director nominated by each Party (if such Party has the right to nominate a Director pursuant to this Section VII), shall constitute
a quorum at a duly convened meeting.  If a quorum is not present at any duly convened meeting of the Board of Directors, the Directors present at such meeting may adjourn the meeting and such adjourned meeting shall be reconvened by the Chairman or
any other Director present at such meeting on not less than 7 (seven) business days prior written notice to each Director. At such reconvened meeting, the quorum shall be a majority of Directors, but the presence of at least 1 (one) Director
nominated by each Party shall not be required in order to constitute a quorum.  Notwithstanding the foregoing, if a quorum is not present at such reconvened meeting as a result of the absence of the Director(s) nominated by a Party, the quorum shall
be 1 (one) less than a majority of Directors; provided, however, that in any case no action may be taken at any such reconvened meeting except with respect to the matters set forth in the notice of such reconvened meeting. </P>
<P align="justify">7.12 Any Director may appoint another Director as its attorney-in-fact for acting on
her or his behalf during the meetings of the Board of Directors, including, without limitation,
for casting votes in such meetings.&nbsp;</P>
<P align="justify">
7.13 Each Director shall be entitled to 1 (one) vote at meetings of the Board of Directors.</P>
<P align="justify">
7.14 Resolutions at meetings of the Board of Directors shall be adopted with the affirmative vote of a majority of the members (or their respective alternates) (other than with respect to Major Decisions) present at any meeting at which there is a
quorum. </P>
<P align="justify">
7.15 The Parties may create, within the jurisdiction of the Board of Directors, other consulting or executive committees, permanent or not, to analyze and give opinions on any matters, as required by the Board of Directors. The members of such
committees, whether shareholders or not, shall have expertise in the areas to be
decided by their committees, being elected by the Board of Directors of the Company.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_11"></A>

<P align="justify">SECTION VIII. <U>B</U><U>OARD OF </U><U>O</U><U>FFICERS</U> </P>
<P align="justify">
8.1 Except as otherwise agreed by the Parties pursuant to Section 8.3, the Company shall have a senior management team consisting of 6 (six) officers (<I>diretores</I>) (each, an "<U>Officer</U>"), who shall be the Chief Executive Officer, the Chief
Financial Officer, the Chief Operating Officer, the Chief Administrative Officer, the Chief Commercial Officer and the General Counsel. Such executive Officers shall comprise the Board of Officers and shall be responsible for conducting the
day-today management activities and operations of the Company. </P>
<P align="justify">8.2 Each Officer must reside in Brazil, be eligible for the position of managers and shall hold office for a term of 2 (two) years and may serve an unlimited number of consecutive terms;
  provided, however, that any such Officer, if not reappointed by the Board of Directors as a Major Decision in accordance with Section IX, shall tender his or her resignation letter or otherwise be removed by the Board of Directors upon his or her
  completion of each such term. Any such term otherwise shall be terminated by such Officer's earlier death, disability, retirement, resignation or removal. Any Officer may resign at any time upon notice in writing to the Board of Directors. Such
  resignation shall take effect at the time specified in such written notice and, unless otherwise specified therein, no acceptance of such resignation shall be necessary to make it effective. Any Officer may be removed at any time, with or without
  cause, by the Board of Directors.</P>
<P align="justify">
8.3 The appointment of the Officers shall take place at a meeting of the Board of Directors called for this specific purpose and the Directors may only appoint Officers with expertise in the related area, provided that each Party shall have the
right to appoint [&#149;]Officer of the Company, and the New Investor shall have the right to appoint no more than [&#149;] managers for the following areas or departments of the Company: [&#149;]. The position of the Officer to be appointed
pursuant to this Section 8.3 shall be mutually agreed by the Parties.  The right of the Parties to appoint each one Officer of the Company set forth in this Section 8.3 may be exercised at any time during the term of this Shareholders&#8217;
Agreement. For such purposes, the Shareholders shall cause the members of the Board of Directors appointed by each of them to exercise their voting rights in order to comply with the provision of this Section 8.3. </P>
<P align="justify">
SECTION IX. <U>M</U><U>AJOR </U><U>D</U><U>ECISIONS</U> </P>
<P align="justify">
9.1 Notwithstanding any provision to the contrary in this Shareholders' Agreement, the following actions by the Company and/or its Controlled subsidiaries (together with the actions set forth in Section 9.2 below, "<U>Major Decisions</U>") shall be taken by the Company, only with the affirmative vote of [&#149;] Directors of the Company: </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_12"></A>

<P align="justify">(i) approval of the annual compensation of each member of (a) the Board of Officers of the Company and (b) of the Board of Directors, Board of Officers or Fiscal Council of any Controlled subsidiaries; </P>
<P align="justify">
(ii) the appointment and removal of any member of (a) the Board of Officers of the Company, subject to Section 8.3 above and (b) the Board of Directors, Board of Officers or Fiscal Council of any Controlled subsidiaries and/or Affiliates of the
Company (to the extent the Company has such rights and may legally exercise such rights with respect to such Affiliates).  For the purposes of this Shareholders Agreement, "<U>Affiliate</U>" means as to the person specified, any person in which the
Company has an equity interest of, at least, [&#149;]% [&#149;] and less than [&#149;]% [&#149;] of the total capital stock; </P>
<P align="justify">(iii) approval of any amendment or change in any condition of the operational agreements of the Company and/or its
  Controlled subsidiaries (including the following agreements as defined in the SPA (defined below in Section 9.3): [&#149;] (being (i) to (viii) collectively "<U>Operational Agreements</U>") and <FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT>, provided that the Directors appointed by
  CSN shall not have the right to vote in any such resolution if CSN has breached such operational agreements and has not cured such breach within the applicable grace period, in which case the Major Decision shall be taken by Company with the
  affirmative vote of all the remaining Directors;</P>
<P align="justify">(iv) amendment, renewal, termination or any other decision relating to any of the following agreements entered into between the Company and CSN prior to the date of this Shareholders' Agreement: [&#149;] provided that the Directors appointed by CSN shall not have the right to vote in any such resolution if CSN has breached any of such agreements and has not cured such breach within the applicable grace period, if any, in which case the Major Decision shall be taken by the Company with the affirmative vote of all the remaining Directos;</P>
<P align="justify">
(v) any decision involving (a) existing or future mining rights held, or leased, by the Company (including the transfer of, or liens over, such rights), (b) the Pellet Plants, and (c) any other material assets of the Company and/or its Controlled
subsidiaries; </P>
<P align="justify">
(vi) approval of any guarantee, security or indemnification by the Company and/or its Controlled subsidiaries in connection with indebtedness or obligations of any third party;</P>
<P align="justify">
(vii) the appointment of auditors and any and all changes on the accounting policies of the Company and/or its Controlled subsidiaries;</P>
<P align="justify">
(viii) the settlement of any material dispute or lawsuit by the Company and/or its Controlled subsidiaries; and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_13"></A>

<P align="justify">
(ix) approval, renewal, material modification, or termination of pension plans and other employee benefit plans of the Company and/or its Controlled subsidiaries. </P>
<P align="justify">
9.2 Notwithstanding any provision to the contrary in this Shareholders' Agreement, the following actions shall be taken by the Company and/or its Controlled subsidiaries only with the prior approval of the Shareholders holding more than or equal to
[&#149;]<SUP> </SUP>% [&#149;] of the Shares: </P>
<P align="justify">(i) approval of the annual financial statements, the Long-Term Business Plan, the Mid-Term Business Plan and the Annual Operating Budget (as defined below) and any material amendment thereof; </P>
<P align="justify">
(ii) entry into, modification, renewal or termination of any transaction or agreement or any series of transactions or agreements with a total annual expenditure in excess of US&#36;25,000,000 (twenty-five million dollars) (or its equivalent in
local currency), individually or in the aggregate, except if such action has been expressly approved in conjunction with the relevant Annual Operating Budget without reservation; </P>
<P align="justify">
(iii) incurrence of indebtedness in excess of US&#36;150,000,000 (one hundred and fifty million dollars) (or its equivalent in local currency) at any one time outstanding, except for the Financing Agreements (as defined below) or for such actions
that have been expressly approved in conjunction with the relevant Annual Operating Budget without reservation; </P>
<P align="justify">
(iv) modification, renewal or termination of any of the Financing Agreements; </P>
<P align="justify">
(v) entry into any joint ventures, equity investments in, acquisition of all or substantially all of the assets of another person or entry into, or approval of, any other investment by the Company in excess of US&#36; 20,000,000 (twenty million
dollars), except for the Financing Agreements or if such action has been expressly approved in conjunction with the relevant Annual Operating Budget without reservation; </P>
<P align="justify">
(vi) except for the [&#149;] entry into, modification, renewal or termination of any transaction (including, without limitation, guarantee, security and/or indemnification) or agreement with or involving any Controlled subsidiary or Affiliate of the Company or any
Shareholder (a "<U>Related</U> <U>Party Agreement</U>") or the granting of any waiver, consent or forbearance under any Related Party Agreement, provided that approval of such events shall not be unreasonably withheld; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_14"></A>

<P align="justify">
(vii) declaration of dividends and/or interest on capital or the distribution of any surplus or earnings, change in or deviation from the dividend policy of the Company and/or its Controlled subsidiaries, or any decision to retain for capital
expenditure funds otherwise available for distributions of dividends; </P>
<P align="justify">
(viii) any increase of capital stock of the Company and/or its Controlled subsidiaries, or any loan to any Shareholder or Controlled subsidiaries of the Company, except as otherwise agreed by the Shareholders with a written agreement; </P>
<P align="justify">
(ix) any reduction of capital stock, payment of cash or assets to shareholders, or cancellation or issuance or redemption of, shares of capital stock of the Company and/or its Controlled subsidiaries, any rights or warrants exercisable for, or bonds
convertible into, shares of capital stock of the Company and/or its Controlled subsidiaries, except for those shares of capital stock to be issued in accordance with a written agreement among the Shareholders; </P>
<P align="justify">
(x) merger, spin-off, amalgamation or any act of corporate restructuring (including the creation of group of companies), or sale of any material assets, or of a relevant amount of assets of the Company and/or its Controlled subsidiaries; </P>
<P align="justify">
(xi) winding-up, dissolution or liquidation of, or any bankruptcy claim or court reorganization request (<I>pedido de recupera&ccedil;&atilde;o judicial</I>) by the Company and/or its Controlled subsidiaries; </P>
<P align="justify">
(xii) the annual remuneration of each member of the Board of Directors of the Company;</P>
<P align="justify">
(xiii) any increase or decrease in the size of the Board of Directors of the Company or the Board of Officers of the Company, except as otherwise expressly provided herein; and </P>
<P align="justify">
(xiv) any amendments to the By-Laws, including, but not limited to, any change to the management or its respective duties and responsibilities, to the name or to the corporate purposes of the Company and/or its Controlled subsidiaries as set forth
in the By-Laws. </P>
<P align="justify">
9.3 Notwithstanding anything to the contrary provided in Section 9.2 above, each of CSN and the New Investor undertakes to vote in favor of, and cause to be taken the necessary steps to, rectifying the issuance price of the shares newly issued in
connection with the capital increase approved in the extraordinary general
shareholders meeting of the Company held on the date hereof pursuant to Article III of the Share Purchase Agreement and Other Covenants entered into on December 30, 2008, by and among the New Investor, CSN and the Company ("<u>SPA"</u>). </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_15"></A>

<P align="justify">9.4 Notwithstanding anything to the contrary provided in Section 9.2 above, each of CSN and the New Investor undertakes to vote in favor of, and cause to be taken the necessary steps to, effect the downstream merger of the New Investor with and into
the Company ("<U>Downstream Merger</U>"), in which the Company will be the surviving entity. The Parties hereby acknowledge and agree that the Downstream Merger shall take place as soon as reasonably practicable, following the date that a notice in
this regard is delivered by the New Investor to the Company and CSN. Each of CSN and the New Investor undertakes to cooperate and endeavor its best efforts to consummate the Downstream Merger as soon as reasonably possible following the referred
notice from the New Investor. Upon the consummation of the Downstream Merger, the Japanese SPC and Posco shall become Parties to this Shareholders&#8217; Agreement as successors of the New Investor, provided, however, that the Japanese SPC and Posco
shall be considered as one single Party for any and all purposes of this Shareholders&#8217; Agreement. The Downstream Merger shall not in any way result in changes to the current percentage of capital stock of the Company held by each of the
Parties. </P>
<P align="justify">
9.4.1 The Parties shall cause the Company to deliver to them, as soon as reasonably practicable but in no event later that December 5<SUP>th</SUP>, 2008, a consolidated balance sheet of the Company prepared in accordance with the Brazilian GAAP, in
Reais, dated as of November 30, 2008. </P>
<P align="justify">
9.4.2 New Investor shall (i) obtain and deliver to the Company, as soon as reasonably practicable but in no event later that December 5<SUP>th</SUP>, 2008, the tax clearance certificates of the New Investor issued by (i) the Brazilian social
security authority ("<U>INSS</U>") (<I>Certid&atilde;o Negativa de D&eacute;bito junto ao INSS emitida pelo Instituto Nacional de Seguro Social)</I>; (ii) the Brazilian unemployment guarantee fund ("<U>FGTS</U>") (<I>Certificado de Regularidade do
FGTS emitido pela Caixa Econ&ocirc;mica Federal</I>); and (iii) the Brazilian federal tax authorities (<I>Certid&atilde;o Negativa de D&eacute;bito de Tributos e Contribui&ccedil;&otilde;es para com a Fazenda Nacional emitida pela Receita Federal
</I>and<I> Certid&atilde;o Negativa de Inscri&ccedil;&atilde;o de D&iacute;vida Ativa da Uni&atilde;o emitida pela Procuradoria Geral da Fazenda Naciona</I>l); provided that all such certificates shall be valid at least for additional 30 (thirty)
days as from their presentation by the Company to the Parties and (ii) prepare and deliver to the Company the appraisal report of New Investor and such other documents necessary to permit the Company to implement the Downstream Merger as provided in
Section 9.3 above, in accordance with the provisions of Law N. 6,404, of December 15, 1976, as amended. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_16"></A>

<P align="justify">
9.4.3 In case the Downstream Merger is not consummated by December 31, 2008, each of CSN and the New Investor undertakes to vote in favor of, and cause to be taken the necessary steps to, effect an upstream merger, rather than Downstream Merger, in
which the Company will be merged into the New Investor, so that the New Investor will be the surviving entity ("<U>Upstream Merger</U>"). Upon the consummation of the Upstream Merger as described herein, (i) any reference to Company shall take into
consideration the Company as merged into the New Investor and, as a result, this Shareholders&#8217; Agreement will remain in force in respect of the shares issued by the New Investor, as successor of the Company hereunder, and (ii) the Japanese SPC
and Posco shall become Parties to this Shareholders&#8217; Agreement, as direct shareholders of the New Investor, provided, however, that the Japanese SPC and Posco shall be considered as one single Party for any and all purposes of this
Shareholders&#8217; Agreement. For the avoidance of doubt, upon the Upstream Merger the Japanese SPC and Posco shall, jointly, as one single party, be assignees of the New Investor hereunder. The Upstream Merger shall not in any way result in
changes to the current percentage of capital stock of the Company held by each of the Parties.</P>
<P align="justify">
9.5 If the Board of Directors or the Shareholders are unable to reach a joint decision and to cast the necessary votes to approve a Major Decision ("<U>Major</U> <U>Decision Disagreement</U>"), any Shareholder holding more than or equal to 40%
(forty percent) of the Shares may notify the other Shareholder and the Board of Directors (any such notice, a "<U>Disagreement Notice</U>"), and the Shareholders shall cause such unresolved matter to be referred to 2 (two) mediators, appointed by
each of CSN and the New Investor ("<U>Mediators</U>"), who shall attempt to identify possible solutions and to settle the matter within 30 (thirty) days following the date of the Disagreement Notice. If the Mediators fail to reach an agreement
within such period, or if any Shareholder fails to select and appoint its Mediator within 5 (five) days from the date of the Disagreement Notice, the Shareholders shall cause the Major Decision Disagreement to be referred to the Chief Executive
Officer of CSN and to the senior representative appointed by the New Investor for this purposes, who shall attempt to identify possible solutions and settle the matter within [&#149;] days following the date of the Disagreement Notice
("<U>Disagreement Term</U>"). </P>
<P align="justify">
SECTION X. <U>P</U><U>UT AND </U><U>C</U><U>ALL </U><U>-</U><U> </U><U>D</U><U>ISAGREEMENT</U> </P>
<P align="justify">
10.1 If the Shareholders cannot resolve a Major Decision as described in the Major Decision Disagreement, then: </P>
<P align="justify">
(i) within [&#149;] days following the Disagreement Term ("<U>Exercise Period</U>") (x) the New Investor may elect to give written notice to CSN designating to sell all, but not less than all, of its Shares to CSN ("<U>Put</U> <U>Option &#8211;
Deadlock</U>"), and/or (y) CSN may elect to give written notice to New Investor designating to purchase all, but not less than all, of the
Shares held by New Investor ("<u>Call Option &#8211; Deadlock</u>"), provided that both Put Option &#8211; Deadlock and Call Option &#8211; Deadlock shall be exercised at a price per Share equal to (a) the Fair Market Value of the Company (as
defined in Section 15.4 below) divided by (b) the total number of the outstanding shares issued by the Company ("<u>Exercise</u> <u>Price per Share</u>"), or, alternatively, </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_17"></A>

<P align="justify">(ii) in case there are reasonable evidences that the Major Decision Disagreement was caused by a Shareholder ("<U>Challenged</U> <U>Shareholder</U>") that is not acting in good faith or in compliance with the basic principles set forth in Section
1.1 ("Improper Behavior"), the other Shareholder ("<U>Challenging Shareholder</U>") may, within [&#149;] days following the Disagreement Term, refer the matter to an Arbitral Tribunal (as defined in Section XIX), which shall determine whether or not
there was Improper Behavior by the Challenged Shareholder. In case the Arbitral Tribunal determines that the Challenged Shareholder acted with Improper Behavior, the Challenging Shareholder shall have the right to individually approve such Major
Decision matter subject to the Major Decision Disagreement. In case the Arbitral Tribunal determines there was no Improper Behavior by the Challenged Shareholder (a) the New Investor may elect to give written notice to CSN, within [&#149;] days from
the issuance of the final Arbitral Tribunal award, exercising its Put Option &#8211; Deadlock, and/or (b) CSN may elect to give written notice to New Investor, within [&#149;] days from the issuance of the final Arbitral Tribunal award, exercising
its Call Option &#8211; Deadlock. Both Put Option &#8211; Deadlock and Call Option &#8211; Deadlock shall be exercised at the Exercise Price per Share. </P>
<P align="justify">
10.1.1 The provisions of Section 19.11 below shall be applicable to the arbitration procedure set forth in Section 10.1(ii) above. </P>
<P align="justify">
10.1.2 Notwithstanding anything to the contrary, until the final arbitral award with respect to the matters referred to in Section 10.1(ii) is granted, (i) the related Put Option &#8211; Deadlock and Call Option &#8211; Deadlock rights are
suspended; and (ii) the Parties shall cause the Company to conduct its activities in the ordinary course of business. </P>
<P align="justify">
10.2 The Parties agree that any Major Decision Disagreement shall be subject to the provisions of Section 10.1, except for the following matters:</P>
<P align="justify">
(i) [&#149;]; </P>
<P align="justify">(ii) [&#149;]; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_18"></A>

<P>
(iii) [&#149;]; </P>
<P>(iv) [&#149;]; </P>
<P>(v) [&#149;]; </P>
<P>(vi) [&#149;];</P>
<P>
(vii) [&#149;];</P>
<P>(viii)  [&#149;].</P>
<P align="justify">
10.2.1 The Parties agree that the Party presenting, or causing to be presented, at any shareholders' meeting, a material amendment to either the Long-Term Business Plan or Mid-Term Business Plan, and such amendment is not approved by the Parties
causing a Major Decision Disagreement not resolved in accordance with Section 9.5 above, the Party that presented, or caused to be presented, such amendment shall not be entitled to the Put Option &#8211; Deadlock or the Call Option &#8211; Deadlock
right, as applicable. For the avoidance of doubt, any material changes, amendments and/or updates relating to the review and/or renewal process of the Mid-Term Business Plan, pursuant to Section 11.1 are not subject to the exception of the Put
Option &#8211; Deadlock or Call Option &#8211; Deadlock set forth in this Section 10.2.1, provided that the proposed amendments are generally aligned and in accordance with the Long-Term Business Plan.</P>
<P align="justify">
10.3 Unless otherwise agreed by the Parties, the closing of the purchase and sale pursuant to this Section X ("<U>Closing Date</U>") shall take place in Brazil, at the principal place of business of the Company, on or prior to the [&#149;] business
day following the receipt of either the notices provided for in Section 10.1. At Closing Date, (A) CSN shall (i) purchase all, but not less than all, of the Shares held by the New Investor for the Exercise Price per Share; and (ii) irrevocably and
unconditionally replace, until the Closing Date, any and all financial obligations and/or guarantees related to the Company (either personal or <I>in rem</I>) undertaken and/or granted by the New Investor or, in case such immediate replacement is
not allowed by the beneficiary of such financial obligations and/or guarantees, to provide adequate banking counter-guarantees in connection thereto; and (B) the New Investor shall be obligated to deliver to CSN a properly executed assignment of all
of its Shares, free and clear of all Liens, but if the New Investor fails to do so, CSN may execute such assignment on behalf of the New Investor pursuant to the power of attorney described in Section 10.5 below. </P>
<P align="justify">
10.4 Notwithstanding the provisions of Section 10.3 above, (i) in case of a Put Option &#8211; Deadlock, CSN shall pay for all Shares held by the New Investor, in immediately available funds in US dollars, the Exercise Price per Share above in 3
(three) equal installments, provided that (a) the first installment shall be paid on the </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_19"></A>

<P align="justify">
Closing Date, and (b) the remaining 2 (two) installments shall be paid annually, one in each of the following 2 (two) anniversaries of the Closing Date and shall be adjusted on an annual basis by the London Inter-Bank Offer Rate - LIBOR plus 1.5%
from the Closing Date until the date of their actual payment, provided that said interest shall accrue on each of the outstanding installments and be fully paid on the date of their respective payment, and (ii) in case of Call Option &#8211;
Deadlock, CSN shall pay for all Shares held by the New Investor, in immediately available funds in US dollars, the Exercise Price per Share in one single installment on the Closing Date. In either case, the transfer of the Shares to be purchased and
sold pursuant to the provisions of this Section X shall occur on Closing Date. </P>
<P align="justify">
10.5 For the purposes of Section 10.3 and 10.4 above, the New Investor hereby irrevocably designates and appoints CSN as its lawful attorney-in-fact to execute on behalf of the New Investor any and all documents necessary for the Direct Transfer of
ownership of the Shares to be transferred to CSN pursuant to the provisions of this Section X on the relevant Closing Date, should New Investor fails to do so in accordance with the provisions of this Section X. </P>
<P align="justify">
SECTION XI. <U>A</U><U>NNUAL </U><U>O</U><U>PERATING </U><U>B</U><U>UDGET AND </U><U>F</U><U>INANCING </U><U>A</U><U>GREEMENTS</U> </P>
<P align="justify">
11.1 The Company's expenditures and business operations shall be made in accordance with (a) a long-term business plan (as modified from time to time in accordance with Section 9.2) attached herein as <U>Exhibit 1.1</U> ("Long-Term Business
<U>Plan</U>"), (b) a mid-term business plan (as modified from time to time in accordance with Section 9.2), which shall comprise a period of 3 (three) years and be subsequently reviewed and renewed for additional periods of 3 (three) years, provided
that the first mid-term business plan shall be adopted on the date hereof, as attached herein in <U>Exhibit 11.1</U>, which comprises a period of 6 (six) years, counted as of the date of its approval, but subject to review after 3 (three) years,
counted as of the date of its approval ("<U>Mid-Term Business Plan</U>") and (c) an annual operating budget (as modified from time to time in accordance with Section 9.2), which shall be adopted not less than 30 (thirty) days following the date
hereof and 30 (thirty) days prior to commencement of each fiscal year as approved by the Shareholders as a Major Decision ("<U>Annual Operating Budget</U>").</P>
<P align="justify">
11.1.1 The Parties shall cause the Board of Officers to finish the production of each draft of the subsequent Annual Operating Budget and/or Mid-Term Business Plan, as applicable, at least 3 (three) months prior to the date in which such documents
shall be approved as a Major Decision by the Shareholders. </P>
<P align="justify">
11.1.2 All Annual Operating Budgets shall include (i) the Company's business strategy and organizational structure, basic goals, projected revenues, expenses (including the compensation package for each member of the Board of Officers), capital
expenditures, financing plans, insurance, cash flows, appointment of agents
or advisers and strategic alliances, in each case with projections for not less than the next 3 (three) succeeding fiscal years; and (ii) operating projections of the Company for not less than the next 3 (three) succeeding fiscal years. The Annual
Operating Budget shall be based on the Long-Term Business Plan and the Mid-Term Business Plan. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="center">

<H5 align="center" style="page-break-before:always"></H5>
<A name="page_20"></A>

<P align="justify">11.2 The Parties acknowledge that the Company has entered into (i) [&#149;] and (ii) [&#149;] ("<U>Financing Agreements</U>") and that any modification, renewal or termination of the Financing Agreements is a Major Decision subject to Section IX
above. </P>
<P align="justify">
SECTION XII. <U>D</U><U>IVIDEND </U><U>P</U><U>OLICY</U> </P>
<P align="justify">
12.1 Subject to applicable law, the By-Laws or any Major Decision of the members of the Board of Directors to retain funds for capital expenditures, the Company shall distribute as dividends or interests over capital of, at least, [&#149;]% [&#149;]
of its annual net profit, calculated pursuant to Law N. 6,404, of December 15, 1976, as amended ("<U>Minimum Dividends</U>"). The Parties hereby represent that the dividend policy of the Company set forth in this Section 12.1 is a legal, valid and
binding obligation of the Parties and the Company. For the avoidance of doubt, the annual net profits of the Company shall be calculated including, without limitation, the results derived from the equity pick-up method in relation to all its
Controlled subsidiaries and/or Affiliates, directly or indirectly, located in Brazil or abroad, in accordance with Brazilian GAAP (as defined below). </P>
<P align="justify">
12.1.1 The Shareholders and the management of the Company must ensure that upon approval of the declaration of dividends of the Company by Shareholders pursuant to Section 9.2(vii), the Company shall have funds available for making the full payment
of the dividends declared, including, but without limitation, by means of (i) execution of intercompany loans with its Controlled subsidiaries and/or (ii) receipt of funds deriving from distributions of dividends of its Controlled subsidiaries. </P>
<P align="justify">
12.1.2 In case the cash available for distribution as Minimum Dividends is not sufficient for the full payment of such dividends in any given fiscal year, the unpaid portion of the applicable Minimum Dividends shall be allocated to the unrealized
profit reserve (<I>reserva de lucros a realizar</I>) and distributed as dividends to Shareholders as soon as the Company obtains the necessary funds for such payment, in accordance with Law N. 6,404, of December 15, 1976, as amended. </P>
<P align="justify">
12.1.3. Upon the Downstream Merger or the Upstream Merger, in case the net profits are adversely affected by the potential amortization of the goodwill, the Shareholders agree to adopt the accounting mechanism prescribed by the Instruction
of the Brazilian Securities and Exchange Commission (<i>Instru&ccedil;&atilde;o da Comiss&atilde;o de Valores Mobili&aacute;rios - CVM</i>) N. 319/99, as amended, in order to prevent that such amortization adversely affects the generation of net
profits. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_21"></A>

<P align="justify">SECTION XIII. <U>A</U><U>CCESS TO </U><U>I</U><U>NFORMATION</U> </P>
<P align="justify">
13.1 The Company shall keep or cause to be kept complete and accurate books and records with respect to the business and affairs of the Company in accordance with Brazilian law and in accordance with Brazilian generally accepted accounting
principles ("<U>Brazilian GAAP</U>") as well as in accordance with the United States generally accepted accounting principles ("<U>US GAAP</U>"). The books of the Company shall at all times be maintained by the Board of Officers at the principal
place of business of the Company. </P>
<P align="justify">
13.2 Each Shareholder and its duly authorized representatives as well as the members of any auditing firm appointed by a Shareholder pursuant to Section 13.3 below shall have the right to examine the Company's books, records and other documents
during normal business hours upon reasonable advance notice to the Company, provided that Section 19.10 below is duly complied with.</P>
<P align="justify">
13.3 Each Shareholder shall have the right to hire an auditing firm, at its own expenses, in order to examine and inspect the Company&#8217;s financial and accounting condition, provided that no additional costs related thereto shall be borne by the
Company or any other Shareholder. </P>
<P align="justify">
13.4 The Company shall provide to each Shareholder as soon as available, but in any event no later than 90 (ninety) days after the end of each fiscal year, a copy of the audited balance sheet, profits and losses statement, statements of changes in
shareholders&#8217; equity and cash flow statement (jointly referred to as "<U>Financial</U> <U>Statements</U>") of the Company as at the end of such fiscal year, all in reasonable detail and stating in comparative form the figures as at the end of
and for the previous fiscal year. The Financial Statements shall be prepared, in Portuguese and in English, both in accordance with the Brazilian GAAP and the US GAAP applied on a consistent basis throughout the periods reflected therein, except as
stated otherwise. </P>
<P align="justify">
13.5 The Company shall provide to each Shareholder as soon as available, but in any event no later than 45 (forty-five) days after the end of each quarter of each fiscal year, the unaudited Financial Statements as at the end of such quarter and for
the elapsed period in such fiscal year, all in reasonable detail and stating in comparative form the figures as of the end of and for the comparable periods of the preceding fiscal year, and prepared in accordance with the Brazilian GAAP and the US
GAAP and applied on a consistent basis throughout the periods reflected therein,
except as stated otherwise. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_22"></A>

<P align="justify">13.6 CSN agrees to share with the Company, so long the Company remains a shareholder of MRS Log&iacute;stica S.A. ("<U>MRS</U>"), all relevant data and information requested by the Company or by the New Investor in connection with MRS and that CSN
have had access to in its capacity as one of the Controlling shareholder of MRS, to the extent that CSN deems the disclosure of such data or information permitted under Law N. 6404, of December 15, 1976, as amended, under any other applicable law or
regulation, and is not prohibited under any confidentiality arrangement, judicial, regulatory or arbitral decision. </P>
<P align="justify">
SECTION XIV. <U>S</U><U>PECIFIC </U><U>P</U><U>ERFORMANCE</U> </P>
<P align="justify">
14.1 Failure to comply with any of the obligations set forth herein shall subject the defaulting Party to the available remedies, including, but not limited to, the specific performance of the defaulted obligation. In the event specific performance
is not available and there is no remedy that provides a practical result similar to the satisfaction of the defaulted obligation, it is hereby agreed that indemnification for the losses incurred as a result of the default shall not constitute an
appropriate compensation.</P>
<P align="justify">
14.2 Any Party shall have the right to request (i) the Chairman of a shareholders' meeting or the Chairman of the Board of Directors meeting of the Company to declare a vote exercised in breach of a provision of this Shareholders' Agreement null and
void and (ii) the Board of Officers to immediately cancel the registration of any Direct Transfer of Shares in breach of any of the Direct Transfer restrictions imposed by this Shareholders' Agreement, regardless of any judicial or extrajudicial
procedures. </P>
<P align="justify">
14.3 Without prejudice to other rights of the non-defaulting Party set forth herein (including, without limitation, the put and call right provided in Section 15.1 below), any Party may seek pursuant to Section 19.11 below: (i) the annulment of a
shareholders' or Board of Directors' meeting that accepts as valid a vote exercised in breach of a provision of this Shareholders' Agreement; (ii) the cancellation of any registration of a Direct Transfer of Shares carried out in violation of any
provision of this Shareholders' Agreement; and (iii) an order that substitutes a shareholders' refusal to vote pursuant hereto or to comply with any of its obligations set forth herein.</P>
<P align="justify">
14.4 Any refusal to vote in compliance with this Shareholders' Agreement or abstention to vote shall be subject to the provisions of article 118, paragraph 9 of Law N. 6,404, of December 15, 1976, as amended. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_23"></A>

<P align="justify">
SECTION XV. <U>P</U><U>UT AND </U><U>C</U><U>ALL </U><U>&#8211;</U><U> </U><U>D</U><U>EFAULT UNDER </U><U>S</U><U>HAREHOLDERS</U><U>&#8217;</U><U> </U><U>A</U><U>GREEMENT</U> <U>AND </U><U>O</U><U>PERATIONAL </U><U>A</U><U>GREEMENTS</U> </P>
<P align="justify">
15.1 Without prejudice to the other rights of the Parties provided for herein, upon the occurrence of any breach of any material obligation by any of the Parties under this Shareholders&#8217; Agreement and so long as such breach has not been cured
within 90 (ninety) days as from the date of the delivery of a written notice by the non-defaulting party ("<U>Non-Defaulting Party</U>") to the defaulting party reasonably detailing the nature of such breach, (i) if the New Investor is the Non-Defaulting
Party, New Investor shall have the right, exercisable by delivery of a written notice to CSN within [&#149;] days following the deadline to cure such breach, to sell all, but not less than all, of its Shares to CSN ("<U>Put Option &#8211; Default
SHA</U>") or (ii) if CSN is the Non-Defaulting Party, CSN shall have the right, exercisable by delivery of a written notice to the New Investor within [&#149;] days following the deadline to cure such breach, to purchase all, but not less than all,
of the Shares held by the New Investor ("<U>Call Option &#8211; Default SHA</U>"), provided that both Put Option &#8211; Default SHA and Call Option Default SHA shall be exercised at a price per Share equal to the Exercise Price per Share. Unless
otherwise agreed by the Parties, the closing of such purchase and sale shall take place in accordance with the procedures set forth in Section 10.3 above <I>mutatis mutandis</I> and the aggregate price per Share shall be paid in one single
installment on the closing date of the purchase and sale of the Shares.</P>
<P align="justify">
15.2 With respect to certain Operational Agreements listed in Section 9.1(iii), the Parties hereby acknowledge and agree that in the case of a Material Breach by CSN under the (i) [&#149;] occurs, then within [&#149;] days following the delivery of
a written notice provided by the New Investor relevant Party exercising its right ("<U>Notice &#8211;</U> <U>Operational Agreements</U>"), the New Investor may elect to sell all, but not less than all, of its Shares to CSN ("<U>Put Option &#8211;
Operational Agreements</U>"), at the Exercise Price per Share. Unless otherwise agreed by the Parties, the closing of the purchase and sale provided for in this Section shall take place in accordance with Section 10.3 above <I>mutatis mutandis</I>
and the aggregate Exercise Price per Share shall be paid in one single installment on the closing date of the purchase and sale of the Shares.</P>
<P align="justify">
15.3 CSN acknowledges and agrees that the Put Option &#8211; Operational Agreements provided for in Section 15.2 above shall be enforceable against CSN during all times while the New Investor remains as a shareholder of the Company.  For the
avoidance of doubt, such put option rights shall not be affected by any event extinguishing or somehow changing the current relationship of the parties as shareholders of the Company, including, but without limitation, (i) the expiration of the term
or termination by any reason of this Shareholders&#8217; Agreement, (ii) any Direct Transfer of Shares by CSN to the New Investor or to a third party, and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_24"></A>

<P align="justify">
(iii) any direct or indirect assignment of CSN&#8217;s rights under the Operational Agreements. </P>
<P align="justify">
15.3.1 CSN agrees that its obligation under Section 15.3 shall be reflected in a separate agreement as a condition of any Direct Transfer of Shares or assignment of its obligations under this Shareholders&#8217; Agreement and/or Operational
Agreements by CSN to a third party.</P>
<P align="justify">
15.4 For the purposes of determining "<U>Fair Market Value</U>", the following procedures shall apply: </P>
<P align="justify">
15.4.1 Within [&#149;] days following the date of any of the notices referred to in Sections 10.1, 15.1 or 15.2 above, each of the Parties shall select one investment bank of international standing, which shall make an independent valuation of the
fair market value of the Company in US dollars amounts, based on the assumptions set forth in Section 15.4.2. Parties agree that they shall cause such independent valuations to be made up to [&#149;] days following the date of the relevant notice
and shall submit such determination to the other Party.  If the valuations differ by an amount that is 10% (ten percent) or less of the higher valuation, then the fair market value shall be calculated by averaging the independent valuations of the 2
(two) investment banks. If any investment bank&#8217;s valuation exceeds that of the other by more than 10% (ten percent) of the higher valuation, the 2 (two) investment banks shall select a third investment bank, which shall make its own
independent valuation of the Company within [&#149;] days following the date on which both initial valuations have been submitted to the Parties by the initial 2 (two) investment banks. In case the valuation prepared by the third investment bank
falls within the valuations prepared by the 2 (two) initial investment banks (i.e., the third valuation is greater than the lowest of the 2 (two) previous valuations and lesser than the greatest of such 2 (two) previous valuations), then the
valuation prepared by the third investment bank shall be considered the final fair market value of the Company. In case the valuation prepared by the third investment bank does not fall within the valuations prepared by the 2 (two) initial
investment banks, then the final fair market value of the Company shall be one of the valuations performed by the initial 2 (two) investment banks that most closely resemble the valuation prepared by the third investment bank. The Parties shall each
bear the costs and expenses associated with the investment bank they have engaged and shall share the costs of the third investment bank, as applicable.</P>
<P align="justify">
15.4.2 Such valuations by the investment banks mentioned in Section 15.4.1 above shall be primarily based on the assumption of full and timely compliance by the Company with the Long-Term Business Plan and Mid-Term Business Plan of the Company
approved by the Parties, in effect at the time of applicable notice under Sections X or XV (except for such uncured or otherwise non-remedied delays and
non-compliances resulting from a breach by the Buyer of its obligations) and considering the then prevailing market conditions, including: </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_25"></A>

<P align="justify">(i) timely construction and completion of the high silica beneficiation plant, pellet plants and other facilities thereby considered, in accordance with the Long-Term Business Plan, Mid-Term Business Plan and the Annual Operating Budget,</P>
<P align="justify">
(ii) timely purchase or lease of any and all relevant lands and assets, as well as the timely obtainment of any and all permits, licenses, consents, approvals, orders, waivers, authorizations, declarations, filings and other governmental approvals
required in connection with the facilities described in item (i) above, as applicable; and </P>
<P align="justify">
(iii) full compliance with the Operational Agreements, Amendment to Transportation Agreement and Shareholders&#8217; Agreement by their relevant parties. For the avoidance of doubt, the Company's operational costs as described in certain Operational
Agreements should be considered as follows: (a) P1 shall be considered as cash expenses of the Company, which are incurred throughout the life of the applicable Operational Agreement and (b) P2 shall be considered as non-cash expenses of the
Company, which are incurred throughout the life of the applicable Operational Agreement and deducted from the advance payment amount under such Operational Agreement. </P>
<P align="justify">
15.4.3 For the avoidance of doubt, for the purposes of calculating the Fair Market Value of the Company under this Section 15.4, "full compliance" with Operational Agreements and Amendment to Transportation Agreement shall mean that all obligations
of the parties under such agreements shall be considered on a one hundred percent basis of the applicable contracted amounts (disregarding (i) any decrease of volume potentially allowed under such agreements and (ii) any Material Breach and its
potential adverse effects under such agreements). </P>
<P align="justify">
15.5 For the purposes of Section 15.2, "<U>Material Breach</U>" shall have the meaning ascribed to it in each of the following agreements: [&#149;]. </P>
<P align="justify">
SECTION XVI. <U>N</U><U>ON</U><U>-C</U><U>OMPETE AND </U><U>R</U><U>EFERRALS</U> </P>
<P align="justify">
16.1 The Parties hereto agree that each of the Parties (directly or through any entity that Controls, is Controlled by, or is under direct or indirect common Control with, such Party) may independently engage in the same type of business as the
Company. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_26"></A>

<P align="justify">
16.2 CSN hereby agrees that it shall not enter, directly or indirectly, into any agreements, arrangements or transactions in connection with purchases of iron ore ("<U>Iron Ore Purchases</U>"), except and to the extent that such Iron Ore Purchases do not impact or otherwise cause a reduction in the estimated Iron Ore Purchases of the Company, pursuant to the projections included in <U>Exhibit 1.1</U> attached
hereto. For the purposes of clarification, but without limiting the generality of the foregoing, Iron Ore Purchases by CSN will not impact or otherwise reduce the estimated Iron Ore Purchases of the Company provided that the Company has the ability
to make Iron Ore Purchases in a volume equal to, at least, [&#149;] up and until [&#149;] and [&#149;] thereafter. </P>
<P align="justify">
SECTION XVII. <U>T</U><U>ERM</U> </P>
<P align="justify">
17.1 The Parties (i) acknowledge that the investment of the New Investor into the Company is economically justified, among other aspects, by the existence of the Operational Agreements, entered into by CSN and the Company on the date hereof and (ii)
agree that this Shareholders' Agreement shall remain in full force and effect for an initial term corresponding to the term of such Operational Agreements, i.e., until 2041. This Shareholders&#8217; Agreement shall be automatically renewed for
successive 15-year periods unless the Parties mutually agree (based on relevant economic reasons) not to renew this Shareholders&#8217; Agreement.</P>
<P align="justify">
SECTION XVIII. <U>N</U><U>OTICES</U> </P>
<P align="justify">
18.1 Any notice by any Party shall be prepared and delivered in English and addressed as follows:</P>
<P align="justify">
I. COMPANHIA SIDER&Uacute;RGICA NACIONAL: </P>
<P align="justify"> Avenida Brigadeiro Faria Lima, 3.400, 20<SUP>th</SUP> Floor<br>
  04538-132, S&atilde;o Paulo, SP, Brazil <br>
  Telephone: (55 11) 3049-7505 <br>
  Facsimile: (55 11) 3049-7140/7212 <br>
  e-mail: <U><font color="#0000FF">juarez.saliba@csn.com.br</font></U> <br>
  Att.:  Mr. Juarez Saliba de Avelar <br>
  With copy
  to: </P>
<P align="justify">
Mr. Fernando Quintana Merino <br>
Telephone: (55 11) 3049-7238 <br>
Facsimile: (55 11) 3049-7140/7212 <br>
e-mail: <U><font color="#0000FF">fernando.merino@csn.com.br</font></U> </P>
<P align="justify">
II. BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A.: </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_27"></A>

<P>
Rua da Consola&ccedil;&atilde;o, 247, 3<SUP>rd</SUP> Floor, Room 85A <br>
01031-903, S&atilde;o Paulo, SP, Brazil <br>
Telephone: (55 11) 3170-8509 <br>
Facsimile: (55 11)3170-8549 <br>
Att.: Chief Executive Officer </P>
<P>
III. NACIONAL MIN&Eacute;RIOS S.A.: </P>
<P>
Alameda da Serra, 400, 9<SUP>th</SUP> Floor <br>
34.000 -000, Nova Lima, MG, Brazil <br>
<br>
Telephone: (55 31) 3269-1410 <br>
Facsimile: (55 31)3269-1414 <br>
e-mail: <U><font color="#0000FF">adherbal.rego@csn.com.br</font></U> and <U><font color="#0000FF">ricardo.abramof@csn.com.br</font> </U><br>
Att.: Mr. Ricardo Abramof and Mr. Adherbal Guimar&atilde;es R&ecirc;go </P>
<P>
IV. BRAZIL JAPAN IRON ORE CORPORATION: </P>
<P>
5-1, Kita-Aoyama 2-chome, Minato-ku <br>
Tokyo 107-8077, Japan <br>
Telephone: (81 3) 3497-3365 <br>
Facsimile: (81 3)3497-3342 <br>
e-mail: miyata-ya@itochu.co.jp <br>
Att.: Mr. Yasuhiro Miyata </P>
<P>
V. POSCO </P>
<P>
POSCO Iron Ore Procurement Group <br>
POSCO Center 23 F <br>
Daechi-4dong, Gangnam-gu, <br>
Seoul, 135-777, Korea <br>
Telephone: (82 2) 3457-0306 <br>
Facsimile: (82 2) 3457-1908<br>
e-mail: <U><font color="#0000FF">mdseo@posco.com</font></U><br>
Att.:  Mr. Myung Deuk Seo / Group Leader </P>
<P align="justify">
18.2 Notices shall be deemed to have been delivered when sent with a return receipt or "<I>aviso de recebimento</I>" issued by the <I>Empresa Brasileira de Correios e Tel&eacute;grafos</I> (Brazilian Official Post Office) to the above mentioned
addresses or, in case of facsimile transmissions or e-mail communication, when a confirmation of such transmission or confirmation receipt<I> </I>is obtained.  The original version of documents sent via facsimile or e-mail shall be sent to the above
mentioned addresses no later than 2 (two) business days after such transmission. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_28"></A>

<P>
SECTION XIX. <U>M</U><U>ISCELLANEOUS</U> </P>
<P align="justify">
19.1 No waiver by any Party of any term or provision of this Shareholders' Agreement or of any default hereunder shall affect such Party's rights thereafter to enforce such term or provision or to exercise any right or remedy in the event of any
other default, under the terms of applicable law.</P>
<P align="justify">
19.2 The Parties undertake to fulfill and cause others to fulfill all obligations hereunder and acknowledge that any acts performed or measures taken by the Parties or third parties in violation of this Shareholders' Agreement or in breach of the
provisions hereunder are null and void among themselves, the Company and any third party. </P>
<P align="justify">
19.3 This Shareholders' Agreement shall be binding upon and shall inure to the benefit of the Company, the Parties and their respective successors and assigns and shall be enforceable by the Parties hereto and their respective successors. Unless
otherwise provided herein, or agreed upon all the Parties in writing, this Shareholders Agreement and all of its rights and obligations must not be assigned to any third party.</P>
<P align="justify">
19.4 The obligations undertaken in this Shareholders' Agreement are irrevocable and unconditional. </P>
<P align="justify">
19.5 Copies of this Shareholders' Agreement shall be delivered to the managers (<I>administradores) </I>of the Company. The documents evidencing their assumption of office shall contain a representation pursuant to which they acknowledge the
provisions of this Shareholders' Agreement and undertake to comply with all obligations set forth herein, upon penalty of the sanctions provided for by applicable law. </P>
<P align="justify">
19.6 This Shareholders' Agreement is the entire agreement between the Parties hereto in connection with the subject hereof (unless otherwise provided herein) and supersedes, as of the date hereof, any other agreement, contract, promise, undertaking,
letter or any other form of agreement, communication or obligation, whether oral or written, by any Party (or any representative thereof) in respect of the matters covered in this Shareholders' Agreement (unless otherwise provided herein). </P>
<P align="justify">
19.7<I> </I>This Shareholders' Agreement is subject to specific performance under the terms of purposes of article 118 of Law N. 6,404, of December 15, 1976, as amended, and shall be filed at the Company's head office.  The Company hereby
irrevocably agrees on its own behalf and on behalf of its successors of any kind to comply with this Shareholders' Agreement and therefore executes it as intervening party. The Nominative Shares Registry Book of the Company, on the margin of the
Shares registration, and the certificates representing the Shares, if issued, shall bear
the following text: <i>"The shares held by [Name of Shareholder] are subject to the restrictions on transfer, voting arrangements, and other provisions set forth in a Shareholders&#8217; Agreement dated [</i><i> </i><i>]. All transfers of such
shares shall be made in accordance with such Shareholders&#8217; Agreement, otherwise shall be null and void".</i> </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_29"></A>

<P align="justify">19.8 The invalidity, in whole or in part, of any Section of this Shareholders' Agreement, shall not affect the other Sections, which shall continue to be valid and in effect until the remaining term of this Shareholders&acute; Agreement. In the
event of any such invalidity, the Parties hereby undertake to negotiate, in the shortest period of time possible, in substitution for the invalidated clause, the inclusion in this Shareholders' Agreement of valid terms and conditions that reflect
the terms and conditions of the invalidated clause, taking into consideration the intention and the purpose of the Parties at the time of the negotiation of the invalidated clause and the context in which it appears. </P>
<P align="justify">
19.9 All rights and remedies of any Party hereto are cumulative of each other and of every other right or remedy such Party may otherwise have in law or in other agreements (including the Operational Agreements), and the exercise of one or more
rights or remedies shall not prejudice or impair the concurrent or subsequent exercise of other rights or remedies, except that in case of exercise of either put or call rights under Sections X and XV above, in which case it shall be the sole and
exclusive remedy for any breach related to such exercise. </P>
<P align="justify">
19.10 Each of the Parties hereto shall maintain the confidentiality of any information received from the other Party and/or the Company ("<U>Confidential</U> <U>Information</U>"), including, without limitation, all data and information obtained by
any of them pursuant to this Shareholders&#8217; Agreement, except for any information which (i) at the time of disclosure, is public information, (ii) after disclosure, is published or otherwise becomes part of the public domain without any
violation of this Shareholders&#8217; Agreement by the Parties, (iii) is received by the disclosing Party from a third party, provided that such third party, or any other party from whom such third party received such information, is not in breach
of any confidentiality obligation in respect of such information. In the event that any Party becomes legally obligated (whether by applicable law, court order or otherwise) to disclose any of the Confidential Information, such Party shall (a)
immediately notify the other Party of the existence, terms and circumstances in connection therewith, (b) to cooperate with the other Party in the event that any Party seeks a protective order or other appropriate remedy, (c) to furnish only that
portion of the Confidential Information which is legally required and (d) to exercise its reasonable efforts to obtain reliable assurances that confidential treatment will be accorded to the Confidential Information. The Parties hereby acknowledge
that each of them may disclose any Confidential Information, to the extent necessary and permitted by applicable law, to any of their respective direct or indirect shareholder, employee, officer, attorney, consultant, financial advisor, accountant
or other representative
thereof, in compliance with the provisions of this Section 19.10. Notwithstanding<i> </i>the foregoing, with regard to the Company, any Party may disclose certain financial information and other records, pertinent corporate documents and documents
relating to the business of any member of the Company, to the extent reasonably necessary, to any prospective purchaser of such Party&#8217;s Shares, and to any employee, officer, attorney, consultant, financial advisor, accountant or other
representative thereof, provided that such Party shall cause the prospective purchaser and employee, officer, attorney, accountant or other representative to enter into a confidentiality agreement in compliance with the provisions of this Section
19.10. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_30"></A>

<P align="justify">19.11 Any dispute, controversy or claim arising out of or relating to this Shareholders' Agreement ("<U>Dispute</U>") will be solved by arbitration, in accordance with the following provisions:</P>
<P align="justify">
(i) The Dispute will be finally settled under the Rules of Arbitration of the International Chamber of Commerce (the "<U>ICC Rules</U>") in force at the time the Dispute arises. </P>
<P align="justify">
(ii) Each Party shall appoint one arbitrator, and the 2 (two) party-appointed arbitrators shall designate a third arbitrator ("<U>Arbitral Tribunal</U>"). However, it is hereby agreed that if any Party fails to appoint its arbitrator, such
arbitrator shall be appointed by the Court of Arbitration of the International Chamber of Commerce (the "<U>ICC Court</U>"). In case the 2 (two) appointed arbitrators fail to appoint the third arbitrator within [&#149;] days from the date of their
appointment, upon a written request of each of the parties, the ICC Court will appoint the third arbitrator.</P>
<P align="justify">
(iii) The arbitration will be held in the City of S&atilde;o Paulo, Brazil.  The arbitration procedure will be held in English language and in accordance with the Brazilian Law. </P>
<P align="justify">
(iv) The Parties elect the courts of the City of S&atilde;o Paulo, State of S&atilde;o Paulo, exclusively for interim or conservatory measures, as provided for in the ICC rules. </P>
<P align="justify">
(v) The Arbitral Tribunal will render its final award within [&#149;] months as of the beginning of the arbitration. This term may be extended for up to [&#149;] by the Arbitral Tribunal, provided it is justified. </P>
<P align="justify">
(vi) Except for attorney&#8217;s fees, which shall be born individually by each Party, all expenses, costs and legal fees will be borne by one or both Parties as determined by the Arbitral Tribunal.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_31"></A>

<P align="justify">
(vii) The Parties shall keep the confidentiality of each and every information concerning the arbitration. </P>
<P align="justify">
(viii) All the Parties to the Agreement shall participate in any arbitration, joining the claimant or the defendant as the case may be. The Parties agree that any order, decision or determination of the Arbitral Tribunal shall be definitely binding.</P>
<P align="justify">
IN WITNESS WHEREOF, the Parties hereto, together with the intervening parties, have caused this Shareholders' Agreement to be duly signed in 3 (three) counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute the same agreement, binding upon the Parties and the intervening parties and their respective heirs and successors in the presence of the 2 (two) witnesses below. </P>
<P align="center">
S&atilde;o Paulo, [&#149;], 2008 </P>
<P align="center">
[SIGNATURES ON THE NEXT PAGES] </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left"><H5 align="left" style="page-break-before:always"></H5>
<A name="page_b1"></A>

<P align="justify">
<I>Signature Page 1/2 of the Shareholders' Agreement, entered into [&#149;], 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Nacional Min&eacute;rios S.A., Brazil Japan Iron Ore Corporation and
Posco</I>. </P>
<P align="center">COMPANHIA SIDER&Uacute;RGICA NACIONAL&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=49%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>

<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A. </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
NACIONAL MIN&Eacute;RIOS S.A. </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b2"></A>

<P>
<I>Signature Page 2/2 of the Shareholders' Agreement, entered into [&#149;], 2008, among Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Nacional Min&eacute;rios S.A., Brazil Japan Iron Ore Corporation and
Posco</I>. </P>
<P align="center">
BRAZIL JAPAN IRON ORE CORPORATION </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
POSCO </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Title:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Title:&nbsp;</TD></TR>
</TABLE>
<BR>
<P>
Witnesses: </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Name:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>Name:&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>CPF:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>CPF:&nbsp;</TD></TR>
</TABLE>
<BR>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b3"></A>

<P align="center">
EXHIBIT 1.1 </P>
<P align="center">
LONG-TERM BUSINESS PLAN <B> </B></P>
<P align="center">[&#149;]</P>
<P align="center">&nbsp;</P>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_b4"></A>

<P align="center">
EXHIBIT 11.1 </P>
<P align="center">
MID-TERM BUSINESS PLAN <B> </B></P>
<P align="center">[&#149;]</P>
<P align="center">&nbsp;</P>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>4
<FILENAME>exhibit104.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<!DOCTYPE HTML PUBLIC "">


<html><head><title>Provided by MZ Data Products</title></head>

<BODY style="font-family: 'Times New Roman, Times, Serif'; text-align:justify; font-size:11px" bgcolor="#ffffff">
<hr size="2" noshade color="#000000" align="left"><H5 align="left" style="page-break-before:always"></H5>
<A name="page_1"></A>
<P align="right"><a href="sidform20f2008a.htm#topexhibit">Table of Contents</a></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">HIGH SILICA ROM IRON ORE SUPPLY CONTRACT</FONT></U></B></P>
<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">By means of this private legal instrument, on the one hand, in its capacity as buyer,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, a joint stock corporation organized and existing under Brazilian law, with its head office located in the City of Congonhas, State of Minas Gerais, Federal Republic of Brazil, at the address known as &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Logradouro Casa de Pedra</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;, s/n (unnumbered), Part, enrolled with the General Registry of Corporate Taxpayers of the Brazilian Ministry of Finance (CNPJ/MF) under No.&nbsp;08.446.702/0001-05 (and its successors, hereinafter referred to as &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;)


,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">and, on the other hand, in its capacity as seller,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, a joint stock corporation organized and existing under Brazilian law, with its head office located in the City of Rio de Janeiro, State of Rio de Janeiro, at Rua S&#227;o Jos&#233; No.&nbsp;20, Suite 1,602, Part, enrolled with the CNPJ/MF under No. 33.042.730/0001-04 (hereinafter referred to as &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SELLER</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;),</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(BUYER and SELLER are individually identified as &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Party</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; and jointly as &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Parties</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">and, as intervening parties:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BIG JUMP ENERGY PARTICIPA&#199;&#213;ES S.A</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">., a corporation organized and existing under Brazilian law, with its head offices located in the City of S&#227;o Paulo, State of S&#227;o Paulo, at Rua da Consola&#231;&#227;o, 247, 3<SUP>rd</SUP> Floor, Room 85A, enrolled with the CNPJ/MF under No. 09.431.882/0001-14, herein represented in accordance with its by-laws (and its successors, hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Brazilian SPC</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BRAZIL JAPAN IRON ORE CORPORATION</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, a company duly organized and existing under the laws of Japan, with its head office located at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo 107-8077, Japan, herein represented in accordance with its by-laws (hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Japanese SPC</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">POSCO</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, a company duly incorporated and validly existing under the laws of Korea, with head offices at 892 Daechi 4-dong Kangnam-gu, Seoul, 135-777, Korea, herein represented in accordance with its by-laws (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Posco</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(the Brazilian SPC, the Japanese SPC and Posco are collectively hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Intervening Parties</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">RECITALS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">WHEREAS</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(A)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; SELLER owns mining rights that assure it the operation of the iron ore mine known as the &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Casa de Pedra Mine</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;, located in the City of Congonhas, State of Minas Gerais (hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Casa de Pedra Mine</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(B)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; BUYER produces and sells iron ore and intends to acquire crushed iron ore with high silica (SiO<SUB>2</SUB>) content on a run-of-mine (ROM) basis from SELLER; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>1/35</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">4/1 </FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_2"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(C)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; SELLER intends to supply BUYER with crushed iron ore with high silica (SiO<SUB>2</SUB>) content obtained from the Casa de Pedra Mine and BUYER intends to acquire such iron ore from SELLER;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(D)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; the Parties simultaneously execute (i) a Low Silica ROM Iron Ore Supply Contract, (ii) an Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects), (iii) a Port Operating Services Agreement; and (iv) a Support Agreement (solely in relation to Clause 2 thereof) (all such agreements, including this High Silica ROM Iron Ore Supply Contract, but excluding the Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects), the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Related Contracts</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;); and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(E)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; the performance of each Related Contract will be considered part of the performance of a more comprehensive transaction between the Parties, which encompasses the supply of iron ore, railway transport of iron ore, port operating services and other transactions, as reflected in such Related Contracts and other arrangements and documents executed between the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Parties hereby sign and execute this Iron Ore Supply Contract (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Contract</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), which shall be governed by the following clauses and conditions:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE ONE &#150; SCOPE</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; The scope of this Contract is the supply by SELLER to BUYER of crushed iron ore run-of-mine (ROM) from the Casa de Pedra Mine, with high silica (SiO<SUB>2</SUB>) content and such other chemical and physical properties as set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Product</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), free of any encumbrance, charges, debts or doubts, with due regard to the other clauses of this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.15pt; MARGIN: 0cm 0cm 0pt 35.15pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.15pt; MARGIN: 0cm 0cm 0pt 35.15pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE TWO &#150; TERM, QUANTITIES AND CONDITIONS FOR SUPPLY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Term of Supply.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> The Product shall be supplied for 30 (thirty) Mining Years, beginning in the Mining Year in which the SELLER effectively starts the supply of Product to BUYER, which shall occur when the beneficiation plant of BUYER starts to operate (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Beneficiation Plant</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) (originally expected to occur in the Mining Year of 2012). For the intents and purposes of this Contract, &#147;</FONT><U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Mining Year</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; shall mean the period of 12 (twelve) months beginning on April 1<SUP>st</SUP> of a calendar year and ending on March 31<SUP>st</SUP> of the immediately subsequent calendar year, except for the first Mining Year, which shall start on the date the Beneficiation Plant of BUYER starts to operate.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.1.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Extension.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In case there are any quantities of Products outstanding as of the end of the 30<SUP>th</SUP> Mining Year of this Contract, the term shall be automatically extended for as much time as necessary for the supply of such outstanding quantities, subject to all terms and conditions hereof. In case the term of this Contract is extended according to this Clause 2.1.1, the maximum Basic Annual Quantities applicable to all subsequent Mining Years shall be 52,080,000 wet metric tons of Product. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Contractual Quantity and Basic Annual Quantities.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Without prejudice to the provision contained in Clause 2.2.1 below, SELLER undertakes to make available to BUYER in each Mining Year the quantity of Product indicated in the respective column of </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment II</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (with such quantity of Product being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Basic Annual Quantity</FONT></U><FONT style="


FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; and the sum of the Basic Annual Quantities as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Contractual Quantity</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.2.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Notwithstanding the provision contained in Clauses 2.2 and 2.1.1. above, BUYER may acquire, at BUYER&#146;s sole discretion, in each Mining Year, a quantity of Product that ranges from [&#149;]<SUP>1</SUP> </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">to [&#149;]% [&#149;] of the Basic Annual Quantity set forth for the Mining Year in question (&#147;<U>Nominated Annual Quantity</U>&#148;), <U>provided</U> that:</FONT></P>
<DIV align=right>
  <p align="justify"><SUP>1</SUP>Text marked as [&bull;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY  WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. </p>
  <p><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 12pt" face=Arial>2</FONT>/35</FONT> </p>
</DIV>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">2</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_x3"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the total quantity of Product to be supplied under this Contract shall never exceed the Contractual Quantity; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if BUYER, in a certain Mining Year, for any reason whatsoever, acquires a quantity of Product lower than the Basic Annual Quantity applicable to such Mining Year, BUYER shall have the right to carry over the difference between the Basic Annual Quantity and the actual quantity of Product supplied to BUYER in such Mining Year (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Carry-Over Amount</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) for the subsequent Mining Years; provided that, in any given Mining Year, the effective quantities of Product to be supplied, including any Carry-Over Amounts, shall not be greater than [&#149;]% [&#149;] of the Basic

Annual Quantity for the relevant Mining Year; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">the acquisition by BUYER of amounts below the Basic Annual Quantity shall not be considered as a BUYER&#146;s Default (as defined in Clause 10.4 below).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.3.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Quantity.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> SELLER undertakes to make available to BUYER in each month of a Mining Year, the quantity of Product indicated in the respective column of </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment II</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (with such quantity of Product being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Quantity</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">provided</FONT></U><FONT


 style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">however,</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> that BUYER may, without prejudice to the provision contained in Clause 2.2 above, acquire, and SELLER shall supply in such case, in each month of a Mining Year a quantity of Product that is up to&nbsp;[&#149;]% [&#149;] greater than the Monthly Quantity, and BUYER shall nominate such additional quantity in the quarterly nomination, as provided in Clause 2.5.2.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Quantities Exceeding Threshold.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> If, for any reason whatsoever, BUYER requires more than [&#149;]% of the Monthly Quantity or Basic Annual Quantity during, respectively, each month of the term of this Contract or each Mining Year, BUYER and SELLER shall discuss in good faith such additional Product requirement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.5.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Nomination Procedure</FONT></I></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The quantity of Product to be supplied by</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SELLER to BUYER under this Contract during the term hereof shall be determined as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.5.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER shall inform by written notice to SELLER the Nominated Annual Quantity and an estimate of the Monthly Quantities to be supplied under this Contract in each Mining Year, determined in accordance with BUYER's annual budget, subject to Clauses 2.2, 2.3 and 2.4 above, by October 31 of the preceding Mining Year. Unless the Nominated Annual Quantity informed by BUYER is not in accordance with Clauses 2.2, 2.3 and 2.4 above, such Nominated Annual Quantity shall be the quantity of Product established for the relevant Mining Year. For the avoidance of doubt, the acquisition by BUYER of amounts below the Nominated Annual Quantity shall not be considered as BUYER&#146;s Default (as defined in Clause 10.4 below).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.5.2. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">At least [&#149;] days</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">before the commencement of each quarter of each Mining Year, BUYER shall deliver to SELLER a nomination of the Monthly Quantity(ies) (hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Nominated Monthly Quantity</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). SELLER undertakes to make available to BUYER in each month of a Mining Year, but BUYER shall not in any event be obligated to take delivery of, the quantity of the Nominated Monthly Quantity. For the avoidance of doubt, the acq

uisition by BUYER of amounts below the Nominated Monthly Quantities shall not be considered as BUYER&#146;s Default (as defined in Clause 10.4 below).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Quantities Effectively Supplied.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> The quantities of Product effectively supplied under this Contract shall be determined based on the weighing of each Batch (as defined below) of Product supplied, to be carried out in accordance with the criteria and other procedures set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment </FONT></U></P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 12pt" face=Arial>3</FONT>/35</FONT> </DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U></U>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U> </U></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">3</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_4"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"> <U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto, and shall be based on the weighing certificates provided under the terms of said </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto. For the purposes of this Contract, the term &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Batch</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; means the quantity of Product effectively supplied during the period encompassed between the first and last day of a determined month, as indicated on the weighing certificates provided.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.7.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Place of Delivery, Transfer of Ownership and Quantities not Received.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> SELLER shall deliver Product at NAMISA&#146;s stockyard located near the Beneficiation Plant, to be implemented in an area belonging to NAMISA, around the Casa de Pedra Mine, for production of pellet feed type iron ore. Title to and risks related to the Product shall be transferred from SELLER to BUYER upon such delivery.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.7.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Whenever BUYER fails to withdraw any quantity of Product effectively delivered pursuant to Clause 2.7 above and, as a result of such failure, the storage capacity of such stockyard becomes full, SELLER may suspend any further supply of the Product. SELLER shall resume supply of the Product within 24 (twenty four) hours following the effective date on which BUYER resumes withdrawal of Product. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Chain of Contracts</FONT></I></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Parties acknowledge and agree that this Contract jointly with the other Related Contracts form a chain of contracts, so that the performance of the obligations arising out of this Contract may (i) depend on the due performance of the obligations of the Parties under the other Related Contracts and/or (ii) may affect the performance of the obligations of the Parties under the other Related Contracts. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.8.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; In case the performance of any obligations under this Contract is prevented or becomes unfeasible or uneconomical due to the non-performance of the obligations of either Party under any other Related Contract (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Affected Contracts</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), the Parties shall be subject to the following provisions: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 71.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">in case the failure to perform any Related Contract is attributable to either Party hereto, such Party shall also be liable for the non-performance of this Contract if and to the extent that this Contract is an Affected Contract;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 71.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 71.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(ii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">in case of any failure to perform any Related Contract due to a Force Majeure Event, as defined in any such Related Contract,&nbsp; the non-performance hereof shall also be deemed to have occurred under a Force Majeure Event if and to the extent such failure prevents the performance of this Contract. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Communication between SELLER and BUYER. </FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Parties undertake to keep close and frequent communication throughout the term of this Contract aiming at the achievement of the performance of their obligations under this Contract, as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.1&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Meetings</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Each Party shall indicate by written notice to the other Party, no later than 30 (thirty) days of the date of signature of this Contract, a committee of three or four officers and/or employees in charge of representing that Party in the management of the day-to-day operations under the Contract (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Representation Committee</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). The Representation Committee of each Party shall convene on a monthl


y basis, on a date to be agreed upon by the Parties through mutual discussion in good faith to discuss and define any issues related to the operations under this Contract and the Parties&#146; performance of their obligations hereunder, such as:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 39pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Planning and nomination of Quantity to be supplied by SELLER in the next month;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Review of the actual performance and quality of the supply of the Product for the immediately preceding month;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Reconciliation of Actual vs Budget for the operation of the month; and</FONT></P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 12pt" face=Arial>4</FONT>/35</FONT> </DIV>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">4</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_5"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Discuss and agree in good faith any counter-measures (but in any event without prejudice to any provision in this Contract) that shall be taken by each Party, as applicable, for any non-conformity, quality deviations or nonperformance of the Parties&#146; obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.2&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Yearly Meetings</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. The Representation Committee of the Parties shall annually convene on a date to be mutually agreed by the Parties in each Mining Year to discuss the operations and performance of the Parties&#146; obligations under this Contract for the preceding Mining Year, as well as issues such as:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 75pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Planning for next Mining Year; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Review the actual performance and quality of the supply of the Product for the previous Mining Year;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Reconciliation of Actual vs Budget for the operation of the Mining Year; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Discuss and agree in good faith any counter-measures that shall be taken by each Party, as applicable, for any non-conformity, quality deviations or nonperformance of the Parties&#146; obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 39pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.3. </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Third Parties&#146; Attendance</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. The Brazilian SPC may appoint representatives being entitled to attend the Yearly and/or Monthly Meetings provided in Clause 2.9.1 and 2.9.2 at its sole discretion.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.4. </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Day-to-day Communication</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. Further to the above, the Parties shall keep, through any of the members of the Representation Committee, close daily communication in connection with the operations of this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.10.</FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Access to SELLER&#146;s Daily Operations under this Contract</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER and the Brazilian SPC will be entitled to access and supervise SELLER&#146;s daily operations under this Contract, through a representative indicated by BUYER, including but not limited to quality control procedures, such as weighing, sampling and analysis, among others, and related operations at Casa de Pedra Mine. SELLER will endeavor its best efforts to provide such clarification or information requests which may be submitted by BUYER as a result thereof.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE THREE &#150; PRODUCT QUALITY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Quality of the Product Supplied</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. The Parties hereby acknowledge and agree that all the characteristics set out in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto as guaranteed specifications (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Guaranteed Specifications</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) are mandatory and guaranteed by SELLER. The quality of the Product supplied shall be determined b


ased on sampling and analysis to be carried out on each Batch in accordance with the criteria and other procedures set out in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.1. </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Quality Report</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></I><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SELLER shall verify and report in writing to BUYER, on both a weekly and monthly basis, the average quality of the Product supplied to BUYER at the immediately previous week and month, respectively, based on the model quality control sheet included in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment V</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1.1.1.&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Weekly Basis</FONT></I></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the actual average quality of the Product during the period between the first and last day of a determined week is lower than the Guaranteed Specifications, SELLER shall provide, jointly with the model quality control sheet, the background reason for such Product not satisfying the Guaranteed Specifications. In such case, BUYER shall be entitled to further request SELLER to take countermeasures to improve the quality of the Product for the next weeks, and such issue shall be discussed at the next Monthly Meeting, as provided i


n Clause 2.9.1 above. </FONT></P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>5/35</FONT> </DIV>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">5</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_6"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1.1.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Basis.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> If the actual average quality of the Product during the period between the first and last day of a determined month is lower than the Guaranteed Specifications, BUYER shall be entitled to further request SELLER to take countermeasures required for quality improvement, and SELLER shall explain the background reasons for such Product not satisfying the Guaranteed Specifications and propose suitable countermeasures at the next Monthly Meeting, as provided in Clause 2.9.1 above. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Target Specifications</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The target specifications described in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto shall be used to calculate the Penalty / Bonus Component described in the formula set forth in Clause 4.1 below (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Target Specifications</FONT></U>

<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Rejection Level</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In case any &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Pile</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; (a certain quantity of Product mandatorily ranging from [&#149;] to [&#149;] wet metric tons, except as otherwise agreed by the Parties) pertaining to any Batch falls under the rejection level set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto, BUYER shall have the right to reject such Pile. Within one week counted from the day on which SELLER is made aware of any rejection, in case SELLER does not take any countermeasures to correct the quality of the Products of any rejected Pile, SELLER shall have such rejected Pile replaced with a new Pile of Product in the same quantity which shall satisfy chemical and physical specifications which shall be at least higher than the rejection level described in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Additional Expenses of BUYER.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In the event that BUYER incurs additional expenses and/or actual damages due to admixture of foreign material(s) and/or different products of iron ore and/or Product which size exceeds the guaranteed limit, as defined in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, SELLER shall, notwithstanding anything to the contrary as contained herein, compensate BUYER for such additional expenses and/or actual damages within 90 (ninety) days.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE FOUR &#150; UNIT PRICE </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">4.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Unit Price.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp; The price per wet metric ton (wmt) of Product supplied shall be &#150; according to the conditions for delivery set out in Clause 2.7 above - determined on the basis of the quantities and quality (content of iron or &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Fe</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) of each Batch, based on the following formula (the price, per wet metric ton (wmt), resulting from application of the cited formula, the &#147;</FONT><U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Unit Price</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;):</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #e5e5e5; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 1pt">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #e5e5e5; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PU&nbsp;=&nbsp;P<SUB>1</SUB> +&nbsp;P<SUB>2 </SUB>+ P<SUB>3</SUB></FONT></B></P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Where</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 2cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PU&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">=&nbsp;&nbsp;&nbsp; means Unit Price for a determined month of supply;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42.55pt; MARGIN: 0cm 0cm 0pt 70.9pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">P<SUB>1</SUB></FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; &nbsp; =&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Y</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">+ [Penalty / Bonus Component]</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> (cash component of the Product price)</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Y&nbsp;&nbsp;&nbsp;&nbsp; =&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">means, as of April 1<SUP>st</SUP>, 2008, the equivalent in Brazilian currency of US$[&#149;] [&#149;], it being certain that such amount shall be readjusted, at the beginning of each Mining Year, based on the same percentage readjustment as iron ore fines of the type known as [&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, as produced by the [&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> (hereinafter referred to as &#147;</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) and aimed for shipment through the Port of Tubar&#227;o to Japan (such or
e being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Reference Ore</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), as disclosed (by order):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 96pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(i)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; in the Tex Report, as published by the Tex Report, Ltd. (or successor thereto);</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 96pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 96pt"><FONT style="FONT-SIZE: 12pt">6/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">6</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_7"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 96pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(ii)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; if the Tex Report, for any reason, is no longer available or does not any longer disclose the Reference Ore, the Metal Bulletin, published by Metal Bulletin, plc (or successor thereto); or</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 96pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(iii)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; if the Metal Bulletin, for any reason, is no longer available or does not any longer disclose the price of the Reference Ore, then the [&#149;] website or any other [&#149;] publication.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Notwithstanding the provisions above, if, upon commencement of a Mining Year, the percentage readjustment applicable to the Reference Ore is not available and no other readjustment has been agreed between the Parties in view of the conditions of the international iron ore market, the &#147;Y&#148; applicable to the supplies to be carried out in the Mining Year that is about to begin shall temporarily be the &#147;Y&#148; then in effect until such time as the percentage readjustment applicable to the Reference Ore is known or determined. As soon as the percentage readjustment applicable to the Reference Ore is known or determined, the new &#147;Y&#148; shall be determined in accordance with the provisions contained in this Clause, with retroactive effects to the beginning of the Mining Year in question, with any eventual differences (either upwards or downwards) resulting from tempora


ry use of the &#147;Y&#148; then in effect in the formula for determination of the Unit Price being agreed between the Parties within a period of 30 (thirty) days counting from the date on which the new &#147;Y&#148; has been disclosed and communicated in writing by SELLER to BUYER.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">In the event the Reference Ore should no longer be produced or sold, the Parties shall promptly replace it, for purposes of readjusting &#147;Y&#148;, with such product that succeeds Reference Ore or with such other type of iron ore that is representative on the international iron ore market that is agreed to by the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">For purposes of translating the &#147;Y&#148; into Brazilian currency, SELLER shall use the average of quotations for sale of the United States Dollar as disclosed by the Brazilian Central Bank (BACEN) by means of transaction PTAX 0800, option 5 (or such transaction as may replace same on the BACEN System - SISBACEN), in the month prior to that for issuance of the invoice relating to the supply of the Product, and shall take &#147;Y&#148; to 2 (two) decimal places after rounding off. &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PTAX</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; means the ask rate which means the Brazilian Reais&#146; bid and Dollar&#146;s ask rate, expressed as the amount of Brazilian Reais per one Dollar, published by the Brazilian Central Bank on SISBACEN Data System under transaction


 code PTAX-800, Option 5, "</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Venda</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">" by approximately 6:00 p.m., S&#227;o Paulo time.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Penalty / Bonus Component</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> = (Fe% - Fe% Target Specifications) * US$[&#149;]/wmtu</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">wmtu = [&#149;]% of Fe Content of each wmt (=[&#149;]kg of Fe content in wmt); </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Fe%</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> = &nbsp; means the actual average iron content of QL in a determined month;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">QL</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; =&nbsp;&nbsp;&nbsp; means the quantity of the Batch effectively supplied to BUYER in a determined month, as indicated on the weighing certificates issued in the manner set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Fe % Target Specifications</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> = means the applicable iron content of Fe set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 12pt">7/35</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">7</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_8"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">P<SUB>2</SUB></FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means the amount in Brazilian Reais equivalent to US$ [&#149;], an amount that is fixed and non-adjustable for the entire period that this Contract remains in effect (non-cash amount of the Product price); and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 70.9pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of translating the P<SUB>2</SUB> into Brazilian currency, SELLER shall use PTAX applicable at the close of the business of the day that is 2 (two) Business Days (as defined in Clause 5.1.1 below) prior to the relevant calculation date, which relevant calculation date for the purpose of the payment of the Advance Payment shall mean the date on which such payment effectively occurs.&nbsp; If no PTAX value is available on such date, PTAX value on the date shall be replaced by the exchange rate freely practiced in the financial market.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">P<SUB>3&nbsp;&nbsp; </SUB></FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means the amount that is non-adjustable equivalent in Brazilian currency (Reais) to </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">US$&nbsp;</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> from the beginning of the supply of Product under this Contract, up to the end of the </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> Mining Year thereafter, and, </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">the equiva
lent in Brazilian currency (Reais) to </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">US$&nbsp;</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> from such date onwards</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">

..&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of translating the P<SUB>3</SUB> into Brazilian currency, SELLER shall use the average of quotations for sale of the United States Dollar as disclosed by the Brazilian Central Bank (BACEN) by means of transaction PTAX 0800, option 5 (or such transaction as may replace same on the BACEN System - SISBACEN), in the month prior to that for issuance of the invoice relating to the supply of the Product, and shall take P<SUB>3</SUB> to 2 (two) decimal places after rounding off.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">4.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxes.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> The Parties acknowledge and agree that the amounts attributed to &#147;P<SUB>1</SUB>&#148;, &#147;P<SUB>2</SUB>&#148; and &#147;P<SUB>3</SUB>&#148; in Clause 4.1 above do not include taxes of any kind levied on the Product and/or on the supply of the Product (subject to Clauses 8.2, 8.3 and 8.4, as and if applicable), such as the Federal Social Integration Program &#150; PIS, the Social Security Finance &#150; COFINS contributions and the State Value-Added Tax on Circulation of Goods and Services &#150; ICMS. The taxes currently imposed on the Product and/or on the supply of the Product as well as the formula fo


r the addition of those taxes, if applicable, to the Unit Price are disclosed in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment VI</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">CLAUSE FIVE &#150; ADVANCE PAYMENT</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">5.1.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Advance Payment.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> On the date agreed by the Parties but not later than 90 (ninety) days from the date of execution of this Contract, BUYER shall make available to SELLER, in advance, on account of the Product to be supplied by BUYER under this Contract, the amount in Brazilian Reais corresponding to US$&nbsp; 656,852,200.31 (six hundred and fifty six million, eight hundred fifty two thousand and two hundred US dollars and thirty one cents) (hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Advance Payment</FONT></U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&#148;), which amount corresponds to the sum of each one of the results of multiplication (a) of each Monthly Quantity set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Attachment II</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> hereto (for each one of the months of each Mining Year) by, (b) US$ [&#149;], adjusted to present value through the signing date of this Contract based on a discount rate of [&#149;] per annum. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">5.1.1</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; The conversion of amounts in Dollars into Brazilian Reais, under this Contract, shall use PTAX applicable at the close of the business of the day that is 2 (two) Business Days (as defined below) prior to the relevant calculation date, which relevant calculation date for the purpose of the payment of the Advance Payment shall mean the date on which such payment effectively occurs.&nbsp; If no PTAX value is available on such date, PTAX value on the date shall be replaced by the exchange rate freely practiced in the financial market. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">8</FONT><FONT style="FONT-SIZE: 12pt">/35</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">8</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_9"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Business Day</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&#148; means any day (excluding Saturdays and Sundays) on which commercial banks generally are open for the transactions of normal banking business (i) in the City of S&#227;o Paulo, Brazil, (ii) in the City of New York, United States of America, (iii) in the City of Tokyo, Japan and (iv) in the City of Seoul, South Korea.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">5.1.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> The Advance Payment shall be made by </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">means of available electronic transfer (TED - &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">transfer&#234;ncia eletr&#244;nica dispon&#237;vel</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&#148;) of funds to SELLER&#146;s current account indicated in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Attachment IV</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> hereto (or to such other account as may be notified by SELLER to BUYER under
 the terms of this Contract).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">5.2.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Deduction of the Advance Payment upon Supply of each Batch of Product.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> At the end of each month of supply, SELLER shall automatically deduct from the balance of SELLER&#146;s debt to BUYER in relation to the Advance Payment a fixed and non-adjustable amount corresponding to the portion of the Advance Payment attributable to the Batch of Product supplied in such month, which amount is equivalent to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; P<SUB>2 </SUB>(as defined in Clause 4.1 above);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; multiplied by QL (as defined in Clause 4.1 above).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">5.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Updating of SELLER&#146;s Debt to BUYER in relation to the Advance Payment.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> The balance of SELLER&#146;s debt to BUYER in relation to the Advance Payment shall be subject to the levying of interest charges, determined on the basis of an interest rate of [&#149;] per annum, calculated on a monthly </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">pro rata</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> basis. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">5.3.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> The interest charges provided in Clause 5.3 above shall be computed through the end of each month (or fraction thereof), as from the date for making the Advance Payment and through the termination or expiration of this Contract, based on the balance of SELLER&#146;s debt to BUYER in relation to the Advance Payment on such date, after the deduction dealt with in Clause 5.2 above. Such interest charges, after being calculated, are to be treated in the following manner: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&#149;] of the amount corresponding to the interest charges shall be added to the balance of the cited SELLER&#146;s debt at the end of each Mining Year; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&#149;] of the amount corresponding to the interest charges shall be paid by SELLER to BUYER on the second Working Day of the month subsequent to the one in question, by </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">means of available electronic transfer (TED - &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">transfer&#234;ncia eletr&#244;nica dispon&#237;vel</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&#148;) of funds to SELLER&#146;s current account indicated in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Attac
hment IV</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> hereto</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">. </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">For the purposes of this Contract, the term &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Working Day</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&#148; means any day except Saturdays, Sundays and holidays on which banks are not authorized to open for business in the City of S&#227;o Paulo, State of S&#227;o Paulo</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">the Parties shall redefine the proportion of interest charges provided in items (a) and (b) above in case of creation or alteration of taxes in order to maintain the financial balance of the date of execution hereof.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">5.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Every [&#149;] years as from the commencement of the Products supply under this Contract, the Parties shall negotiate in good faith an increase of P<SUB>2</SUB>, as defined in Clause 4.1 above, &nbsp;which (i) shall never result in a total PU that is higher than the market price for the Product, and (ii) shall not result in any tax adverse effect for either Party. If the Parties fail to reach an agreement as to such increase, the then current P<SUB>2 </SUB>shall not be varied. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">9</FONT><FONT style="FONT-SIZE: 12pt">/35</FONT></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">9</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_10"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE SIX &#150; BILLING AND PAYMENT</FONT></B></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Issuance of Invoices.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> On the last day of each month, SELLER shall issue an invoice (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">NFF</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) for each Batch of Product supplied and submit such NFF to BUYER within no more than&nbsp;3 (three) Working Days from the issue date, with due regard to the provisions of this Clause and Applicable Law.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">6.1.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> The NFFs shall be issued to BUYER based on the weighing certificates provided in the manner set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Attachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> hereto in relation to each Batch of Product supplied. Each NFF is to reflect (a) the value of the Batch of Product supplied, in view of the Unit Price and the quantity of the Batch, (b) the portion of the Advance Payment attributable to the Batch of Product supplied, calculated in the manner provided by Clause 5.2 above and for the purposes set forth in such Clause, and (c) the balance to pay.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Payment Term of the NFFs.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> The NFFs are to be paid by BUYER within a period of no more than 30 (thirty) days counting from the date of BUYER&#146;s receipt of original NFF, without any financial compensation or inflation adjustment being due for such payment term.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.2.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In the event any NFF contains any irregularity, in BUYER&#146;s opinion, BUYER shall return it to SELLER within a period of no more than 5 (five) Working Days from receipt thereof, with SELLER being responsible for remedying such irregularity and resubmitting it to BUYER within a period of no more than 5 (five) Working Days.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.2.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In case there is any disagreement between the Parties in relation to any NFF received by BUYER, such disagreement shall be resolved in a period of no more than 30 (thirty) days counting from the date such disagreement is notified by any Party to the other, with any adjustments (either upwards or downwards) in the value of the NFF in relation to which there has been a disagreement being reflected in the immediately subsequent NFF or, if there are none, paid within the same deadline established in accordance with Clause 6.2 above, counting from the date on which such adjustments have been determined and agreed by the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.2.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> BUYER shall issue a debit note for such sums as SELLER expressly recognizes as being owed to BUYER under this Contract, with full offset of such amounts as are due to BUYER, at the latter&#146;s discretion, against amounts that BUYER has to pay to SELLER. In the event it is not possible or advisable to carry out the offset set forth in this Clause, the debit note shall be paid by SELLER within the same deadline established under Clause 6.2 above counting from the issue day of such debit note.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Manner of Payment.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Any payment due by BUYER to SELLER shall be made by means of available electronic transfer (TED - &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">transfer&#234;ncia eletr&#244;nica dispon&#237;vel</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) of funds to SELLER&#146;s current account indicated in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment IV</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (or to such other account


 as may be notified by SELLER to BUYER under the terms of this Contract), with the transfer voucher slip serving as proof of payment and discharge of the respective obligation. Any payment due by SELLER to BUYER shall also be carried out through the TED system for transferring funds to BUYER&#146;s current account indicated in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment IV</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (or to such other account as may be notified by BUYER to SELLER under the terms of this Contract), with the transfer voucher slip serving as proof of payment and discharge of the respective obligation.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Late Payment Charges.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In the event any delay should occur with respect to payment of amounts due under this Contract by one Party to the other, the amount due and not paid shall be monetarily restated based on the variation in the Reference Rate &#150; TR (or other such index as may replace the latter), plus late payment interest of 1% (one per cent) per month, calculated on a </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">pro rata</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> basis between the due date and the date of effective p


ayment, with no other type of increase being due.</FONT></P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">10</FONT><FONT style="FONT-SIZE: 12pt">/35</FONT></FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">10</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_11"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">CLAUSE SEVEN &#150; REPRESENTATIONS OF THE PARTIES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Representations of SELLER.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> SELLER hereby declares to BUYER, as of the signing date below and on the date of each supply of the Product, assuming responsibility for the&nbsp;correctness and truthfulness and completeness of such representations, that:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is a duly organized and validly established public joint stock corporation under the laws of Brazil and that it has full legal capacity to own and operate its facilities and conduct its business as conducted at present, and is duly qualified to supply the Product to BUYER under the terms of this Contract;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has obtained all the corporate or similar authorizations required to sign this Contract and to comply with the obligations attributed to it hereunder;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; this Contract has been duly and validly executed and delivered by SELLER and constitutes a legal, valid and binding obligation insofar as SELLER is concerned and is enforceable against it on the terms hereof; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(d)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is not insolvent, under court protection from creditors, extrajudicial or judicial recovery, and it is neither impeded from paying its obligations and nor has it been declared bankrupt;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">neither the execution and delivery of this Contract nor the consummation of the transactions and performance of the terms and conditions of this Contract by SELLER will (i)&nbsp;result in a violation or breach of or default under any provision of the by-laws of SELLER; (ii)&nbsp;will result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which SELLER is bound; or (iii)&nbsp;violate any constitution, statute, law, regulation, rule, ruling, charge, order, writ, injunction, judgment or decree (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Applicable Law</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) of or by


 any federal, national, state, municipal, local or similar government, governmental, regulatory, administrative or tax authority, agency or commission or any court, tribunal, or judicial or arbitral body (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Governmental Authority</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), which may negatively affect or prevent the performance of its obligations hereunder or under the other Related Contracts;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(f)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has good, valid and marketable title to, valid and subsisting leasehold or acquisition interests in or to, or valid, binding and enforceable rights to the Casa de Pedra Mine, and will have and keep good, valid and marketable title to, valid and subsisting leasehold or acquisition interests in or to, or valid, binding and enforceable rights to the Crushing Units and to TCLD, and other relevant assets and rights required for the performance hereof (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assets</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(g)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all Assets are (i) in good operating condition and repair, and are adequate for the uses to which they are being put and (ii) sufficient for the performance of the obligations of SELLER hereunder; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(h)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is not a party and will not enter into any agreement, arrangement, transaction, lease, license, note, mortgage, indenture, contract and other contractual rights and obligations, whether written or oral which negatively affect or prevent the performance of its obligations hereunder;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(i)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has been and will continue to be in full compliance with all Applicable Law related to the performance of this Contract, including without limitation those regarding tax, environmental, labor and social security matters;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(j)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has obtained and will keep all licenses, permits and authorizations required for its operation and the performance of this Contract; and</FONT></P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">11</FONT><FONT style="FONT-SIZE: 12pt">/35</FONT></FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">11</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_12"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(k)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">there is no court or administrative litigation, action, suit, proceeding, condemnation, investigation, claim, audit, order, decision, decree, writ, judgment, injunction, determination or award or any arbitration proceeding that may prevent, limit or affect SELLER&#146;s ability to perform any of its obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Representations of BUYER</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. BUYER hereby declares to SELLER, as of the signing date below and on the date of each supply of the Product, assuming responsibility for the&nbsp;correctness and truthfulness of such representations, that:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is a duly organized and validly established joint stock corporation under the laws of Brazil and that it has full legal capacity to own and operate its facilities and conduct its business as conducted at present, and is duly qualified to acquire the SELLER&#146;s Product under the terms of this Contract;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has obtained all the corporate or similar authorizations required to sign this Contract and to comply with the obligations attributed to it hereunder;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; this Contract has been duly and validly executed and delivered by BUYER and constitutes a legal, valid and binding obligation insofar as BUYER is concerned and is enforceable against it on the terms hereof;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(d)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is not insolvent, under court protection from creditors, extrajudicial or judicial recovery, and it is neither impeded from paying its obligations and nor has it been declared bankrupt;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(e)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; neither the execution and delivery of this Contract nor the consummation of the transactions and performance of the terms and conditions of this Contract by BUYER will (i)&nbsp;result in a violation or breach of or default under any provision of the by-laws of BUYER; (ii)&nbsp;will result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which BUYER is bound; or (iii)&nbsp;violate any Applicable Law of or by any Governmental Authority which may negatively affect or prevent the performance of its obligations hereunder;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(f)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has been and will continue to be in full compliance with all Applicable Law related to the performance of this Contract, including without limitation those regarding tax, environmental, labor and social security matters;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(g)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has obtained and will keep all licenses, permits and authorizations required for its operation and the performance of this Contract; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">there is no court or administrative litigation, action, suit, proceeding, condemnation, investigation, claim, audit, order, decision, decree, writ, judgment, injunction, determination or award or any arbitration proceeding that may prevent, limit or affect BUYER&#146;s ability to perform any of its obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE EIGHT &#150; EFFECTIVE TERM</FONT></B></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Contract shall take effect on the signing date below, </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">except</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">however</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, that the supply of the Product shall begin on the date set out in Clause 2.1 above. This Contract shall be terminated (a) upon expiration of the term set forth in Clause 2.1 above or (b) in the manner provided by Clause 10 below, whichever occurs first.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties acknowledge and agree that BUYER shall be registered with the Brazilian Revenue Service (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Secretaria da Receita Federal do Brasil</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) as a preponderantly exporting company </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm"></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">12/35</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_13"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">empresa preponderantemente exportadora), </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">to obtain the benefit of the incentive tax regime addressed to Brazilian exporters for the suspension of the imposition of the PIS and COFINS Contributions under Law 10,865 dated April 30, 2004. BUYER shall use its best efforts to obtain registration as a preponderantly exporting company within 6 (six) months as from the execution of this Contract or before the commencement of Product supply hereunder, whatever occurs later.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.2.1.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If BUYER fails to obtain registration as a preponderantly exporting company, or if at any time during the term of this Contract PIS and COFINS Contributions are imposed on the supply of Products under this Contract, the Parties agree that the cost of PIS and COFINS Contributions shall be added to the Unit Price in accordance with Clause 4.2 above and </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment VI</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto, and BUYER shall use, to the extent possible, the tax credits related to the imposition of PIS and COFINS contributions on the supply of Products hereunder for each monthly supply of Products to set-off against BUYER&#146;s federal


tax liabilities related to the Brazilian Corporate Income Taxes or other federal taxes, within 12 (twelve) months counted from such monthly supply of Products. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.2.2.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If during such 12 (twelve) month term BUYER does not fully set-off the PIS and COFINS credits recognized as a result of the supply of Products hereunder (in the manner described in Clause 8.2.1 above) for each monthly supply of Products, SELLER shall grant BUYER with non-interest bearing loans, under a current account mechanism, in the amount equivalent to 50% (fifty per cent) of the economic and financial burden equivalent to the amount of PIS and COFINS credits not set-off, at the end of each 12 (twelve) month term after the date on which the supply of Products hereunder commences to be subject to the imposition of PIS and COFINS Contributions.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.2.3.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If and when BUYER succeeds on fully setting-off the PIS and COFINS credits mentioned in Clause 8.2.2, above against federal taxes, BUYER shall repay to SELLER the portion of the loan referred to in Clause 8.2.2 equivalent to the amount of the credits fully set-off.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">In addition, the Parties shall use their best efforts to obtain within six (6) months as from the date of execution of this Contract, a binding ruling, in form and substance acceptable to both parties and each shareholder of BUYER, from the Tax Authorities of the States of Minas Gerais (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Secretaria de Estado da Fazenda de Minas Gerais) </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">providing that no ICMS or similar tax will be payable by any of the Parties, or its Affiliates, in connection with any transactions contemplated herein. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.1.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the ICMS starts to be effectively imposed on the supply of Products under this Contract, the Parties agree that the cost of ICMS shall be added to the Unit Price in accordance with Clause 4.2 above and </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment VI</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto. In this case, SELLER hereby commits to acquire or cause its Affiliates (as defined in Clause 11.4.2 below) to acquire, for every 6 (six) months (the initial date of the first six-month period shall be considered the date on which the ICMS shall be considered due according to this Clause 8.3.1), all ICMS credits generated to BUYER and its Affiliates under this Contract and accu


mulated during each such 6 (six)-month period. The ICMS credits acquisition herein shall be made at nominal value, up to the amount of the ICMS tax debts registered by any branches of SELLER and/or any of the branches of its Affiliates located in the State of Minas Gerais, which credits were generated in the relevant 6 (six)-month period. SELLER and SELLER&#146;s Affiliates shall acquire all BUYER&#146;s and BUYER Affiliates&#146; ICMS credits generated in the State of Minas Gerais up to the limit of SELLER&#146;s and SELLER Affiliates&#146; ICMS tax debts generated in that State excluding the SELLER&#146;s and SELLER Affiliates&#146; ICMS tax debts offset against (i) SELLER&#146;s own ICMS tax credits and (ii) ICMS tax credits of branches of wholly owned subsidiaries of SELLER. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.2.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the ICMS starts to be effectively imposed on the supply of Products under this Contract and the SELLER and/or its Affiliates are not able to acquire all ICMS credits generated to BUYER and its Affiliates under this Contract every 6 (six)-month period, SELLER shall submit to </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">13/35</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_14"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER within 10 days after each 6 (six)-month period (as regulated under this Clause 8.3), documents evidencing (i) the amount of ICMS tax debts registered by each of its branches and the branches of SELLER&#146;s Affiliates located in the State of Minas Gerais; (ii) the amount of ICMS tax credits registered by SELLER&#146;s branches and the branches of its wholly owned subsidiaries that were or shall be transferred to SELLER within said 6 (six)-month period and (iii) the amount of ICMS tax credits registered by BUYER or any of its Affiliates as a result of the acquisition of Products under this Contract which are transferable to SELLER or SELLER&#146;s Affiliates (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Transferable ICMS Tax Credits</FONT></U>

<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.3.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the amount of ICMS tax debts of SELLER and its Affiliates registered in the relevant 6 (six) month period as a result of the supply of Products under this Contract is lower than the Transferable ICMS Tax Credits determined under Clause 8.3.2 above, such difference may be carried over (to be set-off) within the following 12 (twelve) months to be transferred from BUYER or BUYER&#146;s Affiliates to SELLER and/or SELLER&#146;s Affiliates as provided in this Clause 8.3.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.4.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the Parties fail to obtain the authorizations required by the Tax Authorities of the State of Minas Gerais to transfer ICMS credits as provided in this Clause 8.3 or if any difference mentioned in Clause 8.3.3 above is not transferred by BUYER or its Affiliates to SELLER or SELLER&#146;s Affiliates within the 12 (twelve) month period mentioned in Clause 8.3.3 above, SELLER shall grant BUYER with non-interest bearing loans, under a current account mechanism, in the amount equivalent to 50% (fifty per cent) of the economic and financial burden equivalent to the non-transferable portion of the ICMS tax credits registered by BUYER or BUYER&#146;s Affiliates as from the end of each 12 month-term after the date on which the supply of Products hereunder commenc


es to be subject to the imposition of ICMS.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.5.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If and when BUYER succeeds on transferring the ICMS tax credits mentioned in Clause 8.3.4, above, BUYER shall repay to the SELLER the portion of the loan referred to in Clause 8.3.4 in the amount of the transferred ICMS tax credits.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Once BUYER&#146;s right to offset or recover the PIS and COFINS credits or to transfer the ICMS tax credits in connection with a given month elapsed after the 5 (five) year period of statute of limitation set forth by the applicable legislation counted from the recognition of tax credits by BUYER or its Affiliates (as defined in Clause 11.4.2 below) related to PIS and COFINS contributions as set forth in Clause 8.2.1 or related to the ICMS, as set forth in Clause 8.3.1, the balance, if any, of the relevant loans made in accordance with Clauses 8.3.1, 8.3.2, 8.3.4 and 8.3.5, above, shall be forgiven by the SELLER.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.5.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">In the event that the physical and/or symbolic transfers, flows of invoices, transfer of title or the supply of the Product under this Contract becomes subject to the ICMS at any time during this Contract, or to any value added tax imposed by the States in a form identical to the ICMS imposition, the Parties agree that Clauses 8.3.1 to 8.3.4 shall apply to the ICMS or such value added tax.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If at any time during the term of this Contract, as a result of change of Applicable Law, PIS and COFINS Contributions and/or the ICMS are replaced by new taxes imposed by any federal, state or municipal authority, which are imposed on the supply of Products under this Contract, or if other taxes are created and so imposed, the Parties shall negotiate in good faith on how the tax burden will be shared between them. If there is no agreement between the Parties within the period of six months counted from the change in Applicable Law mentioned in this Clause, the Parties shall share on a 50/50 basis the economic and financial burden equivalent to the amount of said tax burden.</FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">14/35</FONT></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">14</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_15"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE NINE &#150; ACTS OF GOD AND FORCE MAJEURE</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Provided that the provisions of this Clause are complied with, neither of the Parties shall be held liable to the other Party due to non-fulfillment of any obligation (except pecuniary obligations) attributed to it under this Contract and insofar as such non-fulfillment is directly attributable to an event of force majeure or act of God under Brazilian law, as defined by article 393, sole paragraph, of the Civil Code, including but not limited to (a) acts of wars (whether declared or not), epidemics, sabotage, military actions or hostilities and acts of terrorism or the escalation thereof occurring after the date hereof; (b) regional or national strikes, </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">work stoppages, slow


downs or lockouts </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">of any trade category involved in production of the Product </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">or adversely affecting abilities of either Party to comply with the terms and conditions of this Contract</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">; (c) acts of God and inclement weather or such other atypical events of nature that are not predictable and/or the effects of which cannot be avoided by employing reasonable control measures; (d) accidents or emergency stoppages in order to prevent accidents which impede or restrict the operation and/or construction and/or expansion of installations related to the production of the Product; (e) any decision by an arbitration panel or court of law (even if preliminary and subject to further appeal), obtained by or granted in favor of third parties that prevents compliance with either Party

&#146;s obligations under this Contract), except for litigation pertaining to right of first refusal on iron ore from Casa de Pedra Mine, included but not limited the lawsuits listed in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment VII</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (for the avoidance of doubt, those lawsuits shall not be considered nor deemed to be Force Majeure Event for every and all purposes of this Contract); (f) expropriation, or statement of eminent domain for expropriation purposes (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">declara&#231;&#227;o de utilidade p&#250;blica</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">), or any other restriction imposed by any public authority on either Party's assets adversely affecting either Party&#146;s assets or abilities to comply with the terms and conditions of this Contract; (g) any changes



in Applicable Law occurring after the date hereof which prevents either Party from complying with the terms and conditions of this Contract; and (h) any other circumstance, change, development, event or fact that is unpredictable or unavoidable by the affected Party and which prevents such Party from complying with the terms and conditions of this Contract, if and to the extent any such events qualify as force majeure under article 393 sole paragraph of the Civil Code (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Force Majeure Event</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">9.1.1&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">For all purposes, a Force Majeure Event under the other Related Contracts that renders unfeasible or otherwise prevents the performance of the Related Contracts in whole or part, including this Contract, shall be considered a Force Majeure Event under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">9.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; In case of the occurrence of a Force Majeure Event, the Party whose obligations are being affected by such event of force majeure or act of God (such Party being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Affected Party</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&#148;) shall have 5 (five) Working Days counting from such event to notify the other Party of same and prove by means of appropriate documents, as the case may be, the occurrence of such event, as well as its direct or indirect impact on its obligations under this Contract. Notwithstanding, the Affected Party is to implement at its own expenses and as so
on as possible measures to mitigate the effects and the direction of the event of force majeure or act of God, indicating such measures to the other Party and keeping the latter constantly informed on the progress of such measures.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">9.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Should a Force Majeure Event occur:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; up to the end of [&#149;], SELLER shall pay to BUYER a compensation equal to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">K = P<SUB>2</SUB> x A</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Being:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">K &#150; Compensation Amount</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">A &#150; Quantity of Product not supplied due to the Force Majeure Event </FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 12pt">15/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">15</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_16"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or after [&#149;], SELLER shall pay to BUYER a compensation equal to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">X = P<SUB>2</SUB> x B</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Being:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">X &#150; Compensation Amount</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">B &#150; Quantity of Product not supplied due to the Force Majeure Event in the first 365 days of such Force Majeure Event.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">9.3.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Compensation amounts under Clause 9.3 shall be paid by SELLER to BUYER on a monthly <BR>
basis until the 30<SUP>th</SUP> day of the subsequent month after the occurrence of a Force Majeure Event. Such provision shall apply to subsequent months, if the Force Majeure Event continues.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE TEN &#150; DEFAULT, MATERIAL DEFAULT, MATERIAL BREACH, INDEMNIFICATION, TERMINATION AND CONSEQUENCES OF TERMINATION</FONT></B></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; SELLER shall not be deemed to have breached this Contract if the annual quantity of Product supplied by SELLER to BUYER in any given Mining Year is equal to or greater than [&#149;]% [&#149;] of the Nominated Annual Quantity, provided that amounts delivered below the Basic Annual Quantity shall be considered as Carry-Over Amounts.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; SELLER shall be deemed to have breached this Contract if, for reasons attributable to SELLER, the annual quantity of Product supplied by SELLER to BUYER in any given Mining Year is lower than [&#149;]% [&#149;] but equal to or greater than [&#149;]% of the Nominated Annual Quantity (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Default</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.2.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Should a Default occur under Clause 10.2, then SELLER shall cure the Default, as early as practicable, but not later than [&#149;] days from the date of receipt of a written communication by BUYER to that effect, either by (i) supplying Product to BUYER (but solely to the extent necessary to reach at least [&#149;]% [&#149;] of the Nominated Annual Quantity), or (ii) paying a monetary compensation to BUYER for the difference between [&#149;]% [&#149;] of the Nominated Annual Quantity and the quantities effectively supplied, or (iii) both supplying Product (in an amount lower than the necessary to reach [&#149;]% [&#149;] of the Nominated Annual Quantity) and paying monetary compensation for the difference between the quantity of Product

s effectively supplied and [&#149;]% of the applicable Nominated Annual Quantity, in either case of (i), (ii) and (iii), as approved by the Brazilian SPC (which approval shall not be unreasonably withheld or delayed).&nbsp; If the Brazilian SPC does not approve such cure, SELLER shall cure the Default by paying the monetary compensation to BUYER. Any monetary compensation payable by SELLER to BUYER hereunder shall be determined as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the amount of such monetary compensation shall be discussed and agreed in good faith between SELLER and BUYER (with the Brazilian SPC&#146;s good faith approval) within 30 (thirty) days from the date a written request to that effect is made by BUYER and shall correspond to (without the duplication or double counting) (x) the cash flow (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">fluxo de caixa</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) shortfall in connection with the loss of revenues resulting from sales of products not effected by BUYER (it being understood that &#147;cash flow&#148; shall mean BUYER&#146;s net sales revenues (</FONT><I><FONT style="FONT-SIZE:


11pt" lang=EN-US face="Times New Roman,serif">receita l&#237;quida de vendas</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) minus variable costs (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">custos vari&#225;veis</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) associated with such </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">16/35</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_17"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">revenues shortfall and determined based on the then effective long and mid-term business plans of BUYER) and (y) any penalties, damages or indemnities paid by BUYER to any third parties under commercial arrangements as a result of the Default or Material Default, as the case may be (but excluding penalties, damages or indemnities, if any, payable to purchasers of BUYER&#146;s products in connection with offtake or similar agreements) (the amount of such compensation, the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Compensation Amount</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). For the avoidance of doubt, an example of the calculation of the Compensation Amount is attached hereto as </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment V


III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in case SELLER and BUYER do not reach an agreement on the Compensation Amount, such amount shall be determined by BUYER&#146;s independent auditor within 30 (thirty) days from the date a written request to that effect is made either by SELLER or BUYER; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Compensation Amount shall be payable by SELLER to BUYER within 30 (thirty) days from the date (i) SELLER and BUYER reach an agreement on such amount or (ii) such amount is determined by BUYER&#146;s independent auditor, as the case may be.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.3.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SELLER shall be deemed to have materially breached an obligation set forth in this Contract if, for reasons attributable to SELLER, (i) the annual quantity of Product supplied by SELLER to BUYER in any given Mining Year is lower than [&#149;]% [&#149;] of the Nominated Annual Quantity; or (ii) if the weighted average of Fe contents of Products supplied to BUYER in any given Mining Year is lower than the Fe content indicated in the Guaranteed Specifications (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Material Default</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.3.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Should a Material Default occur under Clause 10.3, then SELLER shall cure the Material Default, as early as practicable, but not later than [&#149;] days from the date of receipt of a written communication to that effect, either by (i) supplying Product to BUYER (but, in case of Material Default under Clause 10.3 (i), solely to the extent necessary to reach [&#149;]% [&#149;] of the Nominated Annual Quantity and/or, in case of Material Default under Clause 10.3 (ii), solely to the extent necessary to meet the Guaranteed Specifications in relation to the Products supplied to BUYER in the relevant Mining Year), (ii) paying the Compensation Amount to BUYER, or (iii) both supplying a quantity of Product (in an amount lower than the necessary to r

each [&#149;]% [&#149;] of the Nominated Annual Quantity) and paying monetary compensation for the difference between the quantity of Products effectively supplied and [&#149;]% of the applicable Nominated Annual Quantity, in either case of (i), (ii) and (iii), as approved by the Brazilian SPC (which approval shall not be unreasonably withheld or delayed). If BUYER does not approve such cure, SELLER shall cure the Material Default by paying the Compensation Amount to BUYER.&nbsp; If such Material Default remains uncured for a period of [&#149;] days from the date of receipt of a written communication to that effect, then, BUYER may claim for determination of the indemnification amount according to the provisions of Clause 10.2.1, items (b) and (c).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; If BUYER breaches any obligation set forth herein (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER&#146;s Default</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), SELLER shall provide written notice of default to BUYER within [&#149;] days following the occurrence of such breach (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Notice of BUYER&#146;s Default</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). SELLER and BUYER shall discuss in good faith the amount of the indemnification due by BUYER to SELLER, or any other remedies reasonably available, which, in no event, shall be greater than the loss of

income of SELLER deriving from sales of Product to BUYER not effected as a consequence of the BUYER&#146;s Default. If no agreement is reached by the Parties within [&#149;] days as from receipt of the Notice of BUYER&#146;s Default, SELLER may claim for determination of the indemnification amount by SELLER&#146;s independent auditor.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.5.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Parties acknowledge and agree that this Contract is not intended to be terminated before the full performance hereof unless exceptional circumstances occur or otherwise expressly provided hereunder, due to the substantial investments made by both Parties for the performance thereof and the </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm"></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">17/3<FONT style="FONT-SIZE: 12pt" face="Times New Roman">5</FONT></FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_18"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">reliance of both Parties on the continued and full performance hereof. Without prejudice to any other rights provided in this Contract, but with the exclusion of any other termination right, except for those provided in this Clause 10, this Contract may be terminated in the cases indicated below and the Party that gives rise to such termination, either due to breach of contract or other circumstance attributable to it (with such Party being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Defaulting Party</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), shall not have any right to file a complaint and/or claim of any kind of indemnity whatsoever:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">by the other Party, at its exclusive discretion, in the event of non-compliance by the Defaulting Party with any monetary obligation set forth in this Contract, provided that the other Party notifies the Defaulting Party with respect to such non-performance and the Defaulting Party does not remedy such non-compliance within a period of [&#149;] days counting from the date of receipt of such notification; or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by the other Party, at its exclusive discretion, in the event of occurrence of a Material Default not cured according to Clause 10.3 (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Material Breach</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;); or </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">by the other Party, at its exclusive discretion, in case any representation made in this Contract by the Party in Default proves to be incorrect or untruthful, for any reason, as a result of which, at such other Party&#146;s reasonable judgment, the due performance of this Contract is materially adversely affected, provided that if such incorrect or untruthful matter can be remedied and is not remedied within a period of [&#149;] days counting from the date of receipt of such notification pointing out the incorrect or untruthful representation; or</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(d)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; by the other Party, at its exclusive discretion, in the event of acceptance of a process for court recovery, the commencement of extrajudicial recovery, declaration of bankruptcy or dissolution of the Party in Default; or</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(e)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; by BUYER, if any other Related Contract is terminated by BUYER due to a Material Breach by SELLER, as defined in such Related Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp; In the event this Contract should be terminated for a reason attributable to BUYER, BUYER shall indemnify SELLER for losses and damages (including any loss of income (business interruption) and indirect losses and damages, including consequential damages) effectively incurred due to termination of this Contract, which indemnity is hereby fixed in an amount equal to the balance of SELLER&#146;s debt to BUYER in relation to the Advance Payment (if any) as of the termination date, with SELLER being authorized, to such end, to offset the amount of such indemnity against SELLER&#146;s debt to BUYER in relation to the Advance Payment.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.7.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; If upon full supply of the Contractual Quantity by SELLER to BUYER, there is any balance of the Advance Payment made by BUYER to SELLER under Clause 5.1 (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Balance</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), BUYER shall pay to SELLER an amount equal to such Balance (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Payment</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), in consideration for (i) the investments made by SELLER in order to produce and supply the Product to BUYER (purchasing equipment, hiring personnel, implementing systems, etc.), and (ii) the commitment assumed by S


ELLER to make the Contractual Quantity available to BUYER, including prejudice to any other business opportunities involving the iron ore from Casa de Pedra Mine. It is hereby agreed by the Parties on an irrevocable basis that the Advance Payment shall be immediately offset against the Payment.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.8.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; In case SELLER commits a Default or Material Default under this Contract and such Default or Material Default is also deemed a Default or Material Default under any other Related Contract, SELLER&#146;s indemnification to BUYER under Clauses 10.2 and 10.3, as applicable, will be considered as SELLER&#146;s indemnification to BUYER for the Default or Material Default for all Affected Contracts. </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">18</FONT><FONT style="FONT-SIZE: 12pt">/35</FONT></FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif"></FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_19"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.8.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">For the avoidance of doubt, the Parties hereby acknowledge that any Compensation Amount (as defined in each Related Contract or herein) shall be alternative and not cumulative remedies. Therefore, if BUYER receives any Compensation Amount under this Contract or any Related Contract for a specific Default or Material Default, BUYER shall not be entitled to receive any further compensation whether under this Contract, the other Related Contracts, or otherwise, for such Default or Material Default (to the extent that the Compensation Amount under this Contract overlaps the Compensation Amount under the other Related Contracts, and vice-versa).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE ELEVEN &#150; GENERAL PROVISIONS</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; The Parties acknowledge and agree that this Contract contains all the requisites needed for this instrument serving as a valid document for commencement of execution proceedings (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">t&#237;tulo executivo extrajudicial</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">), for all legal intents and purposes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; This Contract reflects the entire understanding of the Parties with respect to its scope and replaces any and all previous agreements and understandings. Each one of the Parties hereby acknowledges and confirms that it is not signing this Contract based on any representation, guarantee or other commitment by the other Party that is not fully reflected in the provisions hereof. Any matter relating to supply of the Product that is not specifically provided in this Contract shall be examined separately and mutually agreed upon by the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; Without prejudice to the provisions contained in Clause 11.4 below, this Contract binds the Parties, and/or successors on any degrees whatsoever. In this sense, in the event of merger, amalgamation (upstream merger under Brazilian law), spin-off or change in control of either of the Parties, continuity of this Contract is expressly assured, obligating the successor or any third parties related in any manner to the merger, amalgamation, spin-off or change in control of either of the Parties to comply with all the clauses, terms and conditions established in this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">11.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Neither Party shall assign or transfer (in whole or in part) its rights or obligations under this Contract without the prior written consent of the other Party, which consent shall not be unreasonably withheld, delayed or conditioned; provided, however, that (i) each of the Parties may assign all (but not a part) of its rights and obligations under this Contract without the prior written consent of the other Party to one of its Affiliates, and (ii) in case any third party &nbsp;or an Affiliate of SELLER acquires the mining rights relating to the Casa de Pedra Mine, (x) SELLER shall assign all (but not a part) of its rights and obligations under this Contract to such third party or Affiliate of SELLER if there is no split (</FONT><I>

<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">desmembramento</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) of such mining rights or (y) if split (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">desmembramento</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) of such mining rights occurs, SELLER and BUYER shall discuss in good faith to agree as to whether and how this Contract will be assigned (in whole or in part) based on the shared understanding that the Parties shall seek the best way to ensure that all obligations under this Contract shall continue to be fulfilled in accordance with the terms hereof. This Contract shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns and shall be enforceable by the Parties hereto and their respective successors and permitted assigns. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.05pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -29.95pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.4.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> In addition to the foregoing, in the event of an assignment or transfer as stated in Clause 11.4 (i) the assigning Party shall (a) ensure that, as a part of such assignment, the assignee accepts the assignment of all rights and obligations of the assigning Party under this Contract, and (b) shall remain jointly liable with the assignee for all obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -29.95pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">11.4.2. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">For the purposes of this Contract, &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Affiliates</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; shall mean, with respect to any Party, a person that directly or indirectly controls, or is under common control with, or is controlled by, such person. &nbsp;As used in this definition, &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">control</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; (including, with its correlative meanings, &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">controlled by</FONT></U>

<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; and &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">under common control with</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) shall mean possession, directly or </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#000000 face="Times New Roman,serif">19/35</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_20"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">indirectly, of securities having 50% or more of the voting power for the election of directors or other governing body of a corporation or 50% or more of the partnership or other ownership interests of any other person (other than as a limited partner of such other person).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">11.5.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; This Contract may only be amended or modified by means of prior agreement between the Parties and the signing of a specific amendment signed by both.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; Any omission or tolerance by the Parties in requiring the correct and punctual compliance with the specific or generic terms and conditions contained in this Contract, or in exercising any prerogative hereunder, shall not constitute any kind of waiver, desistance or novation, and nor shall it affect the right of the Parties to exercise them at any time.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.7.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; In the event any provision of this Contract should be considered invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions contained in this Contract shall not in any manner whatsoever be affected or prejudiced thereby and shall remain in full force and effect. The Parties shall negotiate in good faith to replace any provisions considered invalid, illegal or unenforceable with valid, legal and enforceable provisions, the effects of which shall approximate as closely as possible the legal and economic effects intended by the provisions considered invalid, illegal or unenforceable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.8.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; This Contract does not create or intend to create any kind of company, association, joint venture, cooperative, partnership, consortium, agency, and neither does it attribute or aim to create any kind of relationship involving principal and agent, commercial representation, business management or other kind of similar legal arrangement between the Parties, except for those expressly provided in this Contract and directly related to the supply of the Product by SELLER to BUYER.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.9.&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Each Party is responsible for covering its own costs and other expenses incurred or to be incurred in relation to the signing and execution of this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">11.10.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> Should, after the signature of this Contract, any taxes be created, or any tax rates, taxable base or manners for calculating any tax existing at the signing date below and involving taxable events related in any manner to this Contract be altered, via Applicable Law, or any special tax benefit available to the Parties related to this Contract granted by any federal, state of municipal taxing authorities be extinguished, the Parties shall negotiate, in good faith, to amend this Contract in order to restore its economic and financial balance. </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">CLAUSE TWELVE &#150; CONFIDENTIALITY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">12.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; During the time this Contract remains in effect and for the period of 5 (five) years after termination hereof, the Parties undertake &#150; for themselves as well as on behalf of third parties related to them &#150; to maintain absolute secrecy regarding the terms and conditions of this Contract, and also with respect to any and all information obtained as a result of this Contract, except (a) if the disclosure of such information is determined by this Contract or if such information is already proven to be in the public domain without failure of the Party receiving confidential information of the other Party, (b) with the express and prior authorization of the other Party, (c) in order to exercise any rights attributed to the Parties according to this Contract
, (d) required by Applicable Law, by an order of any governmental authority or as a result of a judicial order, in which case the disclosure shall be limited to the terms and conditions that are to be disclosed pursuant to such determination, and provided that the Party subject to such judicial order shall promptly notify the other Party and thus give such other Party the opportunity to limit or avoid the disclosure, to the extent permitted by the Applicable Law or (e) in case of BUYER, the disclosure of information to the Brazilian SPC, Japanese SPC, shareholders of Japanese SPC and Posco.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt">20/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">20</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_21"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">CLAUSE THIRTEEN &#150; COMMUNICATIONS</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">13.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; All notices, communications, requests, authorizations and consents that have to be transmitted or given by the Parties under this Contract shall only be valid and effective if provided in writing through correspondence (under protocol or sent against notice of receipt) or fax (with proof of transmission) addressed in the following manner (or in such other manner as may be notified subsequently by one Party to the other):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BUYER:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Alameda da Serra, n&#186; 400, 9&#186; andar</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 108pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">CEP 34000-000 &#150; Nova Lima &#150; MG</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx31) 3269-1410</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx31) 3269-1414</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diretor Comercial </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(Attention of Commercial Director)</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -78pt; MARGIN: 0cm 0cm 0pt 108pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Cc.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diretor de Opera&#231;&#245;es e Diretor Jur&#237;dico </FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">(Copied to Operations Director and Legal Director)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELLER:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Av. Brigadeiro Faria Lima, n&#186; 3.400, 20&#186; andar</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 108pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">CEP 04538-132 &#150; S&#227;o Paulo &#150; SP</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx31) 3749-1210</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx31) 3749-1284</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diretor de Minera&#231;&#227;o</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> (Attention of Mining Director)</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -78pt; MARGIN: 0cm 0cm 0pt 108pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Cc.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diretor Comercial de Min&#233;rio de Ferro e Diretor Jur&#237;dico</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif"> (Copied to Iron Ore Commercial Director and Legal Director)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">(c)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; BIG JUMP PARTICIPA&#199;&#213;ES S.A.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif">Rua da Consola&#231;&#227;o, 247, 3rd Floor, Room 85A, S&#227;o Paulo, Brazil</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR  face="Times New Roman,serif"> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx11) 3170-8509</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx11) 3170-8549</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -8.45pt; MARGIN: 0cm 0cm 0pt 30pt" align=left><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp; At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diretor Presidente (Attention of Director-President)</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(d)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; BRAZIL JAPAN IRON ORE CORPORATION:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo, 107-8077, Japan</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81 3) 3497-3365</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81 3) 3497-3342</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -8.45pt; MARGIN: 0cm 0cm 0pt 30pt" align=left><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp; At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Yasuhiro Miyata</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">(e)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; POSCO:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">892 Daechi 4-dong Kangnam-gu, Seoul, 135-777, Korea</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82 2) 3457-0306</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82 2) 3457-1908</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -8.45pt; MARGIN: 0cm 0cm 0pt 30pt" align=left><I><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp;&nbsp; At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Myung Deuk Seo (Group Leader)</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">21</FONT><FONT style="FONT-SIZE: 12pt">/35</FONT></FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">21</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_22"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">CLAUSE FOURTEEN &#150; ARBITRATION</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">14.1.&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">The Parties are to submit any dispute, controversy or disagreement resulting from this Contract or related to same solely and exclusively to arbitration in the manner provided by Law No.&nbsp;9.307 of September 23, 1996 and by this Clause, provided that such dispute, controversy or disagreement is not settled amicably by the Parties within a period of 30 (thirty) days counting from the date on which one of the Parties has notified the other regarding the existence of such dispute, controversy or disagreement. Arbitration shall be definitive and the results thereof binding on the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">14.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; The arbitration proceedings shall take place in the City of S&#227;o Paulo, State of S&#227;o Paulo, and shall be administered by the International Court of Arbitration of the International Chamber of Commerce (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">ICC</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&#148;) and, except as provided in this Contract, shall be instituted and processed according to the Rules of Arbitration of the ICC (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">Rules</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&#148;).</FONT><
/P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">14.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; The arbitration panel shall be made up of 3 (three) arbitrators, with each one of the Parties being responsible for appointing 1 (one) arbitrator and these 2 (two) arbitrators appointed by the Parties responsible for jointly appointing the third arbitrator, who shall preside over the arbitration panel.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">14.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; The charges, fees and other expenses directly related to the arbitration proceedings, which include the costs due to the ICC and the arbitrators&#146; fees and, as the case may be, any expert witnesses called, shall be initially borne by both Parties in the same proportion, provided that the provisions contained in the Rules are complied with, though the arbitration award shall define the final allocation of such charges, fees and other expenses between the Parties. Each Party shall cover the expenses of the respective attorneys and assistants that it engages to represent it or to assist it during the arbitration proceedings.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">14.5.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">&nbsp; Without prejudice to the other provisions contained in this Contract, the Parties hereby acknowledge and admit the possibility of appealing to the Judiciary to obtain any urgent court measures that may be considered necessary to preserve their respective rights and interests and such measures are not to be interpreted as a waiver by the Parties of arbitration proceedings. For such purposes and for any court enforcement of an arbitration award issued by the arbitration panel, the Parties hereby choose the courts of the Judicial District of S&#227;o Paulo, State of S&#227;o Paulo, as having sole jurisdiction, with express waiver of any other courts, regardless of however much jurisdictional privilege they might have.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">In witness whereof, the Parties have caused this Contract to be executed in six (6) counterparts with the same form and contents, before the five (5) undersigned witnesses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">S&#227;o Paulo, SP, October 21<SUP>st</SUP>, 2008</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif">[</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif">Remainder of Page Intentionally Left Blank</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif">]</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 12pt">22/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">22</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_23></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 1/5 of the High Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 12pt">23/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">6/35</FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">6/3523</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_24"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 2/5 of the High Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt">24/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">24</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_25"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 3/5 of the High Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">BRAZIL JAPAN IRON ORE CORPORATION</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 12pt">25/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">25</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_26"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 4/5 of the High Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">BIG JUMP ENERGY PARTICIPA&#199;&#213;ES S.A.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2</FONT><FONT style="FONT-SIZE: 12pt">6/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">26</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_27"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 5/5 of the High Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">POSCO</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Witnesses:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ID (RG) No.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Tax Reg. (CPF/MF) No.:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">RG No.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CPF/MF No.:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt">2</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">7</FONT><FONT style="FONT-SIZE: 12pt">/35</FONT></FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">s6/3527</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_28"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">ATTACHMENT I</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">SPECIFICATIONS OF THE PRODUCT</FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt">28/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">28</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_29"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT II</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BASIC ANNUAL QUANTITIES AND MONTHLY QUANTITIES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Mining Year</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Basic Annual Quantity</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(in thousands of tons)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Quantity</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(in thousands of tons)</FONT></B></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">15,000<SUP>
<FONT face="Times New Roman,serif"><FONT face="Times New Roman,serif">[1]</FONT></FONT></SUP></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Basic Annual Quantity, divided by the number of months of supply in the Mining Year</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">42,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">48,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">4</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">48,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">48,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">48,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">48,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">48,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">9</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">48,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">11</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">12</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">13</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">14</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">15</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">16</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">17</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">18</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">19</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">20</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">21</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">22</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">54,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,500</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">23</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">52,080</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,340</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">24</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">52,080</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,340</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">25</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">52,080</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,340</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">26</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">52,080</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,340</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">27</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">52,080</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,340</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">28</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">52,080</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,340</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">29</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">52,080</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,340</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">30</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">51,306</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,276</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Total</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="38%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1,510,866</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="40%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt">29/35</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">29</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_30"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT III</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CRITERIA AND PROCEDURES FOR WEIGHING, DETERMINATION OF LIABILITY FOR FAILURE TO SUPPLY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">AND OBTAINING AND ANALYZING SAMPLES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEIGHING</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.1.&nbsp;&nbsp;&nbsp; The weighing of the Product supplied shall be provided by SELLER in accordance with a methodology to be discussed and detailed in good faith between the Parties up to&nbsp;12 (twelve) months prior to the date for initiating the supply of the Product.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.2.&nbsp;&nbsp;&nbsp; A weight certificate for each Batch of Product supplied shall be issued by SELLER and submitted to BUYER within no more than 5 (five) Working Days from the issue date.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.3.&nbsp;&nbsp;&nbsp; The scales used in the weighing process shall be gauged and calibrated by a renowned institution registered with the Brazilian Metrology Institute (INMETRO) at a frequency to be agreed between the Parties that is appropriate for this type of operation. The certificates of gauging and calibrating the scales are to be submitted by one Party to the other whenever requested.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DETERMINATION OF LIABILITY FOR FAILURE TO SUPPLY</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of Clause 10, the Parties agree that the definition of attribution of liability for failure to supply Product shall occur at the feeding of the Beneficiation Plant, in accordance with the methodology to be discussed and detailed in good faith between the Parties up to&nbsp;12 (twelve) months prior to the date for initiating the supply of the Product. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAMPLING AND ANALYSIS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sampling and analysis of the Product supplied carried out by SELLER in accordance with a methodology to be discussed and detailed in good faith between the Parties prior to the date for initiating supply of the Product, based on the applicable norms of the International Standards Organization (ISO).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.2.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">A certificate of quality for each Batch of Product supplied shall be provided by SELLER and submitted to BUYER within no more than 5 (five) Working Days from the issue date.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt">30/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">30</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_31"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT IV</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BANK ACCOUNTS OF THE PARTIES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Banco Ita&#250; &#150; 341</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Bank No.)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Ag&#234;ncia n&#186; 910</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Branch No.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Conta-Corrente n&#186; 09595-9</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Current Account No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></I></B></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Banco Citibank &#150; 745</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Bank No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Ag&#234;ncia n&#186; 003</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Branch No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Conta-Corrente n&#186; 5234085-6</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Current Account No.)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">31/35</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">31</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_32"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT V</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">model QUALITY CONTROL SHEET</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 1pt">
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; BACKGROUND: #99ccff; HEIGHT: 1pt; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="34%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Test Results (%)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; BACKGROUND: #99ccff; HEIGHT: 1pt; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Fe</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; BACKGROUND: #99ccff; HEIGHT: 1pt; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">SiO2</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; BACKGROUND: #99ccff; HEIGHT: 1pt; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Al2O3</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; BACKGROUND: #99ccff; HEIGHT: 1pt; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Mn</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; BACKGROUND: #99ccff; HEIGHT: 1pt; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">P</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; BACKGROUND: #99ccff; HEIGHT: 1pt; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">LOI</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="34%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 16.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">IPB (P11)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 16.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">14 samples</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="34%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 16.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">IPB (P13)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 16.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">9 samples</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="34%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">IPB Average &#133; (A)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">IPC (P25)</FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">G1+G2+G3 &#133; (B)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.85pt; PADDING-RIGHT: 2.85pt; HEIGHT: 1pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">32</FONT>/35</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">32</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_33"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT VI</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">TAXES IMPOSED ON THE SUPPLY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Tax</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Rate</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PIS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.65%</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COFINS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7.60%</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ICMS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">18.00%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #1</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a preponderantly exporter company </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained; and (ii) special regime by the State of Minas Gerais </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS </FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">obtained by BUYER.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #2</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a preponderantly exporter company </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained; and (ii) special regime by the State of Minas Gerais </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS NOT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained by BUYER.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / (1-18%) = PU / 0.82</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #3</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a preponderantly exporter company </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS NOT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained; and (ii) special regime by the State of Minas Gerais </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained by BUYER.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / [1 - (1.65% + 7.60% - X% - Y%)] </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">X% and Y% mean the difference between the nominal tax rates of PIS, equivalent to 1.65% and COFINS, equivalent to 7.6% and the effective tax rates of PIS and COFINS Contributions, respectively, paid by SELLER in the month preceding the one in which the PU is calculated.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #4</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a preponderantly exporter company </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS NOT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained; and (ii) special regime by the State of Minas Gerais </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS NOT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained by BUYER.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / [1 &#150; (1.65% + 7.60% -X% -Y% + 18%] </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">X% and Y% mean the difference between the nominal tax rates of PIS, equivalent to 1.65% and COFINS, equivalent to 7.6% and the effective tax rates of PIS and COFINS Contributions, respectively, paid by SELLER in the month preceding the one in which the PU is calculated.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt">33/35</FONT></P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">33</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_34"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT VII</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Lawsuits related to right of first refusal on iron ore related to Casa de Pedra Mine</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt"><FONT style="FONT-SIZE: 12pt">34/35</FONT></P>
<P style="MARGIN: 0cm 0cm 0cm 36pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<A name="page_35"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT VIII</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Example of Calculation of the Compensation Amount</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="100%" colSpan=4>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><BR>
<B>Monetary compensation for contract related breach</B><BR>
</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%"></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario B</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario C</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Services provided under transportation agreement as a % Declared Quantities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>100%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>96%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>90%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenues</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>100.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>96.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>90.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Fixed costs</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Variable costs</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(50.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(48.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(45.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Penalties, damages or indemnities paid by NAMISA to any third parties resulting from contract related breach</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(1.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>"Cash flow"</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>24.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="100%" colSpan=4>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
<B>"Monetary compensation"</B><BR>
</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenue shortfall</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>6.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Fixed cost adjustment</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Variable costs adjustment</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(3.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Penalties, damages or indemnities paid by NAMISA to any third parties resulting from contract related breach</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>1.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>"Cash flow" shorfall</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>4.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
Total "cash flow"</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt">35/35</FONT></P>
<DIV><FONT lang=PT-BR><BR clear=all>
</FONT></DIV>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">35</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>5
<FILENAME>exhibit105.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
<!DOCTYPE HTML PUBLIC "">


<html><head><title>Provided by MZ Data Products</title></head>

<BODY style="font-family: 'Times New Roman, Times, Serif'; text-align:justify; font-size:11px" bgcolor="#ffffff">
<P align="right"><a href="sidform20f2008a.htm#topexhibit">Table of Contents</a></P>
<A name="page_x1"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">LOW SILICA ROM IRON ORE SUPPLY CONTRACT</FONT></U></B></P>
<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">By means of this private legal instrument, on the one hand, in its capacity as buyer,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, a joint stock corporation organized and existing under Brazilian law, with its head office located in the City of Congonhas, State of Minas Gerais, Federal Republic of Brazil, at the address known as &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Logradouro Casa de Pedra</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;, s/n (unnumbered), Part, enrolled with the General Registry of Corporate Taxpayers of the Brazilian Ministry of Finance (CNPJ/MF) under No.&nbsp;08.446.702/0001-05 (and its successors, hereinafter referred to as &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;)


,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">and, on the other hand, in its capacity as seller,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, a joint stock corporation organized and existing under Brazilian law, with its head office located in the City of Rio de Janeiro, State of Rio de Janeiro, at Rua S&#227;o Jos&#233; No.&nbsp;20, Suite 1,602, Part, enrolled with the CNPJ/MF under No. 33.042.730/0001-04 (hereinafter referred to as &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SELLER</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;),</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(BUYER and SELLER are individually identified as &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Party</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; and jointly as &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Parties</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">and, as intervening parties:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BIG JUMP ENERGY PARTICIPA&#199;&#213;ES S.A</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">., a corporation organized and existing under Brazilian law, with its head offices located in the City of S&#227;o Paulo, State of S&#227;o Paulo, at Rua da Consola&#231;&#227;o, 247, 3<SUP>rd</SUP> Floor, Room 85A, enrolled with the CNPJ/MF under No. 09.431.882/0001-14, herein represented in accordance with its by-laws (and its successors, hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Brazilian SPC</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BRAZIL JAPAN IRON ORE CORPORATION</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, a company duly organized and existing under the laws of Japan, with its head office located at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo 107-8077, Japan, herein represented in accordance with its by-laws (hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Japanese SPC</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">POSCO</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, a company duly incorporated and validly existing under the laws of Korea, with head offices at 892 Daechi 4-dong Kangnam-gu, Seoul, 135-777, Korea, herein represented in accordance with its by-laws (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Posco</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(The Brazilian SPC, the Japanese SPC and Posco are collectively hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Intervening Parties</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">RECITALS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">WHEREAS</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(A)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; SELLER owns mining rights that assure it the operation of the iron ore mine known as the &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Casa de Pedra Mine</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;, located in the City of Congonhas, State of Minas Gerais (hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Casa de Pedra Mine</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(B)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; BUYER produces and sells iron ore and intends to acquire crude and unprocessed iron ore with low silica (SiO<SUB>2</SUB>) content on a run-of-mine (ROM) basis from SELLER; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>1<FONT style="FONT-SIZE: 12pt" face=Arial>/34</FONT></FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">/1 </FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x2"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(C)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; SELLER intends to supply BUYER with crude and unprocessed iron ore with low silica (SiO<SUB>2</SUB>) content obtained from the Casa de Pedra Mine and BUYER intends to acquire such iron ore from SELLER;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(D)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; the Parties simultaneously execute (i) a High Silica ROM Iron Ore Supply Contract, (ii) an Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects), (iii) a Port Operating Services Agreement; and (iv) a Support Agreement (solely in relation to Clause 2 thereof) (all such agreements, including this Low Silica ROM Iron Ore Supply Contract, but excluding the Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects), the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Related Contracts</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;); and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(E)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; the performance of each Related Contract will be considered part of the performance of a more comprehensive transaction between the Parties, which encompasses the supply of iron ore, railway transport of iron ore, port operating services and other transactions, as reflected in such Related Contracts and other arrangements and documents executed between the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Parties hereby sign and execute this Low Silica Iron Ore Supply Contract (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Contract</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), which shall be governed by the following clauses and conditions:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE ONE &#150; SCOPE</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; The scope of this Contract is the supply by SELLER to BUYER of crude and unprocessed iron ore run-of-mine (ROM) from the Casa de Pedra Mine, with low silica (SiO<SUB>2</SUB>) content and such other chemical and physical properties as set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Product</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), free of any encumbrance, charges, debts or doubts, with due regard to the other clauses of this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.15pt; MARGIN: 0cm 0cm 0pt 35.15pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.15pt; MARGIN: 0cm 0cm 0pt 35.15pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE TWO &#150; TERM, QUANTITIES AND CONDITIONS FOR SUPPLY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Term of Supply.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> The Product shall be supplied for 34 (thirty-four) Mining Years, beginning in the Mining Year of 2008. For the intents and purposes of this Contract, &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Mining Year</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; shall mean the period of 12 (twelve) months beginning on April 1<SUP>st</SUP> of a calendar year and ending on March 31<SUP>st</SUP> of the immediately subsequent calendar year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.1.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Extension.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In case there are any quantities of Products outstanding as of the end of the 34<SUP>th</SUP> Mining Year of this Contract, the term shall be automatically extended for as much time as necessary for the supply of such outstanding quantities, subject to all terms and conditions hereof. In case the term of this Contract is extended according to this Clause 2.1.1, the maximum Basic Annual Quantities applicable to all subsequent Mining Years shall be 3,000,000 wet metric tons of Product. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Contractual Quantity and Basic Annual Quantities.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Without prejudice to the provision contained in Clause 2.2.1 below, SELLER undertakes to make available to BUYER in each Mining Year the quantity of Product indicated in the respective column of </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment II</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (with such quantity of Product being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Basic Annual Quantity</FONT></U><FONT style="


FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; and the sum of the Basic Annual Quantities as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Contractual Quantity</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.2.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Notwithstanding the provision contained in Clauses 2.2 and 2.1.1. above, BUYER may acquire, at BUYER&#146;s sole discretion, in each Mining Year, a quantity of Product that ranges from [&#149;]<SUP>1</SUP> to [&#149;] of the Basic Annual Quantity set forth for the Mining Year in question (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Nominated Annual Quantity</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">provided</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> that:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=justify>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=justify><SUP>1</SUP>Text marked as [&bull;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY  WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. </P>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>2</FONT><FONT style="FONT-SIZE: 12pt" face=Arial>/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x3"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the total quantity of Product to be supplied under this Contract shall never exceed the Contractual Quantity; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if BUYER, in a certain Mining Year, for any reason whatsoever, acquires a quantity of Product lower than the Basic Annual Quantity applicable to such Mining Year, BUYER shall have the right to carry over the difference between the Basic Annual Quantity and the actual quantity of Product supplied to BUYER in such Mining Year (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Carry-Over Amount</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) for the subsequent Mining Years; provided that, in any given Mining Year, the effective quantities of Product to be supplied, including any Carry-Over Amounts, shall not be greater than [&#149;]% [&#149;] of the Basic


Annual Quantity for the relevant Mining Year; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">the acquisition by BUYER of amounts below the Basic Annual Quantity shall not be considered as a BUYER&#146;s Default (as defined in Clause 10.4 below).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.3.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Quantity.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> SELLER undertakes to make available to BUYER in each month of a Mining Year, the quantity of Product indicated in the respective column of </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment II</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (with such quantity of Product being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Quantity</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">provided</FONT></U><FONT


 style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">however,</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> that BUYER may, without prejudice to the provision contained in Clause 2.2 above, acquire, and SELLER shall supply in such case, in each month of a Mining Year a quantity of Product that is up to&nbsp;[&#149;]% [&#149;] greater than the Monthly Quantity, and BUYER shall nominate such additional quantity in the quarterly nomination, as provided in Clause 2.5.2.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Quantities Exceeding Threshold.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> If, for any reason whatsoever, BUYER requires more than [&#149;]% of the Monthly Quantity or Basic Annual Quantity during, respectively, each month of the term of this Contract or each Mining Year, BUYER and SELLER shall discuss in good faith such additional Product requirement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.5.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Nomination Procedure</FONT></I></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The quantity of Product to be supplied by</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SELLER to BUYER under this Contract during the term hereof shall be determined as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.5.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER shall inform by written notice to SELLER the Nominated Annual Quantity and an estimate of the Monthly Quantities to be supplied under this Contract in each Mining Year, determined in accordance with BUYER's annual budget, subject to Clauses 2.2, 2.3 and 2.4 above by October 31 of the preceding Mining Year. Unless the Nominated Annual Quantity informed by BUYER is not in accordance with Clauses 2.2, 2.3 and 2.4 above, such Nominated Annual Quantity shall be the quantity of Product established for the relevant Mining Year. For the avoidance of doubt, the acquisition by BUYER of amounts below the Nominated Annual Quantity shall not be considered as BUYER&#146;s Default (as defined in Clause 10.4 below).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.5.2. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">At least [&#149;] days</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">before the commencement of each quarter of each Mining Year, BUYER shall deliver to SELLER a nomination of the Monthly Quantity(ies). (hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Nominated Monthly Quantity</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). SELLER undertakes to make available to BUYER in each month of a Mining Year, but BUYER shall not in any event be obligated to take delivery of, the quantity of the Nominated Monthly Quantity. For the avoidance of doubt, the ac


quisition by BUYER of amounts below the Nominated Monthly Quantities shall not be considered as BUYER&#146;s Default (as defined in Clause 10.4 below).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Quantities Effectively Supplied.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> The quantities of Product effectively supplied under this Contract shall be determined based on the weighing of each Batch (as defined below) of Product supplied, to be carried out in accordance with the criteria and other procedures set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto, and shall be based on the weighing certificates provided under the terms of said </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">A


ttachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto. For the purposes of this Contract, the term &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Batch</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; means the quantity of Product </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">effectively supplied during the period encompassed between the first and last day of a determined month, as indicated on the weighing certificates provided.</FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif><BR>
3</FONT><FONT style="FONT-SIZE: 12pt" face=Arial>/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.7.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Place of Delivery, Transfer of Ownership and Quantities not Received.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> SELLER shall deliver the Product at a stockyard with a maximum capacity of 100,000 wet metric tons, located within a radius of 500m (five hundred meters) from Casa de Pedra Mine, to be defined by SELLER. It shall be the responsibility of BUYER to remove the Product from the place of delivery set forth in this Clause. The Product shall be considered as having been acquired by BUYER at the moment of such delivery, with BUYER assuming all the risks related to the Product as from such moment.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.7.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Whenever BUYER fails to withdraw any quantity of Product effectively delivered pursuant to Clause 2.7 above and, as a result of such failure, the storage capacity of such stockyard becomes full, SELLER may suspend any further supply of the Product. SELLER shall resume supply of the Product within 24 (twenty four) hours following the effective date on which BUYER resumes withdrawal of Product. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Chain of Contracts</FONT></I></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Parties acknowledge and agree that this Contract jointly with the other Related Contracts form a chain of contracts, so that the performance of the obligations arising out of this Contract may (i) depend on the due performance of the obligations of the Parties under the other Related Contracts and/or (ii) may affect the performance of the obligations of the Parties under the other Related Contracts. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.8.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; In case the performance of any obligations under this Contract is prevented or becomes unfeasible or uneconomical due to the non-performance of the obligations of either Party under any other Related Contract (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Affected Contracts</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), the Parties shall be subject to the following provisions: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 71.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">in case the failure to perform any Related Contract is attributable to either Party hereto, such Party shall also be liable for the non-performance of this Contract if and to the extent that this Contract is an Affected Contract;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 71.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 71.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(ii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">in case of any failure to perform any Related Contract due to a Force Majeure Event, as defined in any such Related Contract, the non-performance hereof shall be deemed to have occurred under a Force Majeure Event, if and to the extent such failure prevents the performance of this Contract. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Communication between SELLER and BUYER. </FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Parties undertake to keep close and frequent communication throughout the term of this Contract aiming at the achievement of the performance of their obligations under this Contract, as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.1&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Meetings</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Each Party shall indicate by written notice to the other Party, no later than 30 (thirty) days of the date of signature of this Contract, a committee of three or four officers and/or employees in charge of representing that Party in the management of the day-to-day operations under the Contract (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Representation Committee</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). The Representation Committee of each Party shall convene on a monthl


y basis, on a date to be agreed upon by the Parties through mutual discussion in good faith to discuss and define any issues related to the operations under this Contract and the Parties&#146; performance of their obligations hereunder, such as:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 39pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Planning and nomination of Quantity to be supplied by SELLER in the next month;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Review of the actual performance and quality of the supply of the Product for the immediately preceding month;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Reconciliation of Actual vs Budget for the operation of the month; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Discuss and agree in good faith any counter-measures (but in any event without </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">prejudice to any provision in this Contract) that shall be taken by each Party, as applicable, for any non-conformity, quality deviations or nonperformance of the Parties&#146; obligations under this Contract.</FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>4</FONT><FONT style="FONT-SIZE: 12pt" face=Arial>/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x5"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.2&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Yearly Meetings</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. The Representation Committee of the Parties shall annually convene on a date to be mutually agreed by the Parties in each Mining Year to discuss the operations and performance of the Parties&#146; obligations under this Contract for the preceding Mining Year, as well as issues such as:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 75pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Planning for next Mining Year; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Review the actual performance and quality of the supply of the Product for the previous Mining Year;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Reconciliation of Actual vs Budget for the operation of the Mining Year; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 81pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Discuss and agree in good faith any counter-measures that shall be taken by each Party, as applicable, for any non-conformity, quality deviations or nonperformance of the Parties&#146; obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 39pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.3. </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Third Parties&#146; Attendance</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. The Brazilian SPC may appoint representatives being entitled to attend the Yearly and/or Monthly Meetings provided in Clause 2.9.1 and 2.9.2 at its sole discretion.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.9.4. </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Day-to-day Communication</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. Further to the above, the Parties shall keep, through any of the members of the Representation Committee, close daily communication in connection with the operations of this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.10.</FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Access to SELLER&#146;s Daily Operations under this Contract</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER and the Brazilian SPC will be entitled to access and supervise SELLER&#146;s daily operations under this Contract, through a representative indicated by BUYER, including but not limited to quality control procedures, such as weighing, sampling and analysis, among others, and related operations at Casa de Pedra Mine. SELLER will endeavor its best efforts to provide such clarification or information requests which may be submitted by BUYER as a result thereof.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE THREE &#150; PRODUCT QUALITY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Quality of the Product Supplied</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. The Parties hereby acknowledge and agree that all the characteristics set out in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto as guaranteed specifications (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Guaranteed Specifications</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) are mandatory and guaranteed by SELLER. The quality of the Product supplied shall be determined b



ased on sampling and analysis to be carried out on each Batch in accordance with the criteria and other procedures set out in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.1. </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Quality Report</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></I><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SELLER shall verify and report in writing to BUYER, on both a weekly and monthly basis, the average quality of the Product supplied to BUYER at the immediately previous week and month, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1.1.1.&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Weekly Basis</FONT></I></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the actual average quality of the Product during the period between the first and last day of a determined week is lower than the Guaranteed Specifications, SELLER shall provide, jointly with the model quality control sheet, the background reason for such Product not satisfying the Guaranteed Specifications. In such case, BUYER shall be entitled to further request SELLER to take countermeasures to improve the quality of the Product for the next weeks, and such issue shall be discussed at the next Monthly Meeting, as provided i


n Clause 2.9.1 above. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1.1.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Basis.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> If the actual average quality of the Product during the period between </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">the first and last day of a determined month is lower than the Guaranteed Specifications, BUYER shall be entitled to further request, SELLER to take countermeasures required for quality improvement, and SELLER shall explain the background reasons for such Product not satisfying to the Guaranteed Specifications and propose suitable countermeasures at the next Monthly Meeting, as provided in

Clause 2.9.1 above. </FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>5</FONT><FONT style="FONT-SIZE: 12pt" face=Arial>/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x6"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Target Specifications</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The target specifications described in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto shall be used to calculate the Penalty / Bonus Component described in the formula set forth in Clause 4.1 below (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Target Specifications</FONT></U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Guaranteed Level</FONT></I></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In case the cumulated weekly quality of a certain quantity of Product supplied by SELLER to BUYER, being such quantity not lower than 200,000 wet metric tons of Product, falls under the monthly guaranteed level, SELLER shall take countermeasures to correct the quality of Product in the following weeks in order to guarantee that actual monthly quality of Product supplied to SELLER is at least equal to or higher than the monthly guaranteed specifications. Even after the countermeasures taken according to t


his Clause 3.1.3, if any Batch falls under the monthly guaranteed level set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto, BUYER shall have the right to reject that Batch. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Additional Expenses of BUYER.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In the event that BUYER incurs additional expenses and/or actual damages due to admixture of foreign material(s) and/or different products of iron ore, SELLER shall, notwithstanding anything to the contrary as contained herein, compensate BUYER for such additional expenses and/or actual damages within 90 (ninety) days.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE FOUR &#150; UNIT PRICE </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">4.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Unit Price.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp; The price per wet metric ton (wmt) of Product supplied shall be &#150; according to the conditions for delivery set out in Clause 2.7 above - determined on the basis of the quantities and quality (content of iron or &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Fe</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) of each Batch, based on the following formula (the price, per wet metric ton (wmt), resulting from application of the cited formula, the &#147;</FONT><U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Unit Price</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;):</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #e5e5e5; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 1pt">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #e5e5e5; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PU&nbsp;=&nbsp;P<SUB>1</SUB> +&nbsp;P<SUB>2</SUB></FONT></B></P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Where</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 2cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PU&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">=&nbsp;&nbsp;&nbsp; means Unit Price for a determined month of supply;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42.55pt; MARGIN: 0cm 0cm 0pt 70.9pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">P<SUB>1</SUB></FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; &nbsp; =&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Y</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">+ [Penalty / Bonus Component]</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> (cash component of the Product price)</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Y&nbsp;&nbsp;&nbsp;&nbsp; =&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">means, as of April 1<SUP>st</SUP>, 2008, the equivalent in Brazilian currency of US$[&#149;], it being certain that such amount shall be readjusted, at the beginning of each Mining Year, based on the same percentage readjustment as iron ore fines of the type known as standard sinter feed</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#150; SSF (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Itabira Fines</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">), as produced by the [&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> (hereinafter referred to as &#147;</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) and aimed for shipment through the Port of Tubar&#227;o to Japan (such ore being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Reference Ore</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), as disclosed (by order):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 30.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(i)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the Tex Report, as published by the Tex Report, Ltd. (or successor thereto);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.7pt; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(ii)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Tex Report, for any reason, is no longer available or does not any longer disclose the Reference Ore, the Metal Bulletin, published by Metal Bulletin, plc (or successor thereto); or</FONT></P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif><BR>
6</FONT><FONT style="FONT-SIZE: 12pt" face=Arial>/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P></P>
<DIV></DIV>
<A name="page_x7"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 1.7pt; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(iii)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Metal Bulletin, for any reason, is no longer available or does not any longer disclose the price of the Reference Ore, then the [&#149;] website or any other [&#149;] publication.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30.05pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Notwithstanding the provisions above, if, upon commencement of a Mining Year, the percentage readjustment applicable to the Reference Ore is not available and no other readjustment has been agreed between the Parties in view of the conditions of the international iron ore market, the &#147;Y&#148; applicable to the supplies to be carried out in the Mining Year that is about to begin shall temporarily be the &#147;Y&#148; then in effect until such time as the percentage readjustment applicable to the Reference Ore is known or determined. As soon as the percentage readjustment applicable to the Reference Ore is known or determined, the new &#147;Y&#148; shall be determined in accordance with the provisions contained in this Clause, with retroactive effects to the beginning of the Mining Year in question, with any eventual differences (either upwards or downwards) resulting from temp


orary use of the &#147;Y&#148; then in effect in the formula for determination of the Unit Price being agreed between the Parties within a period of 30 (thirty) days counting from the date on which the new &#147;Y&#148; has been disclosed and communicated in writing by SELLER to BUYER.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">In the event the Reference Ore should no longer be produced or sold, the Parties shall promptly replace it, for purposes of readjusting &#147;Y&#148;, with such product that succeeds Reference Ore or with such other type of iron ore that is representative on the international iron ore market that is agreed to by the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">For purposes of translating the &#147;Y&#148; into Brazilian currency, SELLER shall use the average of quotations for sale of the United States Dollar as disclosed by the Brazilian Central Bank (BACEN) by means of transaction PTAX 0800, option 5 (or such transaction as may replace same on the BACEN System - SISBACEN), in the month prior to that for issuance of the invoice relating to the supply of the Product, and shall take &#147;Y&#148; to 2 (two) decimal places after rounding off. "</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PTAX</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">" means the ask rate which means the Brazilian Reais&#146; bid and Dollar&#146;s ask rate, expressed as the amount of Brazilian Reais per one Dollar, published by the Central Bank of Brazil on SISBACEN Data System under transaction code PTAX-


800, Option 5, "</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Venda</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">" by approximately 6:00 p.m., S&#227;o Paulo time;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Penalty / Bonus Component</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> = (Fe% - Fe% Target Specifications) * US$[&#149;]/wmtu</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">wmtu = [&#149;]% of Fe Content of each wmt (=[&#149;]kg of Fe content in wmt); </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Fe%</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> = &nbsp; means the actual average iron content of QL in a determined month;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">QL</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; =&nbsp;&nbsp;&nbsp; means the quantity of the Batch effectively supplied to BUYER in a determined month, as indicated on the weighing certificates issued in the manner set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Fe % Target Specifications</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> = means the applicable iron content of Fe set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment I</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">P<SUB>2</SUB></FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means the amount in Brazilian Reais equivalent to US$ [&#149;], an amount that is fixed and non-adjustable for the entire period that this Contract remains in effect (non-cash amount of the Product price).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of translating the P<SUB>2</SUB> into Brazilian currency, SELLER shall use PTAX applicable at the close of the business of the day that is 2 (two) Business Days (as defined in Clause 5.1.1 below) prior to the relevant calculation date, which relevant calculation date for the purpose of the payment of the Advance Payment shall mean </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">the date on which such payment effectively occurs.&nbsp; If no PTAX value is available on such date, PTAX value on the date shall be replaced by the exchange rate freely practiced in the financial market.</FONT></P>

<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>7/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x8"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -41.95pt; MARGIN: 0cm 0cm 0pt 72pt">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">4.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxes.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> The Parties acknowledge and agree that the amounts attributed to &#147;P<SUB>1</SUB>&#148; and &#147;P<SUB>2</SUB>&#148; in Clause 4.1 above do not include taxes of any kind levied on the Product and/or on the supply of the Product (subject to Clauses 8.2, 8.3 and 8.4, as and if applicable), such as the Federal Social Integration Program &#150; PIS, the Social Security Finance &#150; COFINS contributions and the State Value-Added Tax on Circulation of Goods and Services &#150; ICMS. The taxes currently imposed on the Product and/or on the supply of the Product as well as the formula for the addition of those tax


es, if applicable, to the Unit Price are disclosed in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment V</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">CLAUSE FIVE &#150; ADVANCE PAYMENT</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">5.1.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Advance Payment.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> On the date agreed by the Parties but not later than 90 (ninety) days from the date of execution of this Contract, BUYER shall make available to SELLER, in advance, on account of the Product to be supplied by BUYER under this Contract, the amount in Brazilian Reais corresponding to US$&nbsp;178,315,984.31 (one hundred seventy eight million, three hundred and fifteen thousand, nine hundred and eighty four US dollars and thirty one cents) (hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Advance Payment</FONT></U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&#148;), which amount corresponds to the sum of each one of the results of multiplication (a) of each Monthly Quantity set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Attachment II</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> hereto (for each one of the months of each Mining Year), by (b) US$ 3.10 (three US dollars and ten cents), adjusted to present value through the signing date of this Contract based on a discount rate of </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">% </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> per annum. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">5.1.1</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; The conversion of amounts in Dollars into Brazilian Reais, under this Contract, shall use PTAX applicable at the close of the business of the day that is 2 (two) Business Days (as defined below) prior to the relevant calculation date, which relevant calculation date for the purpose of the payment of the Advance Payment shall mean the date on which such payment effectively occurs.&nbsp; If no PTAX value is available on such date, PTAX value on the date shall be replaced by the exchange rate freely practiced in the financial market. &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Business Day</FONT></U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&#148; means any day (excluding Saturdays and Sundays) on which commercial banks generally are open for the transactions of normal banking business (i) in the City of S&#227;o Paulo, Brazil, (ii) in the City of New York, United States of America, (iii) in the City of Tokyo, Japan and (iv) in the City of Seoul, South Korea.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">5.1.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> The Advance Payment shall be made by </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">means of available electronic transfer (TED - &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">transfer&#234;ncia eletr&#244;nica dispon&#237;vel</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&#148;) of funds to SELLER&#146;s current account indicated in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Attachment IV</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> hereto (or to such other account as may be notified by SELLER to BUYER under
 the terms of this Contract).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">5.2.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Deduction of the Advance Payment upon Supply of each Batch of Product.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> At the end of each month of supply, SELLER shall automatically deduct from the balance of SELLER&#146;s debt to BUYER in relation to the Advance Payment a fixed and non-adjustable amount corresponding to the portion of the Advance Payment attributable to the Batch of Product supplied in such month, which amount is equivalent to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; P<SUB>2 </SUB>(as defined in Clause 4.1 above);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; multiplied by QL (as defined in Clause 4.1 above).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">5.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Updating of SELLER&#146;s Debt to BUYER in relation to the Advance Payment.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> The balance of SELLER&#146;s debt to BUYER in relation to the Advance Payment shall be subject to the levying of </FONT>
<FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">interest charges, determined on the basis of an interest rate of </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">% </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> per annum, calculated on a monthly </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">pro rata</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> basis. </FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>8/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x9"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">5.3.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> The interest charges provided in Clause 5.3 above shall be computed through the end of each month (or fraction thereof), as from the date for making the Advance Payment and through the termination or expiration of this Contract, based on the balance of SELLER&#146;s debt to BUYER in relation to the Advance Payment on such date, after the deduction dealt with in Clause 5.2 above. Such interest charges, after being calculated, are to be treated in the following manner: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> of the amount corresponding to the interest charges shall be added to the balance of the cited SELLER&#146;s debt at the end of each Mining Year; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> of the amount corresponding to the interest charges shall be paid by SELLER to BUYER on the second Working Day of the month subsequent to the one in question, by </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">means of available electronic transfer (TED - &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">transfer&#234;ncia eletr&#244;nica dispon&#237;vel</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&#148;) of funds to SELLER&#146;s current account indicated in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Attac
hment IV</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"> hereto</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">. </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">For the purposes of this Contract, the term &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">Working Day</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">&#148; means any day except Saturdays, Sundays and holidays on which banks are not authorized to open for business in the City of S&#227;o Paulo, State of S&#227;o Paulo</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 60pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">the Parties shall redefine the proportion of interest charges provided in items (a) and (b) above in case of creation or alteration of taxesin order to maintain the financial balance of the date of execution hereof.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">5.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Every </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> years as from the commencement of the Products supply under this Contract, the Parties shall negotiate in good faith an increase of P<SUB>2</SUB>, &nbsp;which (i) shall never result in a total PU that is higher than the market price for the Product, and (ii) shall not result in any tax adverse effect for either Party. If the Parties fail to reach an agreement as to such increase, the then current P<SUB>2 </SUB>shall not be varied. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE SIX &#150; BILLING AND PAYMENT</FONT></B></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Issuance of Invoices.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> On the last day of each month, SELLER shall issue an invoice (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">NFF</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) for each Batch of Product supplied and submit such NFF to BUYER within no more than&nbsp;3 (three) Working Days from the issue date, with due regard to the provisions of this Clause and Applicable Law.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">6.1.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> The NFFs shall be issued to BUYER based on the weighing certificates provided in the manner set forth in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Attachment III</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> hereto in relation to each Batch of Product supplied. Each NFF is to reflect (a) the value of the Batch of Product supplied, in view of the Unit Price and the quantity of the Batch, (b) the portion of the Advance Payment attributable to the Batch of Product supplied, calculated in the manner provided by Clause 5.2 above and for the purposes set forth in such Clause, and (c) the balance to pay.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Payment Term of the NFFs.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> The NFFs are to be paid by BUYER within a period of no more than 30 (thirty) days counting from the date of BUYER&#146;s receipt of original NFF, without any financial compensation or inflation adjustment being due for such payment term.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.2.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In the event any NFF contains any irregularity, in BUYER&#146;s opinion, BUYER shall return it to SELLER within a period of no more than 5 (five) Working Days from receipt thereof, with SELLER being responsible for remedying such irregularity and resubmitting it to BUYER within a period of no more than 5 (five) Working Days.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>9/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x10"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.2.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In case there is any disagreement between the Parties in relation to any NFF received by BUYER, such disagreement shall be resolved in a period of no more than 30 (thirty) days counting from the date such disagreement is notified by any Party to the other, with any adjustments (either upwards or downwards) in the value of the NFF in relation to which there has been a disagreement being reflected in the immediately subsequent NFF or, if there are none, paid within the same deadline established in accordance with Clause 6.2 above, counting from the date on which such adjustments have been determined and agreed by the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.2.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> BUYER shall issue a debit note for such sums as SELLER expressly recognizes as being owed to BUYER under this Contract, with full offset of such amounts as are due to BUYER, at the latter&#146;s discretion, against amounts that BUYER has to pay to SELLER. In the event it is not possible or advisable to carry out the offset set forth in this Clause, the debit note shall be paid by SELLER within the same deadline established under Clause 6.2 above counting from the issue day of such debit note.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Manner of Payment.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> Any payment due by BUYER to SELLER shall be made by means of available electronic transfer (TED - &#147;</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">transfer&#234;ncia eletr&#244;nica dispon&#237;vel</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) of funds to SELLER&#146;s current account indicated in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment IV</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (or to such other account


 as may be notified by SELLER to BUYER under the terms of this Contract), with the transfer voucher slip serving as proof of payment and discharge of the respective obligation. Any payment due by SELLER to BUYER shall also be carried out through the TED system for transferring funds to BUYER&#146;s current account indicated in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment IV</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (or to such other account as may be notified by BUYER to SELLER under the terms of this Contract), with the transfer voucher slip serving as proof of payment and discharge of the respective obligation.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Late Payment Charges.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> In the event any delay should occur with respect to payment of amounts due under this Contract by one Party to the other, the amount due and not paid shall be monetarily restated based on the variation in the Reference Rate &#150; TR (or other such index as may replace the latter), plus late payment interest of 1% (one per cent) per month, calculated on a </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">pro rata</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> basis between the due date and the date of effective p


ayment, with no other type of increase being due.</FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">CLAUSE SEVEN &#150; REPRESENTATIONS OF THE PARTIES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Representations of SELLER.</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> SELLER hereby declares to BUYER, as of the signing date below and on the date of each supply of the Product, assuming responsibility for the&nbsp;correctness and truthfulness and completeness of such representations, that:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is a duly organized and validly established public joint stock corporation under the laws of Brazil and that it has full legal capacity to own and operate its facilities and conduct its business as conducted at present, and is duly qualified to supply the Product to BUYER under the terms of this Contract;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has obtained all the corporate or similar authorizations required to sign this Contract and to comply with the obligations attributed to it hereunder;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; this Contract has been duly and validly executed and delivered by SELLER and constitutes a legal, valid and binding obligation insofar as SELLER is concerned and is enforceable against it on the terms hereof; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(d)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is not insolvent, under court protection from creditors, extrajudicial or judicial recovery, and it is neither impeded from paying its obligations and nor has it been declared bankrupt;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>10/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x11"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">neither the execution and delivery of this Contract nor the consummation of the transactions and performance of the terms and conditions of this Contract by SELLER will (i)&nbsp;result in a violation or breach of or default under any provision of the by-laws of SELLER; (ii)&nbsp;will result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which SELLER is bound; or (iii)&nbsp;violate any constitution, statute, law, regulation, rule, ruling, charge, order, writ, injunction, judgment or decree (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Applicable Law</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) of or by


 any federal, national, state, municipal, local or similar government, governmental, regulatory, administrative or tax authority, agency or commission or any court, tribunal, or judicial or arbitral body (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Governmental Authority</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), which may negatively affect or prevent the performance of its obligations hereunder or under the other Related Contracts;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(f)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has good, valid and marketable title to, valid and subsisting leasehold or acquisition interests in or to, or valid, binding and enforceable rights to the Casa de Pedra Mine, and will have and keep good, valid and marketable title to, valid and subsisting leasehold or acquisition interests in or to, or valid, binding and enforceable rights to the Crushing Units and to TCLD, and other relevant assets and rights required for the performance hereof (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assets</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(g)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all Assets are (i) in good operating condition and repair, and are adequate for the uses to which they are being put and (ii) sufficient for the performance of the obligations of SELLER hereunder; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(h)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is not a party and will not enter into any agreement, arrangement, transaction, lease, license, note, mortgage, indenture, contract and other contractual rights and obligations, whether written or oral which negatively affect or prevent the performance of its obligations hereunder;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(i)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has been and will continue to be in full compliance with all Applicable Law related to the performance of this Contract, including without limitation those regarding tax, environmental, labor and social security matters;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(j)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has obtained and will keep all licenses, permits and authorizations required for its operation and the performance of this Contract; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(k)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">there is no court or administrative litigation, action, suit, proceeding, condemnation, investigation, claim, audit, order, decision, decree, writ, judgment, injunction, determination or award or any arbitration proceeding that may prevent, limit or affect SELLER&#146;s ability to perform any of its obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; </FONT><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Representations of BUYER</FONT></I></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">. BUYER hereby declares to SELLER, as of the signing date below and on the date of each supply of the Product, assuming responsibility for the&nbsp;correctness and truthfulness of such representations, that:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is a duly organized and validly established joint stock corporation under the laws of Brazil and that it has full legal capacity to own and operate its facilities and conduct its business as conducted at present, and is duly qualified to acquire the SELLER&#146;s Product under the terms of this Contract;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has obtained all the corporate or similar authorizations required to sign this Contract and to comply with the obligations attributed to it hereunder;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; this Contract has been duly and validly executed and delivered by BUYER and constitutes a legal, valid and binding obligation insofar as BUYER is concerned and is enforceable against it on the terms hereof;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>11/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x12"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(d)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is not insolvent, under court protection from creditors, extrajudicial or judicial recovery, and it is neither impeded from paying its obligations and nor has it been declared bankrupt;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(e)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; neither the execution and delivery of this Contract nor the consummation of the transactions and performance of the terms and conditions of this Contract by BUYER will (i)&nbsp;result in a violation or breach of or default under any provision of the by-laws of BUYER; (ii)&nbsp;will result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which BUYER is bound; or (iii)&nbsp;violate any Applicable Law of or by any Governmental Authority which may negatively affect or prevent the performance of its obligations hereunder;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(f)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has been and will continue to be in full compliance with all Applicable Law related to the performance of this Contract, including without limitation those regarding tax, environmental, labor and social security matters;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(g)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has obtained and will keep all licenses, permits and authorizations required for its operation and the performance of this Contract; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">there is no court or administrative litigation, action, suit, proceeding, condemnation, investigation, claim, audit, order, decision, decree, writ, judgment, injunction, determination or award or any arbitration proceeding that may prevent, limit or affect BUYER&#146;s ability to perform any of its obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE EIGHT &#150; EFFECTIVE TERM</FONT></B></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Contract shall take effect on the signing date below, </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">except</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">however</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">, that the supply of the Product shall begin on the date set out in Clause 2.1 above. This Contract shall be terminated (a) upon expiration of the term set forth in Clause 2.1 above or (b) in the manner provided by Clause 10 below, whichever occurs first.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties acknowledge and agree that BUYER shall be registered with the Brazilian Revenue Service (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Secretaria da Receita Federal do Brasil</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) as a preponderantly exporting company (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">empresa preponderantemente exportadora), </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">to obtain the benefit of the incentive tax regime addressed to Brazilian exporters for the suspension of the imposition of the PIS and COFINS Contributions under Law 10,865 dated April 30, 2004. BUYER shall use its best efforts


to obtain registration as a preponderantly exporting company within 6 (six) months as from the execution of this Contract or before the commencement of Product supply hereunder, whatever occurs later.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.2.1.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If BUYER fails to obtain registration as a preponderantly exporting company, or if at any time during the term of this Contract PIS and COFINS Contributions are imposed on the supply of Products under this Contract, the Parties agree that the cost of PIS and COFINS Contributions shall be added to the Unit Price in accordance with Clause 4.2 above and </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment V</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto, and BUYER shall use, to the extent possible, the tax credits related to the imposition of PIS and COFINS contributions on the supply of Products hereunder for each monthly supply of Products to set off against BUYER&#146;s federal t


ax liabilities related to the Brazilian Corporate Income Taxes or other federal taxes, within 12 (twelve) months counted from such monthly supply of Products. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.2.2.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If during such 12 (twelve) month term BUYER does not fully set off the PIS and COFINS credits recognized as a result of the supply of Products hereunder (in the manner described in Clause 8.2.1 above) for each monthly supply of Products, SELLER shall grant BUYER with non-interest bearing loans, under a current account mechanism, in the amount equivalent to 50% (fifty per cent) of the economic and financial burden equivalent to the amount of PIS and </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COFINS credits not settled-off, at the end of each 12 (twelve) month term after the date on which the supply of Products hereunder commences to be subject to the imposition of PIS and COFINS Contributions.</FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>12/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x13"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.2.3.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If and when BUYER succeeds in fully setting-off the PIS and COFINS credits mentioned in Clause 8.2.2, above, against federal taxes, BUYER shall repay to SELLER the portion of the loan referred to in Clause 8.2.2 equivalent to the amount of the credits fully set-off.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">In addition, the Parties shall use their best efforts to obtain within six (6) months as from the date of execution of this Contract, a binding ruling, in form and substance acceptable to both parties and each shareholder of BUYER, from the Tax Authorities of the States of Minas Gerais (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Secretaria de Estado da Fazenda de Minas Gerais) </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">providing that no ICMS or similar tax will be payable by any of the Parties, or its affiliates, in connection with any transactions contemplated herein. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.1.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the ICMS starts to be effectively imposed on the supply of Products under this Contract, the Parties agree that the cost of ICMS shall be added to the Unit Price in accordance with Clause 4.2 above and </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment V</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto. In this case, SELLER hereby commits to acquire or cause its Affiliates to acquire, for every 6 (six) months (the initial date of the first 6 (six) month period shall be considered the date on which the ICMS shall be considered due according to this Clause 8.3.1) all ICMS credits generated to BUYER and its Affiliates under this Contract and accumulated during each such 6 (six)-m


onth period. The ICMS credits acquisition herein shall be made at nominal value, up to the amount of the ICMS tax debts registered by any branches of SELLER and/or any of the branches of its Affiliates located in the State of Minas Gerais, which credits were generated in the relevant 6 (six)-month period. SELLER and SELLER&#146;s Affiliates shall acquire all BUYER&#146;s and BUYER&#146;s Affiliates&#146; ICMS credits generated in the State of Minas Gerais up to the limit of SELLER&#146;s and SELLER&#146;s Affiliates&#146; ICMS tax debts generated in that State excluding the SELLER&#146;s and SELLER&#146;s Affiliates&#146; ICMS tax debts offset against (i) SELLER&#146;s own ICMS tax credits and (ii) ICMS tax credits of branches of wholly owned subsidiaries of SELLER. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.2.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the ICMS starts to be effectively imposed on the supply of Products under this Contract and the SELLER and/or its Affiliates are not able to acquire all ICMS credits generated to BUYER and its Affiliates under this Contract every (6) six-month period, SELLER shall submit to BUYER within 10 days after each (6) six-month period (as regulated under this Clause 8.3), documents evidencing (i) the amount of ICMS tax debts registered by each of its branches and the branches of SELLER&#146;s Affiliates located in the State of Minas Gerais; (ii) the amount of ICMS tax credits registered by SELLER&#146;s branches and the branches of its wholly owned subsidiaries that were or shall be transferred to SELLER within said (6) six-month period and (iii) the amount of IC


MS tax credits registered by BUYER or any of its Affiliates as a result of the acquisition of Products under this Contract which are transferable to SELLER or SELLER&#146;s Affiliates (the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Transferable ICMS Tax Credits</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.3.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the amount of ICMS tax debts of SELLER and its Affiliates registered in the relevant 6 (six) month period as a result of the supply of Products under this Contract is lower than the Transferable ICMS Tax Credits determined under Clause 8.3.2 above, such difference may be carried over (to be set-off) within the following 12 (twelve) months to be transferred from BUYER or BUYER&#146;s Affiliates to SELLER and/or SELLER&#146;s Affiliates as provided in this Clause 8.3.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.4.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If the Parties fail to obtain the authorizations required by the Tax Authorities of the State of Minas Gerais to transfer ICMS credits as provided in this Clause 8.3 or if any difference mentioned in Clause 8.3.3 above is not transferred by BUYER or its Affiliates to SELLER or SELLER&#146;s Affiliates within the 12 (twelve) month period mentioned in Clause 8.3.3 above, SELLER shall grant BUYER with non-interest bearing loans, under a current account </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">mechanism, in the amount equivalent to 50% (fifty per cent) of the economic and financial burden equivalent to the non-transferable portion of the ICMS tax credits registered by BUYER or BUYER&#146;s Affiliates as from the end of each 1

2 month-term after the date on which the supply of Products hereunder commences to be subject to the imposition of ICMS.</FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>13/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x14"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.3.5.&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">If and when BUYER succeeds in transferring the ICMS tax credits mentioned in Clause 8.3.4, above, BUYER shall repay to the SELLER the portion of the loan referred to in Clause 8.3.4 in the amount of the transferred ICMS tax credits.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Once BUYER&#146;s right to offset or recover the PIS and COFINS credits or to transfer the ICMS tax credits in connection with a given month elapsed after the 5 (five) year period of statute of limitation set forth by the applicable legislation counted from the recognition of tax credits by BUYER or its Affiliates related to PIS and COFINS contributions as set forth in Clause 8.2.1 or related to the ICMS, as set forth in Clause 8.3.1, the balance, if any, of the relevant loans made in accordance with Clauses 8.3.1, 8.3.2, 8.3.4 and 8.3.5, above, shall be forgiven by the SELLER.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.5.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">In the event that the physical and/or symbolic transfers, flows of invoices, transfer of title or the supply of the Product under this Contract becomes subject to the ICMS at any time during this Contract, or to any value added tax imposed by the States in a form identical to the ICMS imposition, the Parties agree that Clauses 8.3.1 to 8.3.4 shall apply to the ICMS or such value added tax.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If at any time during the term of this Contract, as a result of change of Applicable Law, PIS and COFINS Contributions and/or the ICMS are replaced by new taxes imposed by any federal, state or municipal authority, which are imposed on the supply of Products under this Contract, or if other taxes are created and so imposed, the Parties shall negotiate in good faith on how the tax burden will be shared between them. If there is no agreement between the Parties within the period of six months counted from the change in Applicable Law mentioned in this Clause, the Parties shall share on a 50/50 basis the economic and financial burden equivalent to the amount of said tax burden.</FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE NINE &#150; ACTS OF GOD AND FORCE MAJEURE</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Provided that the provisions of this Clause are complied with, neither of the Parties shall be held liable to the other Party due to non-fulfillment of any obligation (except pecuniary obligations) attributed to it under this Contract and insofar as such non-fulfillment is directly attributable to an event of force majeure or act of God under Brazilian law, as defined by article 393, sole paragraph, of the Civil Code, including but not limited to (a) acts of wars (whether declared or not), epidemics, sabotage, military actions or hostilities and acts of terrorism or the escalation thereof occurring after the date hereof; (b) regional or national strikes, </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">work stoppages, slow


downs or lockouts </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">of any trade category involved in production of the Product </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">or adversely affecting abilities of either Party to comply with the terms and conditions of this Contract</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">; (c) acts of God and inclement weather or such other atypical events of nature that are not predictable and/or the effects of which cannot be avoided by employing reasonable control measures; (d) accidents or emergency stoppages in order to prevent accidents which impede or restrict the operation and/or construction and/or expansion of installations related to the production of the Product; (e) any decision by an arbitration panel or court of law (even if preliminary and subject to further appeal), obtained by or granted in favor of third parties that prevents compliance with either Party
&#146;s obligations under this Contract), except for litigation pertaining to right of first refusal on iron ore from Casa de Pedra Mine, included but not limited to the lawsuits listed in </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment VI</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> hereto (for the avoidance of doubt, those lawsuits shall not be considered nor deemed to be Force Majeure Event for every and all purposes of this Contract); (f) expropriation, or statement of eminent domain for expropriation purposes (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">declara&#231;&#227;o de utilidade p&#250;blica</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">), or any other restriction imposed by any public authority on either Party's assets adversely affecting either Party&#146;s assets or abilities to comply with the terms and conditions of this Contract; (g) any chang


e
s in Applicable Law occurring after the date hereof which prevents either Party from </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">complying with the terms and conditions of this Contract; and (h) any other circumstance, change, development, event or fact that is unpredictable or unavoidable by the affected Party and which prevents such Party from complying with the terms and conditions of this Contract, if and to the extent any such events qualify as force majeure under article 393 sole paragraph of the Civil Code (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Force Majeure Event</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>14/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x15"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">9.1.1&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">For all purposes, a Force Majeure Event under the other Related Contracts that renders unfeasible or otherwise prevents the performance of the Related Contracts in whole or part, including this Contract, shall be considered a Force Majeure Event under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif">9.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; In case of the occurrence of a Force Majeure Event, the Party whose obligations are being affected by such event of force majeure or act of God (such Party being hereinafter referred to as the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Affected Party</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&#148;) shall have 5 (five) Working Days counting from such event to notify the other Party of same and prove by means of appropriate documents, as the case may be, the occurrence of such event, as well as its direct or indirect impact on its obligations under this Contract. Notwithstanding, the Affected Party is to implement at its own expenses and as so
on as possible measures to mitigate the effects and the direction of the event of force majeure or act of God, indicating such measures to the other Party and keeping the latter constantly informed on the progress of such measures.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">9.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Should a Force Majeure Event occur:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; up to the end of </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">, SELLER shall pay to BUYER a compensation equal to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">K = P<SUB>2</SUB> x A</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Being:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">K &#150; Compensation Amount</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">A &#150; Quantity of Product not supplied due to the Force Majeure Event </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or after </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">, SELLER shall pay to BUYER a compensation equal to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">X = P<SUB>2</SUB> x B</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Being:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">X &#150; Compensation Amount</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">B &#150; Quantity of Product not supplied due to the Force Majeure Event in the first 365 days of such Force Majeure Event.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">9.3.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> Compensation amounts under Clause 9.3 shall be paid by SELLER to BUYER on a monthly basis until the 30<SUP>th</SUP> day of the subsequent month after the occurrence of a Force Majeure Event. Such provision shall apply to subsequent months, if the Force Majeure Event continues.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE TEN &#150; DEFAULT, MATERIAL DEFAULT, MATERIAL BREACH, INDEMNIFICATION, TERMINATION AND CONSEQUENCES OF TERMINATION</FONT></B></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; SELLER shall not be deemed to have breached this Contract if the annual quantity of Product supplied by SELLER to BUYER in any given Mining Year is equal to or greater than [&#149;]% [&#149;]</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> of the Nominated Annual Quantity, provided that amounts delivered below the Basic Annual Quantity shall be considered as Carry-Over Amounts.</FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>15<FONT style="FONT-SIZE: 12pt" face=Arial>/34</FONT></FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x16"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; SELLER shall be deemed to have breached this Contract if, for reasons attributable to SELLER, the annual quantity of Product supplied by SELLER to BUYER in any given Mining Year is lower than [&#149;]% [&#149;] but equal to or greater than [&#149;]% of the Nominated Annual Quantity (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Default</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.2.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Should a Default occur under Clause 10.2, then SELLER shall cure the Default, as early as practicable, but not later than [&#149;] days from the date of receipt of a written communication by BUYER to that effect, either by (i) supplying Product to BUYER (but solely to the extent necessary to reach at least [&#149;]% [&#149;] of the Nominated Annual Quantity), or (ii) paying a monetary compensation to BUYER for the difference between [&#149;]% [&#149;] of the Nominated Annual Quantity and the quantities effectively supplied, or (iii) both supplying Product (in an amount lower than the necessary to reach [&#149;]% [&#149;] of the Nominated Annual Quantity) and paying monetary compensation for the difference between the quantity of Product


s effectively supplied and [&#149;]% of the applicable Nominated Annual Quantity, in either case of (i), (ii) and (iii), as approved by the Brazilian SPC (which approval shall not be unreasonably withheld or delayed). If the Brazilian SPC does not approve such cure, SELLER shall cure the Default by paying the monetary compensation to BUYER. Any monetary compensation payable by SELLER to BUYER hereunder shall be determined as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the amount of such monetary compensation shall be discussed and agreed in good faith between SELLER and BUYER (with the BRAZILIAN SPC&#146;s good faith approval) within 30 (thirty) days from the date a written request to that effect is made by BUYER and shall correspond to (without the duplication or double counting) (x) the cash flow (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">fluxo de caixa</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) shortfall in connection with the loss of revenues resulting from sales of products not effected by BUYER (it being understood that &#147;cash flow&#148; shall mean BUYER&#146;s net sales revenues (</FONT><I><FONT style="FONT-SIZE:


11pt" lang=EN-US face="Times New Roman,serif">receita l&#237;quida de vendas</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) minus variable costs (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">custos vari&#225;veis</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) associated with such revenue shortfall and determined based on the then effective long and mid-term business plans of BUYER and (y) any penalties, damages or indemnities paid by BUYER to any third parties under commercial arrangements as a result of the the Default or Material Default, as the case may be (but excluding penalties, damages or indemnities, if any, payable to purchasers of BUYER&#146;s products in connection with offtake or similar agreements) (the amount of such compensation, the &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Compensation Amount</FONT></U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). For the avoidance of doubt, an example of the calculation of the Compensation Amount is attached hereto as </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Attachment VII</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in case SELLER and BUYER do not reach an agreement on the Compensation Amount, such amount shall be determined by BUYER&#146;s independent auditor within 30 (thirty) days from the date a written request to that effect is made either by SELLER or BUYER; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Compensation Amount shall be payable by SELLER to BUYER within 30 (thirty) days from the date (i) SELLER and BUYER reach an agreement on such amount or (ii) such amount is determined by BUYER&#146;s independent auditor, as the case may be.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.3.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SELLER shall be deemed to have materially breached an obligation set forth in this Contract if, for reasons attributable to SELLER, (i) the annual quantity of Product supplied by SELLER to BUYER in any given Mining Year is lower than [&#149;]% [&#149;] of the Nominated Annual Quantity; or (ii) if the weighted average of Fe contents of Products supplied to BUYER in any given Mining Year is lower than the Fe content indicated in the Guaranteed Specifications (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Material Default</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>16/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x17"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0cm 35.25pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.3.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Should a Material Default occur under Clause 10.3, then SELLER shall cure the Material Default, as early as practicable, but not later than [&#149;] days from the date of receipt of a written communication to that effect, either by (i) supplying Product to BUYER (but, in case of Material Default under Clause 10.3 (i), solely to the extent necessary to reach [&#149;]% [&#149;] of the Nominated Annual Quantity and/or, in case of Material Default under Clause 10.3 (ii), solely to the extent necessary to meet the Guaranteed Specifications in relation to the Products supplied to BUYER in the relevant Mining Year), (ii) paying the Compensation Amount to BUYER, or (iii) both supplying a quantity of Product (in an amount lower than the necessary to r


each [&#149;]% [&#149;] of the Nominated Annual Quantity) and paying monetary compensation for the difference between the quantity of Products effectively supplied and [&#149;]% of the applicable Nominated Annual Quantity, in either case of (i), (ii) and (iii), as approved by the Brazilian SPC (which approval shall not be unreasonably withheld or delayed). If BUYER does not approve such cure, SELLER shall cure the Material Default by paying the Compensation Amount to BUYER.&nbsp; If such Material Default remains uncured for a period of [&#149;] days from the date of receipt of a written communication to that effect, then, BUYER may claim for determination of the indemnification amount according to the provisions of Clause 10.2.1, items (b) and (c).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; If BUYER breaches any obligation set forth herein (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BUYER&#146;s Default</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), SELLER shall provide written notice of default to BUYER within [&#149;] days following the occurrence of such breach (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Notice of BUYER&#146;s Default</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;). SELLER and BUYER shall discuss in good faith the amount of the indemnification due by BUYER to SELLER, or any other remedies reasonably available, which, in no event, shall be greater than the loss of


income of SELLER deriving from sales of Product to BUYER not effected as a consequence of the Default. If no agreement is reached by the Parties within [&#149;] days as from receipt of the Notice of BUYER&#146;s Default, SELLER may claim for determination of the indemnification amount by SELLER&#146;s independent auditor.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.5.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Parties acknowledge and agree that this Contract is not intended to be terminated before the full performance hereof unless exceptional circumstances occur or otherwise expressly provided hereunder, due to the substantial investments made by both Parties for the performance thereof and the reliance of both Parties on the continued and full performance hereof. Without prejudice to any other rights provided in this Contract, but with the exclusion of any other termination right, except for those provided in this Clause 10, this Contract may be terminated in the cases indicated below and the Party that gives rise to such termination, either due to breach of contract or other circumstance attributable to it (with such Party being hereinafter referred to as the &#147;</FONT


><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Defaulting Party</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), shall not have any right to file a complaint and/or claim of any kind of indemnity whatsoever:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">by the other Party, at its exclusive discretion, in the event of non-compliance by the Defaulting Party with any monetary obligation set forth in this Contract, provided that the other Party notifies the </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Defaulting Party</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> with respect to such non-performance and the </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Defaulting Party</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> does not remedy such non-compliance within a period of [&#149;] days counting from the date of receipt of such notification; or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by the other Party, at its exclusive discretion, in the event of occurrence of a Material Default not cured according to Clause 10.3 (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Material Breach</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;); or </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(c)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">by the other Party, at its exclusive discretion, in case any representation made in this Contract by the Party in Default proves to be incorrect or untruthful, for any reason, as a result of which, at such other Party&#146;s reasonable judgment, the due performance of this Contract is materially adversely affected, provided that if such incorrect or untruthful matter can be remedied and is not remedied within a period of [&#149;] days counting from the date of receipt of such notification pointing out the incorrect or untruthful representation ; or</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>17/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x18"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(d)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; by the other Party, at its exclusive discretion, in the event of acceptance of a process for court recovery, the commencement of extrajudicial recovery, declaration of bankruptcy or dissolution of the Party in Default; or</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(e)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; by BUYER, if any other Related Contract is terminated by BUYER due to a Material Breach by SELLER as defined in such Related Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp; In the event this Contract should be terminated for a reason attributable to BUYER, BUYER shall indemnify SELLER for losses and damages (including any loss of income (business interruption) and indirect losses and damages, including consequential damages) effectively incurred due to termination of this Contract, which indemnity is hereby fixed in an amount equal to the balance of SELLER&#146;s debt to BUYER in relation to the Advance Payment (if any) as of the termination date, with SELLER being authorized, to such end, to offset the amount of such indemnity against SELLER&#146;s debt to BUYER in relation to the Advance Payment.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.7.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; If upon full supply of the Contractual Quantity by SELLER to BUYER, there is any balance of the Advance Payment made by BUYER to SELLER under Clause 5.1 (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Balance</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), BUYER shall pay to SELLER an amount equal to such Balance (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Payment</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;), in consideration for (i) the investments made by SELLER in order to produce and supply the Product to BUYER (purchasing equipment, hiring personnel, implementing systems, etc.), and (ii) the commitment assumed by S


ELLER to make the Contractual Quantity available to BUYER, including prejudice to any other business opportunities involving the iron ore from Casa de Pedra Mine. It is hereby agreed by the Parties on an irrevocable basis that the Advance Payment shall be immediately offset against the Payment.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.8.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp; In case SELLER commits a Default or Material Default under this Contract and such Default or Material Default is also deemed a Default or Material Default under any other Related Contract, SELLER&#146;s indemnification to BUYER under Clauses 10.2 and 10.3, as applicable, will be considered as SELLER&#146;s indemnification to BUYER for the Default or Material Default for all Affected Contracts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10.8.1. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">For the avoidance of doubt, the Parties hereby acknowledge that any Compensation Amount (as defined in each Related Contract or herein) shall be alternative and not cumulative remedies. Therefore, if BUYER receives any Compensation Amount under this Contract or any Related Contract for a specific Default or Material Default, BUYER shall not be entitled to receive any further compensation whether under this Contract, the other Related Contracts, or otherwise, for such Default or Material Default (to the extent that the Compensation Amount under this Contract overlaps the Compensation Amount under the other Related Contracts, and vice-versa).</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CLAUSE ELEVEN &#150; GENERAL PROVISIONS</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; The Parties acknowledge and agree that this Contract contains all the requisites needed for this instrument serving as a valid document for commencement of execution proceedings (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">t&#237;tulo executivo extrajudicial</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">), for all legal intents and purposes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; This Contract reflects the entire understanding of the Parties with respect to its scope and replaces any and all previous agreements and understandings. Each one of the Parties hereby acknowledges and confirms that it is not signing this Contract based on any representation, guarantee or other commitment by the other Party that is not fully reflected in the provisions hereof. Any matter relating to supply of the Product that is not specifically provided in this Contract shall be examined separately and mutually agreed upon by the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>18/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x19"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; Without prejudice to the provisions contained in Clause 11.4 below, this Contract binds the Parties, and/or successors on any degrees whatsoever. In this sense, in the event of merger, amalgamation (upstream merger under Brazilian law), spin-off or change in control of either of the Parties, continuity of this Contract is expressly assured, obligating the successor or any third parties related in any manner to the merger, amalgamation, spin-off or change in control of either of the Parties to comply with all the clauses, terms and conditions established in this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">11.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Neither Party shall assign or transfer (in whole or in part) its rights or obligations under this Contract without the prior written consent of the other Party, which consent shall not be unreasonably withheld, delayed or conditioned; provided, however, that (i) each of the Parties may assign all (but not a part) of its rights and obligations under this Contract without the prior written consent of the other Party to one of its Affiliates, and (ii) in case any third party or an Affiliate of SELLER acquires the mining rights relating to the Casa de Pedra Mine, (x) SELLER shall assign all (but not a part) of its rights and obligations under this Contract to such third party or Affiliate of SELLER if there is no split (</FONT><I>
<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">desmembramento</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) of such mining rights or (y) if split (</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">desmembramento</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">) of such mining rights occurs, SELLER and BUYER shall discuss in good faith to agree as to whether and how this Contract will be assigned (in whole or in part) based on the shared understanding that the Parties shall seek the best way to ensure that all obligations under this Contract shall continue to be fulfilled in accordance with the terms hereof. This Contract shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns and shall be enforceable by the Parties hereto and their respective successors and permitted assigns. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.05pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -29.95pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.4.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> In addition to the foregoing, in the event of an assignment or transfer as stated in Clause 11.4 (i) the assigning Party shall (a) ensure that, as a part of such assignment, the assignee accepts the assignment of all rights and obligations of the assigning Party under this Contract, and (b) shall remain jointly liable with the assignee for all obligations under this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -29.95pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">11.4.2. </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">For the purposes of Clause 11.4 and 11.4.1 above, &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Affiliates</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; shall mean, with respect to any Party, a person that directly or indirectly controls, or is under common control with, or is controlled by, such person. &nbsp;As used in this definition, &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">control</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; (including, with its correlative meanings, &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">controlled by</FONT></U>
<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148; and &#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">under common control with</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&#148;) shall mean possession, directly or indirectly, of securities having 50% or more of the voting power for the election of directors or other governing body of a corporation or 50% or more of the partnership or other ownership interests of any other person (other than as a limited partner of such other person).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">11.5.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; This Contract may only be amended or modified by means of prior agreement between the Parties and the signing of a specific amendment signed by both.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; Any omission or tolerance by the Parties in requiring the correct and punctual compliance with the specific or generic terms and conditions contained in this Contract, or in exercising any prerogative hereunder, shall not constitute any kind of waiver, desistance or novation, and nor shall it affect the right of the Parties to exercise them at any time.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.7.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; In the event any provision of this Contract should be considered invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions contained in this Contract shall not in any manner whatsoever be affected or prejudiced thereby and shall remain in full force and effect. The Parties shall negotiate in good faith to replace any provisions considered invalid, illegal or unenforceable with valid, legal and enforceable provisions, the effects of which shall approximate as closely as possible the legal and economic effects intended by the provisions considered invalid, illegal or unenforceable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.8.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; This Contract does not create or intend to create any kind of company, association, joint venture, cooperative, partnership, consortium, agency, and neither does it attribute or aim to create any kind of relationship involving principal and agent, commercial representation, business management </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">or other kind of similar legal arrangement between the Parties, except for those expressly provided in this Contract and directly related to the supply of the Product by SELLER to BUYER.</FONT></P>

<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>19/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x20"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.9.&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Each Party is responsible for covering its own costs and other expenses incurred or to be incurred in relation to the signing and execution of this Contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">11.10.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> Should, after the signature of this Contract, any taxes be created, or any tax rates, taxable base or manners for calculating any tax existing at the signing date below and involving taxable events related in any manner to this Contract be altered, via Applicable Law, or any special tax benefit available to the Parties related to this Contract granted by any federal, state of municipal taxing authorities be extinguished, the Parties shall negotiate, in good faith, to amend this Contract in order to restore its economic and financial balance. </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">CLAUSE TWELVE &#150; CONFIDENTIALITY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">12.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; During the time this Contract remains in effect and for the period of 5 (five) years after termination hereof, the Parties undertake &#150; for themselves as well as on behalf of third parties related to them &#150; to maintain absolute secrecy regarding the terms and conditions of this Contract, and also with respect to any and all information obtained as a result of this Contract, except (a) if the disclosure of such information is determined by this Contract or if such information is already proven to be in the public domain without failure of the Party receiving confidential information of the other Party, (b) with the express and prior authorization of the other Party, (c) in order to exercise any rights attributed to the Parties according to this Contract
, (d) required by Applicable Law, by an order of any governmental authority or as a result of a judicial order, in which case the disclosure shall be limited to the terms and conditions that are to be disclosed pursuant to such determination, and provided that the Party subject to such judicial order shall promptly notify the other Party and thus give such other Party the opportunity to limit or avoid the disclosure, to the extent permitted by the Applicable Law or (e) in case of BUYER, the disclosure of information to the Brazilian SPC, Japanese SPC, shareholders of Japanese SPC and Posco.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">CLAUSE THIRTEEN &#150; COMMUNICATIONS</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">13.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; All notices, communications, requests, authorizations and consents that have to be transmitted or given by the Parties under this Contract shall only be valid and effective if provided in writing through correspondence (under protocol or sent against notice of receipt) or fax (with proof of transmission) addressed in the following manner (or in such other manner as may be notified subsequently by one Party to the other):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BUYER:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">Alameda da Serra, n&#186; 400, 9&#186; andar</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 108pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">CEP 34000-000 &#150; Nova Lima &#150; MG</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx31) 3269-1410</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx31) 3269-1414</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diretor Comercial </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(Attention of Commercial Director)</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -78pt; MARGIN: 0cm 0cm 0pt 108pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">Cc.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diretor de Opera&#231;&#245;es e Diretor Jur&#237;dico </FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">(Copied to Operations Director and Legal Director)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">(b)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELLER:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -30pt; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">Av. Brigadeiro Faria Lima, n&#186; 3.400, 20&#186; andar</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 108pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">CEP 04538-132 &#150; S&#227;o Paulo &#150; SP</FONT></I></P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>20/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x21"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx31) 3749-1210</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx31) 3749-1284</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diretor de Minera&#231;&#227;o</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> (Attention of Mining Director)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 108pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Cc.:&nbsp;&nbsp;&nbsp;&nbsp; Diretor Comercial de Min&#233;rio de Ferro e Diretor Jur&#237;dico</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"> (Copied to Iron Ore Commercial Director and Legal Director)</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(c)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; BIG JUMP ENERGY PARTICIPA&#199;&#213;ES S.A.:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 27pt" align=left><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=#000000 face="Times New Roman,serif">Rua da Consola&#231;&#227;o, 247, 3rd Floor, Room 85A, S&#227;o Paulo, Brazil</FONT></I></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 27pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx11) 3170-8509</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 27pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0xx11) 3170-8549</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 27pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Diretor Presidente (Attention of Director-President)</FONT></I></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(d)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; BRAZIL JAPAN IRON ORE CORPORATION:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 30pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo, 107-8077, Japan </FONT></I></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 30pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81 3) 3497-3365</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 30pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81 3) 3497-3342</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 30pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Mr. Yasuhiro Miyata</FONT></I></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">(e)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; POSCO:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 30pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">892 Daechi 4-dong Kangnam-gu, Seoul, 135-777, Korea</FONT></I></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 30pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82 2) 3457-0306</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 30pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82 2) 3457-1908</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -8.45pt; MARGIN: 0cm 0cm 0pt 30pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp;&nbsp; At.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Mr. Myung Deuk Seo (Group Leader)</FONT></I></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">CLAUSE FOURTEEN &#150; ARBITRATION</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">14.1.&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">The Parties are to submit any dispute, controversy or disagreement resulting from this Contract or related to same solely and exclusively to arbitration in the manner provided by Law No.&nbsp;9.307 of September 23, 1996 and by this Clause, provided that such dispute, controversy or disagreement is not settled amicably by the Parties within a period of 30 (thirty) days counting from the date on which one of the Parties has notified the other regarding the existence of such dispute, controversy or disagreement. Arbitration shall be definitive and the results thereof binding on the Parties.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">14.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; The arbitration proceedings shall take place in the City of S&#227;o Paulo, State of S&#227;o Paulo, and shall be administered by the International Court of Arbitration of the International Chamber of Commerce (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">ICC</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&#148;) and, except as provided in this Contract, shall be instituted and processed according to the Rules of Arbitration of the ICC (&#147;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">Rules</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&#148;).</FONT><
/P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">14.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; The arbitration panel shall be made up of 3 (three) arbitrators, with each one of the Parties being responsible for appointing 1 (one) arbitrator and these 2 (two) arbitrators appointed by the Parties responsible for jointly appointing the third arbitrator, who shall preside over the arbitration panel.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">14.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; The charges, fees and other expenses directly related to the arbitration proceedings, which include the costs due to the ICC and the arbitrators&#146; fees and, as the case may be, any expert witnesses called, shall be initially borne by both Parties in the same proportion, provided that the provisions contained in the Rules are complied with, though the arbitration award shall define the final allocation of such charges, fees and other expenses between the Parties. Each Party shall cover the expenses of the respective attorneys and assistants that it engages to represent it or to assist it during the arbitration proceedings.</FONT></P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>2<FONT style="FONT-SIZE: 12pt" face=Arial>1/34</FONT></FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_x22"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">14.5.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">&nbsp; Without prejudice to the other provisions contained in this Contract, the Parties hereby acknowledge and admit the possibility of appealing to the Judiciary to obtain any urgent court measures that may be considered necessary to preserve their respective rights and interests and such measures are not to be interpreted as a waiver by the Parties of arbitration proceedings. For such purposes and for any court enforcement of an arbitration award issued by the arbitration panel, the Parties hereby choose the courts of the Judicial District of S&#227;o Paulo, State of S&#227;o Paulo, as having sole jurisdiction, with express waiver of any other courts, regardless of however much jurisdictional privilege they might have.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">In witness whereof, the Parties have caused this Contract to be executed in five (5) counterparts with the same form and contents, before the two (2) undersigned witnesses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">S&#227;o Paulo, SP, October 21<SUP>st</SUP>, 2008</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif">[</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif">Remainder of Page Intentionally Left Blank</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif">]</FONT></P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>22/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_23"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 1/5 of the Low Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>23/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_24"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 2/5 of the Low Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>24/34</FONT>
<HR align=center SIZE=2 width="100%" noShade>
</DIV></DIV>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_25"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 3/5 of the Low Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">BRAZIL JAPAN IRON ORE CORPORATION</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>25/34</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif"> </FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_26"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 4/5 of the Low Silica ROM Iron Ore Supply Contract, entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">BIG JUMP ENERGY PARTICIPA&#199;&#213;ES S.A.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>26/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_27"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature Page 5/5 of the Low Silica ROM Iron Ore Supply Contract, entered into on October,&nbsp;21,&nbsp;2008, among Nacional Min&#233;rios S/A. Companhia Sider&#250;rgica Nacional, Big Jump Energy Participa&#231;&#245;es S.A., Brazil Japan Iron Ore Corporation and POSCO.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">POSCO</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Witnesses:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ID (RG) No.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Tax Reg. (CPF/MF) No.:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">RG No.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CPF/MF No.:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>27/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_28"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">ATTACHMENT I</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman,serif">CHEMICAL SPECIFICATIONS OF THE PRODUCT</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>28/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_29"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT II</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BASIC ANNUAL QUANTITIES AND MONTHLY QUANTITIES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Mining Year</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Basic Annual Quantity</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(in thousands of tons)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; BORDER-TOP: 1pt solid #000000; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Monthly Quantity</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(in thousands of tons)</FONT></B></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,400</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Basic Annual Quantity, divided by the number of months of supply in the Mining Year</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">4</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">6</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">8</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">9</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">10</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">11</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">12</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">13</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">14</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">15</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">16</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">17</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">18</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">19</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">20</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">21</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">22</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">23</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">24</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">25</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">26</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5,040</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">420</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">27</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">250</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">28</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">250</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">29</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">250</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">30</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">250</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">31</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">250</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">250</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">33</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">250</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">34</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,274</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">190</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="27%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Total</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">151,674</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>29/34</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">/</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_30></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT III</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CRITERIA AND PROCEDURES FOR WEIGHING</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">AND OBTAINING AND ANALYZING SAMPLES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEIGHING</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.1.&nbsp;&nbsp;&nbsp; The weighing of the Product supplied shall be provided by SELLER in accordance with a methodology to be discussed and detailed in good faith between the Parties up to&nbsp;12 (twelve) months prior to the date for initiating the supply of the Product.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.2.&nbsp;&nbsp;&nbsp; A weight certificate for each Batch of Product supplied shall be issued by SELLER and submitted to BUYER within no more than 5 (five) Working Days from the issue date.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.3.&nbsp;&nbsp;&nbsp; The scales used in the weighing process shall be gauged and calibrated by a renowned institution registered with the Brazilian Metrology Institute (INMETRO) at a frequency to be agreed between the Parties that is appropriate for this type of operation. The certificates of gauging and calibrating the scales are to be submitted by one Party to the other whenever requested.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAMPLING AND ANALYSIS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sampling and analysis of the Product supplied carried out by SELLER in accordance with a methodology to be discussed and detailed in good faith between the Parties prior to the date for initiating supply of the Product, based on the applicable norms of the International Standards Organization (ISO).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certificate of quality for each Batch of Product supplied shall be provided by SELLER and submitted to BUYER within no more than 5 (five) Working Days from the issue date.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>30/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_31"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT IV</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BANK ACCOUNTS OF THE PARTIES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Banco Ita&#250; &#150; 341</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Bank No.)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Ag&#234;ncia n&#186; 910</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Branch No.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Conta-Corrente n&#186; 09595-9</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Current Account No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></I></B></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Banco Citibank &#150; 745</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Bank No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Ag&#234;ncia n&#186; 003</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Branch No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Conta-Corrente n&#186; 5234085-6</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Current Account No.)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">&nbsp; </FONT></B></P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>31/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_32"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT V</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">TAXES IMPOSED ON THE SUPPLY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Tax</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Rate</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PIS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.65%</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COFINS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7.60%</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ICMS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">18.00%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #1</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a preponderantly exporter company </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained; and (ii) special regime by the State of Minas Gerais </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS </FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">obtained by BUYER.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #2</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a preponderantly exporter company </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained; and (ii) special regime by the State of Minas Gerais </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS NOT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained by BUYER.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / (1-18%) = PU / 0.82</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #3</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a preponderantly exporter company </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS NOT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained; and (ii) special regime by the State of Minas Gerais </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained by BUYER.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / [1 - (1.65% + 7.60% - X% - Y%)] </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">X% and Y% mean the difference between the nominal tax rates of PIS, equivalent to 1.65% and COFINS, equivalent to 7.6% and the effective tax rates of PIS and COFINS Contributions, respectively, paid by SELLER in the month preceding the one in which the PU is calculated.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #4</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a preponderantly exporter company </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS NOT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained; and (ii) special regime by the State of Minas Gerais </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">IS NOT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> obtained by BUYER.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / [1 &#150; (1.65% + 7.60% -X% -Y% + 18%] </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">X% and Y% mean the difference between the nominal tax rates of PIS, equivalent to 1.65% and COFINS, equivalent to 7.6% and the effective tax rates of PIS and COFINS Contributions, respectively, paid by SELLER in the month preceding the one in which the PU is calculated.</FONT></P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>32/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_33"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT VI</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Lawsuits related to right of first refusal on iron ore related to Casa de Pedra Mine</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>33/34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_34"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT VII</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Example of Calculation of the Compensation Amount</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 53.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="100%" colSpan=4>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><BR>
<B>Monetary compensation for contract related breach</B><BR>
</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%"></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario B</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario C</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Services provided under transportation agreement as a % Declared Quantities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>100%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>96%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>90%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenues</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>100.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>96.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>90.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Fixed costs</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Variable costs</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(50.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(48.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(45.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Penalties, damages or indemnities paid by NAMISA to any third parties resulting from contract related breach</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(1.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>"Cash flow"</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>24.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="100%" colSpan=4>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
<B>"Monetary compensation"</B><BR>
</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenue shortfall</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>6.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Fixed cost adjustment</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Variable costs adjustment</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(3.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Penalties, damages or indemnities paid by NAMISA to any third parties resulting from contract related breach</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>1.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>"Cash flow" shorfall</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>4.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
Total "cash flow"</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>34/34</FONT></P>
</DIV></DIV> <H5 style="PAGE-BREAK-BEFORE: always" align=left></H5>
<HR align=left color=#000000 SIZE=2 noShade>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>6
<FILENAME>exhibit106.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
<!DOCTYPE HTML PUBLIC "">


<html><head><title>Provided by MZ Data Products</title>

</head>

<BODY style="font-family: 'Times New Roman, Times, Serif'; text-align:justify; font-size:11px" bgcolor="#ffffff">
<P align="right"><a href="sidform20f2008a.htm#topexhibit">Table of Contents</a></P>
<A name="page_1"></A>

<P align="center">
<B><U>IRON ORE SUPPLY CONTRACT AND OTHER COVENANTS (TAILING DAM REJECTS)</U></B><B> </B></P>
<P align="justify">
By means of this private legal instrument, on the one hand, in its capacity as buyer, </P>
<P align="justify">
<B>NACIONAL MIN&Eacute;RIOS S/A</B>, a joint stock corporation organized and existing under Brazilian law, with its head office located in the City of Congonhas, State of Minas Gerais, Federal Republic of Brazil, at the address known as
&#147;<I>Logradouro Casa de Pedra</I>&#148;, s/n (unnumbered), Part, enrolled with the General Registry of Corporate Taxpayers of the Brazilian Ministry of Finance (&#147;CNPJ/MF&#148;) under No. 08.446.702/0001 -05 (and its successors, hereinafter
referred to as &#147;<U>BUYER</U>&#148;), </P>
<P align="justify">
and, on the other hand, in its capacity as seller, </P>
<P align="justify">
<B>COMPANHIA SIDER&Uacute;RGICA NACIONAL</B>, a joint stock corporation organized and existing under Brazilian law, with its head office located in the City of Rio de Janeiro, State of Rio de Janeiro, at Rua S&atilde;o Jos&eacute; No. 20, Suite
1602, Part, enrolled with the CNPJ/MF under No. 33.042.730/0001 -04 (hereinafter referred to as &#147;<U>SELLER</U>&#148;), </P>
<P align="justify">
(BUYER and SELLER are individually identified as &#147;<U>Party</U>&#148; and jointly as &#147;<U>Parties</U>&#148;). </P>
<P align="justify">
and, as intervening parties: </P>
<P align="justify">
<B>BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A</B>., a corporation organized and existing under Brazilian law, with its head offices located in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, at Rua da Consola&ccedil;&atilde;o, 247,
3<SUP>rd</SUP> Floor, Room 85A, enrolled with the CNPJ/MF under No. 09.431.882/0001 -14, herein represented in accordance with its by-laws (and its successors, hereinafter referred to as the &#147;<U>Brazilian SPC</U>&#148;); </P>
<P align="justify">
<B>BRAZIL JAPAN IRON ORE CORPORATION</B>, a company duly organized and existing under the laws of Japan, with its head office located at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo 107-8077, Japan, herein represented in accordance with its by-laws
(hereinafter referred to as the &#147;<U>Japanese</U> <U>SPC</U>&#148;); </P>
<P align="justify">
<B>POSCO</B>, a company duly incorporated and validly existing under the laws of Korea, with head offices at 892 Daechi 4-dong Kangnam-gu, Seoul, 135-777, Korea, herein represented in accordance with its by-laws (&#147;<U>Posco</U>&#148;); </P>
<P align="justify">
(the Brazilian SPC, the Japanese SPC and POSCO are individually identified as &#147;<U>Intervening Party</U>&#148; and jointly as &#147;<U>Intervening Parties</U>&#148;); </P>
<P align="center">
<B>RECITALS </B></P>
<P align="justify">
<B>WHEREAS</B>: </P>
<P align="justify">
<B>(A)</B> SELLER has tailing dams at its iron ore mine named the &#147;Casa de Pedra Mine&#148;, located in the City of Congonhas, State of Minas Gerais (hereinafter referred to as &#147;<U>Casa de Pedra Mine</U>&#148;), at which dams rejects
resulting from the iron ore production process are deposited; </P>
<P align="justify">
<B>(B)</B> BUYER intends to acquire from SELLER rejects resulting from the tailing dams denominated &#147;tailing dam IV&#148; and &#147;tailing dam V&#148; of the Casa de Pedra Mine (with such tailing dams being hereinafter referred to as
&#147;<U>B-IV</U>&#148; and &#147;<U>B-V</U>&#148;, respectively), and BUYER wishes to assume responsibility for the removal of such rejects at its own cost and expenses from the B-IV and B-V
tailing dams, and SELLER intends to supply and, therefore, authorize BUYER to remove such rejects;</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_2"></A>

<P align="justify"><B>(C)</B> parallel to the supply of rejects from the B-IV and B-V tailing dams, BUYER intends to set up a plant to process the tailing dams rejects (&#147;<U>Concentration Plant</U>&#148;) to produce two types of pellet feed: (i) direct reduction
pellet feed (&#147;<U>DRPF</U>&#148;) and (ii) blast furnace pellet feed (&#147;<U>BFPF</U>&#148;) (collectively, &#147;<U>Pellet Feed</U>&#148;). BFPF is supposed to feed a pelletizing plant to be constructed by BUYER (&#147;<U>Pelletizing Plant I</U>&#148;), during its initial start-up phase. The Concentration Plant is to be located at Casa de
Pedra Mine, in an area owned by SELLER to be assigned to BUYER on a free lease (<I>commodato</I>) basis for this purpose; and </P>
<P align="justify">
<B>(D) </B>the Parties simultaneously execute (i) a Low Silica ROM Iron Ore Supply Contract; (ii) a High Silica ROM Iron Ore Supply Contract; (iii) a Port Operating Services Agreement; and (iv) a Support Agreement (solely in relation to Clause 2
thereof) (all such agreements, but excluding this Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects), the &#147;<U>Related</U> <U>Contracts</U>&#148;);</P>
<P align="justify">
The Parties hereby execute this Iron Ore Supply Contract and Other Covenants (the &#147;<U>Contract</U>&#148;), which shall be governed by the following clauses and conditions: </P>
<P align="center">
<B>CLAUSE ONE &#150; SCOPE</B> </P>
<P align="justify">
<B>1.1.</B> The scope of this Contract is the supply by SELLER to BUYER of tailing dam rejects deposited at tailing dams B-IV and B-V of the Casa de Pedra Mine, with the chemical properties (specifications) for the rejects of each tailing dam as set
forth in <U>Attachment I</U> hereto (the &#147;<U>Product</U>&#148;), free of any encumbrance, charges, debts or doubts, with due regard to the other clauses of this Contract. All references to Product in this Contract shall comprise both types of
tailing dam rejects to be supplied hereunder or each of them separately, as required by the context of each specific provision. </P>
<P align="justify">
<B>1.1.1 </B>For the purposes of supply of Products hereunder, SELLER authorizes BUYER to have the Products removed as provided in this Contract. SELLER shall provide free access to tailing dams B-IV and B-V to BUYER&#146;s personnel, equipment,
material as required for the performance of this Contract. The Parties shall discuss in good faith the terms and conditions of such access by BUYER in order to comply with this Contract. </P>
<P align="center">
<B>CLAUSE TWO &#150; TERM, QUANTITIES AND CONDITIONS FOR SUPPLY </B></P>
<P align="justify">
<B>2.1.</B> <B><I>Term of Supply.</I></B> The Product shall be supplied for [&#149;]<SUP>1</SUP> consecutive months, beginning when the Concentration Plant starts to operate (which is expected to occur in [&#149;] of the Mining Year of [&#149;]).
For the intents and purposes of this Contract, &#147;<U>Mining Year</U>&#148; shall mean the period of 12 (twelve) months beginning on April 1<SUP>st</SUP> of a calendar year and ending on March 31<SUP>st</SUP> of the subsequent calendar year. </P>
<P align="justify">
<B>2.1.1. </B><B><I>Extension.</I></B> In case SELLER supplies an amount of Products lower than the Contractual Quantity (as defined in Clause 2.2 below) as of the end of the term provided in Clause 2.1, the term of this Contract shall be extended
for a maximum period of [&#149;] months; provided that, in no event shall the term of this Contract exceed [&#149;] unless otherwise agreed by the Parties.</P>
<P align="justify">
<SUP>1</SUP> Text marked as [&#149;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_3"></A>

<P align="justify">
<B>2.2.</B> <B><I>Contractual Quantity.</I></B> SELLER undertakes to make available to BUYER [&#149;] wet metric tons of Product (such quantity of Product being hereinafter referred to as the &#147;<U>Contractual Quantity</U>&#148;). <B> </B></P>
<P align="justify">
<B>2.3.</B> <B><I>Quantities Effectively Supplied.</I></B> The quantity of Product effectively supplied under this Contract shall be determined based on the weighing of each Batch (as defined below) of Product supplied, to be carried out in
accordance with the criteria and other procedures set forth in <U>Attachment</U> <U>III</U> hereto, and shall be based on the weighing certificates provided on such <U>Attachment III</U>. For the purposes of this Contract, the term
&#147;<U>Batch</U>&#148; means the quantity of Product effectively supplied during the period between the first and last day of a determined month, as indicated on the weighing certificates provided. </P>
<P align="justify">
<B>2.4.</B> <B><I>Place of Removal.</I></B> The Contractual Quantity to be made available to BUYER under this Contract is located at tailing dams B-IV and B-V. On the date for beginning of supply of the Product, BUYER may start removing the Product
from tailing dams B-IV and B-V, at its own cost and expense, assuming all responsibilities for all activities relating to such removal, in accordance with this Contract. </P>
<P align="justify">
<B>2.5.</B> <B><I>Transfer of Ownership. </I></B>Title to and risks in relation to the Product shall be transferred from SELLER to BUYER upon removal thereof by BUYER from tailing dams B-IV and B-V. </P>
<P align="justify">
<B>2.6. </B><B><I>Communication between SELLER and BUYER. </I></B>The Parties undertake to keep close and frequent communication throughout the term of this Contract aiming at the achievement of the performance of their obligations under this
Contract, as follows: </P>
<P align="justify">
<B>2.6.1. </B><B><I>Monthly Meetings</I></B><I>.</I> Each Party shall indicate by written notice to the other Party, no later than 30 (thirty) days of the date of execution of this Contract, a committee of three or four officers and/or employees in
charge of representing that Party in the management of the day-to-day operations under the Contract (the &#147;<U>Representation Committee</U>&#148;). The Representation Committee of each Party shall convene on a monthly basis, on a date to be
agreed upon by the Parties through mutual discussion in good faith (and, if not a business day, the immediately following business day) to discuss and define any issues related to the operations under this Contract and the Parties&#146; performance
of their obligations hereunder, such as: </P>
<blockquote>
  <p align="justify">
    - Planning and nomination of Quantity to be supplied by SELLER in the next month;<br>
    - Review of the actual performance and quality of the supply of the Product for the immediately preceding month;<br>
    - Reconciliation of Actual vs Budget for the operation
    of the month; and <br>
    - Discuss and agree in good faith any counter-measures (but in any event without prejudice to any provisions of this Contract) that shall be taken by each Party, as applicable, for any non-conformity, quality deviations or
    nonperformance of the Parties&#146; obligations under this Contract. </p>
</blockquote>
<P align="justify">
<B>2.6.2.</B><B><I> Yearly Meetings</I></B>. The Representation Committee of the Parties shall annually convene on a date to be mutually agreed by the Parties in each Mining Year to discuss the operations and performance of the Parties&#146;
obligations under this Contract for the preceding Mining Year, as well as issues such as: </P>
<blockquote>
  <p align="justify">
    - Planning for next Mining Year;<br>
    - Review the actual performance and quality of the supply of the Product for the previous Mining Year;<br>
    - Reconciliation of Actual vs Budget for the operation of the Mining Year; and <br>
    - Discuss and agree in good faith any counter-measures that shall
    be taken by each Party, as applicable, for any non-conformity, quality deviations or nonperformance of the Parties&#146; obligations under this Contract.</p>
</blockquote>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_4"></A>

<P align="justify"><B>2.6.3.</B><B><I> INTERVENING PARTIES&#146; Attendance</I></B>. The Intervening Parties may appoint representatives being entitled to attend the Yearly and Monthly Meetings provided in Clause 2.6.1 and 2.6.2 at its sole discretion. </P>
<P align="justify">
<B>2.6.4.</B><B><I> Day-to-day Communication</I></B>. Further to the above, Parties shall keep, through any of the members of the Representation Committee, close daily communication in connection with the operations of this Contract. </P>
<P align="justify">
<B>2.7.</B><B><I> Access to BUYER&#146;s Daily Operations under this Contract</I></B><I>. </I>SELLER will be entitled to access and supervise BUYER&#146;s daily operations under this Contract, through a representative indicated by SELLER, including
but not limited to quality control procedures, such as weighing, sampling and analysis, among others, and related operations at tailing dams B-IV and B-V at Casa de Pedra Mine. BUYER will endeavor its best efforts to provide such clarification or
information requests which may be submitted by SELLER as a result thereof. </P>
<P align="center">
<B>CLAUSE THREE &#150; PRODUCT QUALITY </B></P>
<P align="justify">
<B>3.1.</B> <B><I>Quality of the Product Supplied</I></B>. The Parties hereby acknowledge and agree that all the chemical characteristics set out in <U>Attachment I</U> hereto as guaranteed specifications (the &#147;<U>Guaranteed</U>
<U>Specifications</U>&#148;) are mandatory and guaranteed by SELLER. The quality of the Product supplied shall be determined based on sampling and analysis to be carried out on each Batch in accordance with the criteria and other procedures set out
in <U>Attachment III</U> hereto. </P>
<P align="justify">
<B>3.1.1. </B><B><I>Guaranteed Specifications</I></B><I>.</I><B><I> </I></B>BUYER shall verify and report in writing to SELLER, on both a weekly and monthly basis, the average quality of the Product supplied to BUYER at the immediately previous week
and month, respectively. </P>
<P align="justify">
<B>3.1.2.</B> <B><I>Target Specifications</I></B><I>. </I>The target specifications described in <U>Attachment I</U> shall be used to calculate the Penalty / Bonus Component described in the formula set forth in Clause 4.1 below (the &#147;<U>Target
Specifications</U>&#148;). </P>
<P align="center">
<B>CLAUSE FOUR &#150; UNIT PRICE </B></P>
<P align="justify">
<B>4.1.</B> <B><I>Unit Price.</I></B> The price per wet metric ton (wmt) of Product supplied shall be, according to the conditions for delivery set out in Clause 2.3 above - determined on the basis of the quantities and quality (content of iron or
&#147;<U>Fe</U>&#148;) of each Batch, based on the following formula (the price, per wet metric ton, resulting from application of the mentioned formula, the &#147;<U>Unit Price</U>&#148;): </P>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
    <TR>
     <TD align="center" valign="middle" bgcolor="#CCCCCC"><B>      PU=P<SUB>1</SUB>+ [Penalty / Bonus Component]<br>
     </B></TD>
  </TR>
</Table>

<p><U>where</U>: </p>
  <p>
    <B>PU </B>= means Unit Price for a determined month of supply; </p>
  <p><B>P<SUB>1</SUB></B><B> = </B>means, as of April 1<SUP>st</SUP>, 2008, the equivalent in Brazilian currency to US&#36; [&#149;], it being certain that such amount shall be readjusted, at the beginning of each Mining Year, based on
    the same percentage readjustment as iron ore fines of the type known as [&#149;],
as produced by the [&#149;] (hereinafter referred to as &#147;[&#149;]&#148;) and aimed for shipment through the Port of Tubar&atilde;o to Japan (such ore being hereinafter referred to as &#147;<u>Reference Ore</u>&#148;), as disclosed (by order):</p>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_5"></A>

<P align="justify"><B>(i)</B> in the Tex Report, as published by the Tex Report, Ltd. (or successor thereto); </P>
<P align="justify">
<B>(ii)</B> if the Tex Report, for any reason, is no longer available or does not any longer disclose the Reference Ore, the Metal Bulletin, published by Metal Bulletin, plc (or successor thereto); or </P>
<P align="justify">
<B>(iii)</B> if the Metal Bulletin, for any reason, is no longer available or does not any longer disclose the price of the Reference Ore, then the [&#149;] website or any other [&#149;] publication. </P>
<P align="justify">
Notwithstanding the provisions above, if, upon commencement of a Mining Year, the percentage readjustment applicable to the Reference Ore is not available and no other readjustment has been agreed to by the Parties in view of the conditions of the international iron ore market, the &#147;<B>P</B><SUB><B>1</B></SUB>&#148; applicable to the supplies to be carried out in the Mining Year that is about to begin shall temporarily be the &#147;<B>P</B><SUB><B>1</B></SUB>&#148; then in effect until such time as the percentage readjustment applicable to the Reference Ore is known or determined. As soon as the
percentage readjustment applicable to the Reference Ore is known or determined, the new &#147;<B>P</B><SUB><B>1</B></SUB>&#148; shall be determined in accordance with the provisions contained in this Clause, with retroactive effects to the beginning of the Mining Year in question, with any eventual differences (either upwards or downwards) resulting from temporary use of the
&#147;<B>P</B><SUB><B>1</B></SUB>&#148; then in effect in the formula for determination of the Unit Price being agreed between the Parties within a period of [&#149;] days counting from the date on which the new
&#147;<B>P</B><SUB><B>1</B></SUB>&#148; has been disclosed and communicated in writing by SELLER to BUYER. </P>
<P align="justify">
In the event the Reference Ore should no longer be produced or sold, the Parties shall promptly replace it, for purposes of readjusting &#147;<B>P</B><SUB><B>1</B></SUB>&#148;, with such product that succeeds Reference Ore or with such
other type of iron ore that is representative on the international iron ore market that is agreed to by the Parties. </P>
<P align="justify">
For purposes of translating the &#147;<B>P</B><SUB><B>1</B></SUB>&#148; into Brazilian currency, SELLER shall use the
average of quotations for sale of the United States Dollar as disclosed by the Brazilian Central Bank (BACEN) by means of transaction PTAX 0800, option 5 (or such transaction as may replace same on the BACEN System - SISBACEN), in the month prior to
that for issuance of the invoice relating to the supply of the Product, and shall take &#147;<B>P</B><SUB><B>1</B></SUB>&#148; to 2 (two) decimal places after rounding off. &#148;<U>PTAX</U>&#148; means the ask rate which means the Brazilian Reais&#146; bid and Dollar&#146;s ask rate, expressed as the amount of Brazilian Reais per one Dollar, published by the Brazilian Central Bank (BACEN) on SISBACEN Data System under transaction code PTAX-800, Option 5,
"<I>Venda</I>" by approximately 6:00 p.m., S&atilde;o Paulo time;</P>
<P align="justify">
<B>Penalty / Bonus Component</B> = (Fe% - Fe% Target Specifications) * US&#36;[&#149;]/wmtu;</P>
<P align="justify"> wmtu = [&#149;]% of Fe Content of each wmt (= [&#149;]kg of Fe content in wmt)</P>
<P align="justify"> <B>Fe%</B> = means the actual average iron content of QL in a determined
  month; </P>
<P align="justify">
<B>QL</B> = means the quantity of the Batch effectively supplied by SELLER to BUYER in a given month, as indicated on the weighing certificates issued in the manner set forth in <U>Attachment III</U> hereto; and<B> </B></P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_6"></A>

<P align="justify">
<B>Fe% Target Specifications</B> = means the applicable iron content of Fe set forth in <U>Attachment</U> <U>I</U> hereto. </P>
<P align="justify">
<B>4.2.</B> <B><I>Taxes.</I></B> The Parties acknowledge and agree that the amount attributed to &#147;<B><SUP>P</SUP></B><B>1</B><SUP>&#148; in Clause 4.1</SUP> above does not include taxes of any kind levied on the Product and/or on the supply of
the Product (subject to Clauses 8.2, 8.3 and 8.4, as and if applicable), such as the Federal Social Integration Program &#150; PIS, the Social Security Finance &#150; COFINS contributions and the State Value-Added Tax on Circulation of Goods and
Services &#150; ICMS. The taxes currently imposed on the Product and/or on the supply of the Product as well as the formula for the addition of those taxes, if applicable, to the Unit Price are disclosed in <U>Attachment V</U> hereto. </P>
<P align="center">
<B>CLAUSE FIVE &#150; BILLING AND PAYMENT </B></P>
<P align="justify">
<B>5.1.</B> <B><I>Issuance of Invoices.</I></B> On the last day of each month, SELLER shall issue an invoice (&#147;<U>NFF</U>&#148;) for each Batch of Product supplied and submit such NFF to BUYER within no more than 3 (three) Working Days from the
issue date, with due regard to the provisions of this Clause and Applicable Law. </P>
<P align="justify">
<B>5.1.1.</B> The NFFs shall be issued to BUYER based on the weighing certificates provided in the manner set forth in <U>Attachment III</U> hereto in relation to each Batch of Product removed. Each NFF is to reflect the value of the Batch of Product supplied, in view of the Unit Price and the quantity of the Batch. </P>
<P align="justify">
<B>5.2.</B> <B><I>Payment Term of the NFFs.</I></B> The NFFs are to be paid by BUYER within a period of no more than 30 (thirty) days counting from the date of BUYER&#146;s receipt of original NFF, without any financial compensation or inflation
adjustment being due for such payment term. </P>
<P align="justify">
<B>5.2.1.</B> In the event any NFF contains any irregularity, in BUYER&#146;s opinion, BUYER shall return it to SELLER within a period of no more than 5 (five) Working Days from receipt thereof, with SELLER being responsible for remedying such
irregularity and resubmitting it to BUYER within a period of no more than 5 (five) Working Days. </P>
<P align="justify">
<B>5.2.2.</B> In case there is any disagreement between the Parties in relation to any NFF received by BUYER, such disagreement shall be resolved in a period of no more than 30 (thirty) days counting from the date such disagreement is notified by
any Party to the other, with any adjustments (either upwards or downwards) in the value of the NFF in relation to which there has been a disagreement being reflected in the immediately subsequent NFF or, if there are none, paid within the same
deadline established in accordance with Clause 5.2 above, counting from the date on which such adjustments have been determined and agreed to by the Parties. </P>
<P align="justify">
<B>5.2.3.</B> BUYER shall issue a debit note for such sums as SELLER expressly recognizes as being owed to BUYER under this Contract, with full offset of such amounts as are due to BUYER, at BUYER&#146;s discretion, against amounts that BUYER has to
pay to SELLER. In the event it is not possible or advisable to carry out the offset set forth in this Clause, the debit note shall be paid by SELLER within the same deadline established under Clause 5.2 above counting from the issue day of such
debit note. </P>
<P align="justify">
<B>5.3.</B> <B><I>Manner of Payment.</I></B> Any payment due by BUYER to SELLER shall be made by means of available electronic transfer (TED - &#147;<I>transfer&ecirc;ncia eletr&ocirc;nica dispon&iacute;vel</I>&#148;) of funds to SELLER&#146;s
current account indicated in <U>Attachment IV</U> hereto (or to such other account as may be notified by SELLER to BUYER under the terms of this Contract), with the transfer voucher slip serving as proof
of payment and discharge of the respective obligation.  Any payment due by SELLER to BUYER shall also be carried out through the TED system for transferring funds to BUYER&#146;s current account indicated in <u>Attachment IV</u> hereto (or to such
other account as may be notified by BUYER to SELLER under the terms of this Contract), with the transfer voucher slip serving as proof of payment and discharge of the respective obligation. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_7"></A>

<P align="justify"><B>5.4.</B> <B><I>Late Payment Charges.</I></B> In the event any delay should occur with respect to payment of amounts due under this Contract by one Party to the other, the amount due and not paid shall be monetarily restated based on the variation
in the Reference Rate &#150; TR (or other such index as may replace the latter), plus late payment interest of 1% (one per cent) per month, calculated on a <I>pro rata </I>basis between the due date and the date of effective payment, with no other
type of increase being due. </P>
<P align="center">
<B>CLAUSE SIX &#150;FREE LEASE (COMODATO) </B></P>
<P align="justify">
<B>6.1. </B>SELLER and BUYER shall execute on the date hereof a Free Lease Agreement (<I>Comodato</I>), pursuant to which SELLER undertakes to assign to BUYER, on a free lease (<I>comodato</I>) basis, an area it owns at the Casa de Pedra Mine
measuring approximately [&#149;] m<SUP>2</SUP> [&#149;], located between tailing dams B-IV and B-V, in accordance with the specific layout contained in <U>Attachment V</U> hereto, area on which BUYER is to set up and operate (a) the Concentration
Plant, and (b) a yard for storage of the pellet feed produced in said Concentration Plant.</P>
<P align="center">
<B>CLAUSE SEVEN &#150; REPRESENTATIONS OF THE PARTIES </B></P>
<P align="justify">
<B>7.1.</B> <B><I>Representations of SELLER.</I></B> SELLER hereby declares to BUYER, as of the signing date below and on the date of each supply of the Product, assuming responsibility for the correctness, truthfulness and completeness of such
representations, that: </P>
<P align="justify">
<B>(a)</B> it is a duly organized and validly established public joint stock corporation under the laws of Brazil and that it has full legal capacity to own and operate its facilities and conduct its business as conducted at present, and is duly
qualified to supply the Product to BUYER under the terms of this Contract; </P>
<P align="justify">
<B>(b)</B> it has obtained all the corporate or similar authorizations required to sign this Contract and to comply with the obligations attributed to it hereunder; </P>
<P align="justify">
<B>(c)</B> this Contract has been duly and validly executed and delivered by SELLER and constitutes a legal, valid and binding obligation insofar as the SELLER is concerned and is enforceable against it on the terms hereof; </P>
<P align="justify">
<B>(d)</B> it is not insolvent, under court protection from creditors, extrajudicial or judicial recovery, and it is neither impeded from paying its obligations and nor has it been declared bankrupt; </P>
<P align="justify">
<B>(e) </B>neither the execution and delivery of this Contract nor the consummation of the transactions and performance of the terms and conditions of this Contract by SELLER will (i) result in a violation or breach of or default under any provision
of the by-laws of SELLER; (ii) will result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which SELLER is bound; or (iii) violate any constitution, statute, law, regulation, rule,
ruling, charge, order, writ, injunction, judgment or decree (&#147;<U>Applicable Law</U>&#148;) of or by any federal, national, state, municipal, local or similar government, governmental, regulatory, administrative or tax authority, agency or
commission or any court, tribunal, or judicial or arbitral body (&#147;<U>Governmental Authority</U>&#148;); which may negatively affect or prevent the performance of its obligations, including, without limitation, SELLER&#146;s obligation to
supply the Product and, therefore, the removal thereof by BUYER hereunder, pursuant to the terms and conditions hereof; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_8"></A>

<P align="justify">&nbsp;</P>
<P align="justify">
<B>(f)</B> it has good, valid and marketable title to, valid and subsisting leasehold or acquisition interests in or to, or valid, binding and enforceable rights to, the Casa de Pedra Mine and will have and keep good, valid and marketable title to,
valid and subsisting leasehold or acquisition interests in or to, or valid, binding and enforceable rights to the tailing dams B-IV and B-V and other relevant assets and rights required for the performance hereof (&#147;<U>Assets</U>&#148;); </P>
<P align="justify">
<B>(g)</B> all Assets are (i) in good operating condition and repair, and are adequate for the uses to which they are being put and (ii) sufficient for the performance of the obligations of SELLER hereunder;</P>
<P align="justify">
<B>(h)</B> it is not a party and will not enter into any agreement, arrangement, transaction, lease, license, note, mortgage, indenture, contract and other contractual rights and obligations, whether written or oral which negatively affect or
prevent the performance of its obligations hereunder; </P>
<P align="justify">
<B>(i)</B> it has been and will continue to be in full compliance with all Applicable Law related to the performance of this Contract, including without limitation those regarding tax, environmental, labor and social security matters; </P>
<P align="justify">
<B>(j)</B> it will obtain and keep all licenses, permits and authorizations required for its operation and the performance of this Contract; and </P>
<P align="justify">
<B>(k) </B>there is no court or administrative litigation, action, suit, proceeding, condemnation, investigation, claim, audit, order, decision, decree, writ, judgment, injunction, determination or award or any arbitration proceeding that may
prevent, limit or affect SELLER&#146;s ability to perform any of its obligations under this Contract. </P>
<P align="justify">
<B>7.2.</B> <B><I>Representations of BUYER</I></B>. BUYER hereby declares to SELLER, as of the signing date below and on the date of each supply of the Product, assuming responsibility for the correctness and truthfulness of such representations,
that: </P>
<P align="justify">
<B>(a)</B> it is a duly organized and validly established joint stock corporation under the laws of Brazil and that it has full legal capacity to own and operate its facilities and conduct its business as conducted at present, and is duly qualified
to acquire SELLER&#146;s Product under the terms of this Contract; </P>
<P align="justify">
<B>(b)</B> it has obtained all the corporate or similar authorizations required to sign this Contract and to comply with the obligations attributed to it hereunder; </P>
<P align="justify">
<B>(c)</B> this Contract has been duly and validly executed and delivered by SELLER and constitutes a legal, valid and binding obligation insofar as the BUYER is concerned and is enforceable against it on the terms hereof;</P>
<P align="justify">
<B>(d)</B><B> </B>it is not insolvent, under court protection from creditors, extrajudicial or judicial recovery, and it is neither impeded from paying its obligations and nor has it been declared bankrupt;</P>
<P align="justify">
<B>(e)</B><B> </B>neither the execution and delivery of this Contract nor the consummation of the transactions and performance of the terms and conditions of this Contract by BUYER will (i) result in a violation or breach of or default under any
provision of the by-laws of BUYER and (ii) result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which BUYER is bound; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_9"></A>

<P align="justify">
<B>(f)</B> it has been and will continue to be in full compliance with all Applicable Law related to the performance of this Contract, including without limitation those regarding tax, environmental, labor and social security matters; </P>
<P align="justify">
<B>(g)</B> it has obtained and will keep all licenses, permits and authorizations required for its operation and the performance of this Contract; and </P>
<P align="justify">
<B>(h) </B>there is no court or administrative litigation, action, suit, proceeding, condemnation, investigation, claim, audit, order, decision, decree, writ, judgment, injunction, determination or award or any arbitration proceeding that may
prevent, limit or affect BUYER&#146;s ability to perform any of its obligations under this Contract. </P>
<P align="center">
<B>CLAUSE EIGHT &#150; EFFECTIVE TERM </B></P>
<P align="justify">
<B>8.1.</B> This Contract shall take effect on the signing date below, <U>except</U>, <U>however</U>, that the supply of the Product shall begin on the date set out in Clause 2.1 above. This Contract shall be terminated (a) upon expiration of the
term set forth in Clause 2.1 above or (b) in the manner provided by Clause 10 below, whichever occurs first. </P>
<P align="justify">
<B>8.2.</B> The Parties acknowledge and agree that BUYER shall be registered with the Brazilian Revenue Service (<I>Secretaria da Receita Federal do Brasil</I>) as a preponderantly exporting company (<I>empresa preponderantemente exportadora),
</I>to obtain the benefit of the incentive tax regime addressed to Brazilian exporters for the suspension of the imposition of the PIS and COFINS Contributions under Law 10,865 dated April 30, 2004. BUYER shall use its best efforts to obtain
registration as a preponderantly exporting company within 06 (six) months as from the execution of this Contract or before the commencement of Product supply hereunder, whatever occurs later. </P>
<P align="justify">
<B>8.2.1. </B>If BUYER fails to obtain registration as a preponderantly exporting company, or if at any time during the term of this Contract PIS and COFINS Contributions are imposed on the supply of Products under this Contract, the Parties agree
that the cost of PIS and COFINS Contributions shall be added to the Unit Price in accordance with Clause 4.2 above and <U>Attachment V</U> hereto, and BUYER shall use, to the extent possible, the tax credits related to the imposition of PIS and
COFINS contributions on the supply of Products hereunder for each monthly supply of Products to set off against BUYER&#146;s federal tax liabilities related to the Brazilian Corporate Income Taxes or other federal taxes, within 12 (twelve) months
counted from such monthly supply of Products.</P>
<P align="justify">
<B>8.2.2. </B>If during such 12 (twelve) month term BUYER does not fully set off the PIS and COFINS credits recognized as a result of the supply of Products hereunder (in the manner described in Clause 8.2.1 above) for each monthly supply of
Products, SELLER shall grant BUYER with non-interest bearing loans, under a current account mechanism, in the amount equivalent to 50% (fifty per cent) of the economic and financial burden equivalent to the amount of PIS and COFINS credits not
settled-off, at the end of each 12 (twelve) month term after the date on which the supply of Products hereunder commences to be subject to the imposition of PIS and COFINS Contributions. </P>
<P align="justify">
<B>8.2.3. </B>If and when BUYER succeeds on fully setting-off the PIS and COFINS credits mentioned in Clause 8.2.2, above against federal taxes, BUYER shall repay to the SELLER the portion of the loan referred to in Clause 8.2.2 equivalent to the
amount of the credits fully setoff.<B> </B></P>
<P align="justify">
<B>8.3. </B>In addition, the Parties shall use their best efforts to obtain within six (6) months as from the date of execution of this Contract, a binding ruling, in form and substance acceptable to both Parties and each shareholder of BUYER, from
the Tax Authorities of the States of Minas Gerais (<I>Secretaria </I> <i>de Estado da Fazenda de Minas Gerais) </i>providing that no ICMS or similar tax will be payable by any of the Parties, or its affiliates, in connection with any transactions contemplated herein.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_10"></A>

<P align="justify"><B>8.3.1. </B>If the ICMS starts to be effectively imposed on the supply of Products under this Contract, the Parties agree that the cost of ICMS shall be added to the Unit Price in accordance with Clause 8.2 above and <U>Attachment V</U> hereto. In
this case, SELLER hereby commits to acquire or cause its Affiliates (as defined in Clause 11.4.2 below) to acquire, for every 6 (six) months (the initial date of the first six-month period shall be considered the date on which the ICMS shall be
considered due according to this Clause 8.3.1) all ICMS credits generated to BUYER and its Affiliates under this Contract and accumulated during each such 6 (six)-month period. The ICMS credits acquisition herein shall be made at nominal value, up
to the amount of the ICMS tax debts registered by any branches of SELLER and/or any of the branches of its Affiliates located in the State of Minas Gerais, which credits were generated in the relevant 6 (six)-month period. SELLER and SELLER&#146;s
Affiliates shall acquire all BUYER and BUYER&#146;s Affiliates ICMS credits generated in the State of Minas Gerais up to the limit of SELLER and SELLER&#146;s Affiliates ICMS tax debts generated in that State excluding the SELLER&#146;s and
SELLER&#146;s Affiliates ICMS tax debts offset against (i) SELLER&#146;s own ICMS tax credits and (ii) ICMS tax credits of branches of wholly owned subsidiaries of SELLER.</P>
<P align="justify">
<B>8.3.2. </B>If the ICMS starts to be effectively imposed on the supply of Products under this Contract and the SELLER and/or its Affiliates are not able to acquire all ICMS credits generated to BUYER and its Affiliates under this Contract every
(6) six-month period, SELLER shall submit to BUYER within 10 days after each (6) six-month period (as regulated under this Clause 8.3), documents evidencing (i) the amount of ICMS tax debts registered by each of its branches and the branches of
SELLER&#146;s Affiliates located in the State of Minas Gerais; (ii) the amount of ICMS tax credits registered by SELLER&#146;s branches and the branches of its wholly owned subsidiaries that were or shall be transferred to SELLER within said (6)
six-month period and (iii) the amount of ICMS tax credits registered by BUYER or any of its Affiliates as a result of the acquisition of Products under this Contract which are transferable to SELLER or SELLER&#146;s Affiliates (the
&#147;<U>Transferable ICMS Tax Credits</U>&#148;). </P>
<P align="justify">
<B>8.3.3. </B>If the amount of ICMS tax debts of SELLER and its Affiliates registered in the relevant 6 (six) month period as a result of the supply of Products under this Contract is lower than the Transferable ICMS Tax Credits determined under
Clause 8.3.2 above, such difference may be carried over (to be set-off) within the following 12 (twelve) months to be transferred from BUYER or BUYER&#146;s Affiliates to SELLER and/or SELLER&#146;s Affiliates as provided in this Clause 8.3. </P>
<P align="justify">
<B>8.3.4. </B>If the Parties fail to obtain the authorizations required by the Tax Authorities of the State of Minas Gerais to transfer ICMS credits as provided in this Clause 8.3 or if any difference mentioned in Clause 8.3.3 above is not
transferred by BUYER or its Affiliates to SELLER or SELLER&#146;s Affiliates within the 12 (twelve) month period mentioned in Clause 8.3.3 above, SELLER shall grant BUYER with non-interest bearing loans, under a current account mechanism, in the
amount equivalent to 50% (fifty per cent) of the economic and financial burden equivalent to the non-transferable portion of the ICMS tax credits registered by BUYER or BUYER&#146;s Affiliates as from the end of each 12 month-term after the date on
which the supply of Products hereunder commences to be subject to the imposition of ICMS. </P>
<P align="justify">
<B>8.3.5. </B>If and when BUYER succeeds on transferring the ICMS tax credits mentioned in Clause 8.3.4, above, BUYER shall repay to the SELLER the portion of the loan referred to in Clause 8.3.4 in the amount of the transferred ICMS tax credits.<B>
</B></P>
<P align="justify">
<B>8.4. </B>Once BUYER&#146;s right to offset or recover the PIS and COFINS credits or to transfer the ICMS tax credits in connection with a given month elapsed after the 5 (five) year period of statute of
limitation set forth by the applicable legislation counted from the recognition of tax credits by BUYER or its Affiliates (as defined in Clause 11.4.2 below) related to PIS and COFINS contributions as set forth in Clause 8.2.1 or related to the
ICMS, as set forth in Clause 8.3.1, the balance, if any, of the relevant loans made in accordance with Clauses 8.3.1, 8.3.2, 8.3.4 and 8.3.5, above, shall be forgiven by SELLER. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_11"></A>

<P align="justify"><B>8.5</B><B> </B>In the event that the physical and/or symbolic transfers, flows of invoices, transfer of title or the supply of the Product under this Contract becomes subject to the ICMS at any time during this Contract, or to any value added tax
imposed by the States in a form identical to the ICMS imposition, the Parties agree that clauses 8.3.1 to 8.3.4 shall apply to the ICMS or such value added tax. </P>
<P align="justify">
<B>8.6.</B> If at any time during the term of this Contract, as a result of change of Applicable Law, PIS and COFINS Contributions and/or the ICMS are replaced by new taxes imposed by any federal, state or municipal authority, which are imposed on
the supply of Products under this Contract, or if other taxes are created and so imposed, the Parties shall negotiate in good faith on how the tax burden will be shared between them. If there is no agreement between the Parties within the period of
six months counted from the change in Applicable Law mentioned in this Clause, the Parties shall share on a 50/50 basis the economic and financial burden equivalent to the amount of said tax burden. </P>
<P align="center">
<B>CLAUSE NINE &#150; ACTS OF GOD AND FORCE MAJEURE </B></P>
<P align="justify">
<B>9.1. </B>Provided that the provisions of this Clause are complied with, neither of the Parties shall be held liable to the other Party due to non-fulfillment of any obligation (except pecuniary obligations) attributed to it under this Contract
and insofar as such non-fulfillment is directly attributable to an event of force majeure or act of God under Brazilian Law, as defined by article 393, sole paragraph, of the Civil Code, including but not limited to (a) acts of wars, (whether
declared or not), epidemics, sabotage, military actions or hostilities and acts of terrorism or the escalation thereof occurring after the date hereof; (b) regional or national strikes, work stoppages, slowdowns or lockouts of any trade category
involved in production of the Product or adversely affecting abilities of either Party to comply with the terms and conditions of this Contract; (c) acts of God and inclement weather or such other atypical events of nature that are not predictable
and/or the effects of which cannot be avoided by employing reasonable control measures; (d) accidents or emergency stoppages in order to prevent accidents that impede or restrict the operation and/or construction and/or expansion of installations
related to the production of the Product; (e) any decision by an arbitration panel or court of law (even if preliminary and subject to further appeal), obtained by or granted in favor of third parties that prevents compliance with either Party's
obligations under this Contract, except for litigation pertaining to right of first refusal on iron ore from Casa de Pedra Mine, included but not limited to the lawsuits listed in <U>Attachment VII</U> hereto (for the avoidance of doubt, those
lawsuits shall not be considered nor deemed to be Force Majeure Event for every and all purposes of this Contract); (f) expropriation, or statement of eminent domain for expropriation purposes (&#147;declara&ccedil;&atilde;o de utilidade
p&uacute;blica&#148;), or any other restriction imposed by any public authority on either Party's assets adversely affecting either Party&#146;s assets or abilities to comply with the terms and conditions of this Contract; (g) any changes in
Applicable Law occurring after the date hereof which prevents either Party from complying with the terms and conditions of this Contract; and (h) any other circumstance, change, development, event or fact that is unpredictable or unavoidable by the
affected Party and which prevents such Party from complying with the terms and conditions of this Contract, if and to the extent any such events qualify as force majeure under article 393 sole paragraph of the Civil Code (&#147;<U>Force Majeure
Event</U>&#148;). </P>
<P align="justify">
<B>9.2. </B>In case of the occurrence of a Force Majeure Event, the Party whose obligations are being affected by such Force Majeure Event (such Party being hereinafter referred to as the &#147;<U>Affected</U> <U>Party</U>&#148;) shall have 5 (five)
Working Days counting from such event to notify the other Party of same and prove by means of appropriate documents, as the case may be, the occurrence of such event, as well as its direct or indirect impact on its obligations under this Contract.
Notwithstanding, the </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_12"></A>

<P align="justify">
Affected Party is to implement at its own expenses and as soon as possible measures to mitigate the effects and the direction of the Force Majeure Event, indicating such measures to the other Party and keeping the latter constantly informed on the
progress of such measures. </P>
<P align="center">
<B>CLAUSE TEN &#150; TERMINATION AND CONSEQUENCES OF TERMINATION </B></P>
<P align="justify">
<B>10.1.</B> Without prejudice to any other rights provided in this Contract but with the exclusion of any other termination right, except for those provided in this Clause 10, this Contract may be terminated in the cases indicated below, provided
that the Party that gives rise to such termination, either due to breach of contract or other circumstance attributable to it (with such Party being hereinafter referred to as the &#147;<U>Defaulting Party</U>&#148;), shall not have any right to
file a complaint and/or claim of any kind of indemnity whatsoever: </P>
<P align="justify">
<B>(a)</B><B> </B>by the other Party, at its exclusive discretion, in the event of non-compliance by the Defaulting Party with any monetary obligation set forth in this Contract, provided that the other Party notifies the Defaulting Party with
respect to such non-performance and the Defaulting Party does not remedy such non-compliance within a period of [&#149;] days counting from the date of receipt of such notification; or </P>
<P align="justify">
<B>(b)</B> by BUYER at its exclusive discretion, in the event of occurrence of a Material Default, as defined in <U>Attachment VI</U> hereto; or </P>
<P align="justify">
<B>(c) </B>by the other Party, at its exclusive discretion, in case any representation made in this Contract by the Defaulting Party proves to be incorrect or untruthful, for any reason, provided that if such incorrect or untruthful matter can be
remedied and (i) is not remedied within a period of [&#149;] days counting from the date of receipt of such notification pointing out the incorrect or untruthful representation and (ii) results in a Material Default; or </P>
<P align="justify">
<B>(d)</B> by the other Party, at its exclusive discretion, in the event of acceptance of a process for court recovery, the commencement of extrajudicial recovery, declaration of bankruptcy or dissolution of the Defaulting Party; or </P>
<P align="justify">
<B>(e)</B> by BUYER, in case of Force Majeure exceeding [&#149;] months upon immediately effective notice to SELLER.</P>
<P align="justify">
<B>10.2.</B> The Parties agree that this Contract may be terminated by SELLER at any time after [&#149;], upon at least one year prior written notice to BUYER. </P>
<P align="justify">
<B>10.3.</B> Should expiration or termination of this Contract occur for any reason, including Force Majeure (under this Contract or the Free Lease Agreement provided in Clause Six hereof, including in case of termination under Clause 3.2 of the
Free Lease Agreement), and except as provided in Clause 10.5, and there is still a balance of the Contractual Quantity to be removed by BUYER under this Contract (the &#147;<U>Contractual Quantity Balance</U>&#148;), then SELLER shall, within
[&#149;] days from the date of expiration or termination,</P>
<P align="justify">
(i) sell to BUYER a product similar in quality to the Pellet Feed (&#147;<U>Similar Product</U>&#148;), and in a quantity equivalent to the one that would have been produced by using the Contractual Quantity Balance (&#147;<U>Balance Quantity of
Pellet Feed</U>&#148;).</P>
<P align="justify">
The selling price per wmt of the Similar Product shall be the sum of (a) P<SUB><B>1</B></sub>, as defined in Clause 4.1, converted into Pellet Feed based on the accumulated average recovery yield ratio of the Concentration Plant, (b) the
variable costs (<I>custos vari&aacute;veis</I>) of production of Pellet </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_13"></A>

<P align="justify">
Feed, which shall include, but not be limited to, mining costs, beneficiation costs and handling costs, and (c) the fixed costs (<I>custos fixos</I>) of production of Pellet Feed.</P>
<P align="justify">
For purpose of calculating the Balance Quantity of Pellet Feed, the Parties assume that the production of the Concentration Plant is expected to be 1/3 (one third) of BFPF and 2/3 (two thirds) of DRPF. </P>
<P align="justify">
In case BUYER incurs additional costs at Pelletizing Plant I as a result of differences in quality between the Similar Product and BFPF, SELLER agrees to compensate BUYER for all such additional costs.</P>
<P align="justify">
In case there is a significant loss of production at Pelletizing Plant I due to the differences in quality referred to in the preceding paragraph, SELLER shall endeavor its best efforts to mitigate such loss of production at its own expense; </P>
<P align="justify">
or </P>
<P align="justify">
(ii) pay the Compensation Amount (as defined in Clause 10.4 below) to BUYER; </P>
<P align="justify">
or </P>
<P align="justify">
(iii) both sell to BUYER the Similar Product (in an amount lower than the Balance Quantity of Pellet Feed) and pay monetary compensation for the difference between the quantity of Similar Product sold and the Balance Quantity of Pellet Feed. </P>
<P align="justify">
Provided, however, that, exclusively in the case of the compensation by SELLER to BUYER related to the lack of production of BFPF from the Concentration Plant, BUYER shall be entitled to choose, at its own discretion, among the forms of compensation
as described in the preceding items. </P>
<P align="justify">
<B>10.4.</B> Any monetary compensation payable by SELLER to BUYER hereunder shall be determined as follows: </P>
<P align="justify">
(a) the amount of such monetary compensation shall be discussed and agreed in good faith between SELLER and BUYER (with the Brazilian SPC&#146;s good faith approval) within [&#149;] days from the date a written request to that effect is made by
BUYER and shall correspond to (without the duplication or double counting) the cash flow (x) (<I>fluxo de caixa</I>) shortfall in connection with the loss of revenues resulting from the sales of the Balance Quantity of Pellet Feed not effected by
BUYER (it being understood that &#147;cash flow&#148; shall mean BUYER&#146;s net sales revenues (<I>receita l&iacute;quida de vendas</I>) minus variable costs (<I>custos vari&aacute;veis</I>) associated with such revenue shortfall and determined
based on the then effective long and mid-term business plans of BUYER and (y) any penalties, damages or indemnities paid by BUYER to any third parties under commercial arrangements as a result of the Contractual Balance (but excluding penalties,
damages or indemnities, if any, payable to purchasers of BUYER&#146;s products in connection with offtake agreements or other similar commercial arrangements) (the amount of such compensation, the &#147;<U>Compensation Amount</U>&#148;). For the
avoidance of doubt, an example of the calculation of the Compensation Amount is attached as <U>Attachment VII</U> hereto;</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_14"></A>

<P align="justify">
(b) in case SELLER and BUYER do not reach an agreement on the Compensation Amount, such amount shall be determined by BUYER&#146;s independent auditor within 30 (thirty) days from the date a written request to that effect if made either by SELLER or
BUYER; and</P>
<P align="justify">
(c) the Compensation Amount shall be payable by SELLER to BUYER within 30 (thirty) days from the date (i) SELLER and BUYER reach an agreement on such amount or (ii) such amount is determined by BUYER&#146;s independent auditor, as the case may be.</P>
<P align="justify">
<B>10.5.</B> The Parties agree that the provisions of Clauses 10.3 and 10.4 shall not apply if the termination is caused by BUYER under Clauses 10.1 (a) or 10.1 (d). In all other cases of termination or expiration of this Agreement where there is a
Contractual Quantity Balance to be supplied by BUYER under this Contract, Clauses 10.3 and 10.4 shall apply. </P>
<P align="center">
<B>CLAUSE ELEVEN &#150; GENERAL PROVISIONS </B></P>
<P align="justify">
<B>11.1.</B> The Parties acknowledge and agree that this Contract contains all the requisites needed for this instrument serving as a valid document for commencement of execution proceedings (<I>t&iacute;tulo executivo extrajudicial</I>), for all
legal intents and purposes. </P>
<P align="justify">
<B>11.2.</B> This Contract reflects the entire understanding of the Parties with respect to its scope and replaces any and all previous agreements and understandings. Each one of the Parties hereby acknowledges and confirms that it is not signing
this Contract based on any representation, guarantee or other commitment by the other Party that is not fully reflected in the provisions hereof. Any matter relating to supply of the Product that is not specifically provided in this Contract shall
be examined separately and mutually agreed upon by the Parties. </P>
<P align="justify">
<B>11.3.</B> Without prejudice to the provisions contained in Clause 11.4 below, this Contract binds the Parties and/or successors on any degrees whatsoever. In this sense, in the event of merger, amalgamation (upstream merger under Brazilian law),
spin-off or change in control of either of the Parties, continuity of this Contract is expressly assured, obligating the successor or any third parties related in any manner to the merger, amalgamation, spin-off or change in control of either of the
Parties to comply with all the clauses, terms and conditions established in this Contract. </P>
<P align="justify">
<B>11.4.</B> Neither Party shall assign or transfer (in whole or in part) its rights or obligations under this Contract without the prior written consent of the other Party, which consent shall not be unreasonably withheld, delayed or conditioned;
provided, however, that (i) each of the Parties may assign all (but not a part) of its rights and obligations under this Contract without the prior written consent of the other Party to one of its Affiliates, as defined in Clause 11.4.2 below, and
(ii) in case any third party or an Affiliate of SELLER acquires the mining rights relating to the Casa de Pedra mine, (x) SELLER shall assign all (but not a part) of its rights and obligations under this Contract to such third party or Affiliate of
SELLER if there is no split (<I>desmembramento</I>) of such mining rights or (y) if split (<I>desmembramento</I>) of such mining rights occurs, SELLER and BUYER shall discuss in good faith to agree as to whether and how this Contract will be
assigned (in whole or in part) based on the shared understanding that the Parties shall seek the best way to ensure that all obligations under this Contract shall continue to be fulfilled in accordance with the terms hereof. This Contract shall be
binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns and shall be enforceable by the Parties hereto and their respective successors and permitted assigns.</P>
<P align="justify">
<B>11.4.1.</B> In addition to the foregoing, in the event of an assignment or transfer as stated in Clause 11.4 (i) the assigning Party shall (a) ensure that, as a part of such assignment, the assignee accepts the assignment of all rights and
obligations of the assigning Party under this Contract, and (b) shall remain jointly liable with the assignee for all obligations under this Contract. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_15"></A>

<P align="justify">
<B>11.4.2</B> For the purposes of Clause 11.4 and 11.4.1 above, &#147;<U>Affiliates</U>&#148; shall mean, with respect to any Party, a person that directly or indirectly controls, or is under common control with, or is controlled by, such person. As
used in this definition, &#147;control&#148; (including, with its correlative meanings, &#147;controlled by&#148; and &#147;under common control with&#148;) shall mean possession, directly or indirectly, of securities having 50% or more of the
voting power for the election of directors or other governing body of a corporation or 50% or more of the partnership or other ownership interests of any other person (other than as a limited partner of such other person). </P>
<P align="justify">
<B>11.5.</B> This Contract may only be amended or modified by means of prior agreement between the Parties and the signing of a specific amendment signed by both. </P>
<P align="justify">
<B>11.6.</B> Any omission or tolerance by the Parties in requiring the correct and punctual compliance with the specific or generic terms and conditions contained in this Contract, or in exercising any prerogative hereunder, shall not constitute any
kind of waiver, desistance or novation, and nor shall it affect the right of the Parties to exercise them at any time. </P>
<P align="justify">
<B>11.7.</B> In the event any provision of this Contract should be considered invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions contained in this Contract shall not in any manner
whatsoever be affected or prejudiced thereby and shall remain in full force and effect. The Parties shall negotiate in good faith to (i) replace any provisions considered invalid, illegal or unenforceable with valid, legal and enforceable provisions
or (ii) to enter into any further agreements or transactions as may be required under the Applicable Law, provided that in both (i) and (ii) the effects of the replacing provisions or further agreements or arrangements shall be equal to the economic
effects intended by BUYER as reflected in the provisions or transactions considered invalid, illegal or unenforceable. </P>
<P align="justify">
<B>11.7.1.</B> SELLER shall indemnify, reimburse or otherwise keep BUYER harmless against any and all costs, expenses, taxes, fees, liabilities or losses, including loss of revenues, arising from any of the events described in Section 11.7 above, in
order that no impact on the economic and financial standing of BUYER, as reflected in BUYER&#146;s mid and long-term business plans, occurs as a result of such events. Such indemnification, reimbursement and/or obligation to keep harmless include
but are not limited to the obligation of SELLER to reimburse any taxes, fees, charges (including CFEM &#150; <I>Compensa&ccedil;&atilde;o Financeira pela Explora&ccedil;&atilde;o de Recursos Minerais</I> - financial compensation against the
exploitation of mineral resources)<I> </I>which may be levied on NAMISA in relation to the operations, activities or obligations of the Parties under this Contract which may result of the events described in Section 11.7 above. </P>
<P align="justify">
<B>11.7.2. </B>SELLER<B> </B>shall have no right to be indemnified under the terms of this Contract or under Applicable Law with regard to the good standing maintenance of the mining rights related to the area where the tailing dams B-IV and B-V are
located.<B> </B></P>
<P align="justify">
<B>11.8.</B> This Contract does not create or intend to create any kind of company, association, joint venture, cooperative, partnership, consortium, or agency, and neither does it attribute or aim to create any kind of relationship involving
principal and agent, commercial representation, business management or other kind of similar legal arrangement between the Parties, except for those expressly provided in this Contract and directly related to the supply of the Product by SELLER to
BUYER. </P>
<P align="justify">
<B>11.9. </B>Each Party is responsible for covering its own costs and other expenses incurred or to be incurred in relation to the signing and execution of this Contract. </P>
<P align="justify">
<B>11.10.</B> Should, after the signature of this Contract, any taxes be created, or any tax rates, taxable base or manners for calculating any tax existing at the signing date below and involving taxable events related in any manner to this
Contract be altered, via Applicable Law, or any special tax benefit
available to the Parties related to this Contract granted by any federal, state or municipal taxing authorities be extinguished, the Parties shall negotiate, in good faith, to amend this Contract in order to restore its economic and financial
balance. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_16"></A>

<P align="center"><B>CLAUSE TWELVE &#150; CONFIDENTIALITY </B></P>
<P align="justify">
<B>12.1.</B> During the time this Contract remains in effect and for the period of 5 (five) years after termination hereof, the Parties undertake &#150; for themselves as well as on behalf of third parties related to them &#150; to maintain absolute
secrecy regarding the terms and conditions of this Contract, and also with respect to any and all information obtained as a result of this Contract, except (a) if the disclosure of such information is determined by this Contract or if such
information is already proven to be in the public domain without failure of the Party receiving confidential information of the other Party, (b) with the express and prior authorization of the other Party, (c) in order to exercise any rights
attributed to the Parties according to this Contract, (d) required by Applicable Law, by an order of any governmental authority or as a result of a judicial order, in which case the disclosure shall be limited to the terms and conditions that are to
be disclosed pursuant to such determination, and provided that the Party subject to such judicial order shall promptly notify the other Party and thus give such other Party the opportunity to limit or avoid the disclosure, to the extent permitted by
the Applicable Law or (e) in case of BUYER, the disclosure of information to the Intervening Parties and shareholders of Japanese SPC. </P>
<P align="center">
<B>CLAUSE THIRTEEN &#150; COMMUNICATIONS </B></P>
<P align="justify">
<B>13.1.</B> All notices, communications, requests, authorizations and consents that have to be transmitted or given by the Parties under this Contract shall only be valid and effective if provided in writing through correspondence (under protocol
or sent against notice of receipt) or fax (with proof of transmission) addressed in the following manner (or in such other manner as may be notified subsequently by one Party to the other): </P>
<P align="justify">
<B>(a)</B> BUYER: </P>
<P align="justify">
Address: <I>Alameda da Serra, n&ordm; 400, 9&ordm; andar <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEP 34000-000 &#150; Nova Lima &#150; MG </I><br>
Phone: (0xx31) 3269-1410<br>
Fax: (0xx31) 3269-1414 <br>
<I>At.: Diretor Comercial </I>(Attention of Commercial Director) <br>
<I>Cc.: Diretor de Opera&ccedil;&otilde;es e Diretor Jur&iacute;dico </I>(Copied to Operations Director and Legal Director) </P>
<P align="justify">
<B>(b)</B> SELLER: </P>
<P align="justify">
Address: <I>Av. Brigadeiro Faria Lima, n&ordm; 3.400, 20&ordm; andar<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEP 04538-132 &#150; S&atilde;o Paulo &#150; SP </I><br>
Phone: (0xx11) 3749-1210 <br>
Fax: (0xx11) 3749-1284 <br>
<I>At.: Diretor de Minera&ccedil;&atilde;o</I> (Attention of Mining Director) <br>
<I>Cc.: Diretor Comercial de Min&eacute;rio de Ferro e Diretor Jur&iacute;dico</I> (Copied to Iron Ore Commercial Director and Legal Director) </P>
<P align="justify">
<B>(c)</B> BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A.: </P>
<P align="justify">
Address: <I>Rua da Consola&ccedil;&atilde;o, 247, 3rd Floor, Room 85A, S&atilde;o Paulo, Brazil </I></P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_17"></A>

<P align="justify">
Phone: (0xx11) 3170-8509 <br>
Fax: (0xx11) 3170-8549 <br>
At.: <I>Diretor Presidente (Attention of Director-President)</I> </P>
<P align="justify">
<B>(d)</B> BRAZIL JAPAN IRON ORE CORPORATION: </P>
<P align="justify">
Address: <I>5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo, 107-8077,
Japan<br>
</I> Phone: (81 3) 3497-3365 <br>
Fax: (81 3) 3497-3342<br>
At.: <I>Mr. Yasuhiro Miyata</I> </P>
<P align="justify">
<B>(e)</B> POSCO: </P>
<P align="justify">Address:  <I>892 Daechi 4-dong Kangnam-gu, Seoul, 135-777, Korea</I> <br>
Phone: (82 2) 3457-0306<br>
Fax: (82 2) 3457-1908  <br>
At.: <I>Mr. Myung Deuk Seo (Group Leader)</I> </P>
<P align="center">
<B>CLAUSE FOURTEEN &#150; ARBITRATION </B></P>
<P align="justify">
<B>14.1. </B>The Parties are to submit any dispute, controversy or disagreement resulting from this Contract or related to same solely and exclusively to arbitration in the manner provided by Law No. 9.307 of September 23, 1996 and by this Clause,
provided that such dispute, controversy or disagreement is not settled amicably by the Parties within a period of 30 (thirty) days counting from the date on which one of the Parties has notified the other regarding the existence of such dispute,
controversy or disagreement.  Arbitration shall be definitive and the results thereof binding on the Parties. </P>
<P align="justify">
<B>14.2.</B> The arbitration proceedings shall take place in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, and shall be administered by the International Court of Arbitration of the International Chamber of Commerce
(&#147;<U>ICC</U>&#148;) and, except as provided in this Contract, shall be instituted and processed according to the Rules of Arbitration of the ICC (&#147;<U>Rules</U>&#148;). </P>
<P align="justify">
<B>14.3.</B> The arbitration panel shall be made up of 3 (three) arbitrators, with each one of the Parties being responsible for appointing 1 (one) arbitrator and these 2 (two) arbitrators appointed by the Parties responsible for jointly appointing
the third arbitrator, who shall preside over the arbitration panel. </P>
<P align="justify">
<B>14.4.</B> The charges, fees and other expenses directly related to the arbitration proceedings, which include the costs due to the ICC and the arbitrators&#146; fees and, as the case may be, any expert witnesses called, shall be initially borne
by both Parties in the same proportion, provided that the provisions contained in the Rules are complied with, though the arbitration award shall define the final allocation of such charges, fees and other expenses between the Parties. Each Party
shall cover the expenses of the respective attorneys and assistants that it engages to represent it or to assist it during the arbitration proceedings. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<p><A name="page_18"></A></p>
<p><B>14.5.</B> Without prejudice to the other provisions contained in this Contract, the Parties hereby acknowledge and admit the possibility of appealing to the Judiciary to obtain any urgent court measures that may be considered necessary to
preserve their respective rights and interests and such measures are not to be interpreted as a waiver by the Parties of arbitration proceedings.  For such purposes and for any court enforcement of an arbitration award issued by the arbitration
panel, the Parties hereby choose the courts of the Judicial District of S&atilde;o Paulo, State of S&atilde;o Paulo, as having
sole jurisdiction, with express waiver of any other courts, regardless of however much jurisdictional privilege they might have. </p>
<P align="justify">In witness whereof, the Parties and the Intervening Parties have caused this Contract to be executed in five (5) counterparts with the same form and contents, before the two (2) undersigned witnesses. </P>
<P align="center">
S&atilde;o Paulo, SP, October 21<SUP>st</SUP>, 2008 </P>
<P align="center">
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B><B> </B></P>

<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_23></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><i>Signature  Page 1/5 of the Iron Ore Supply Contract and Other Covenants (Tailing Dam  Rejects), entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&eacute;rios  S/A. Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Brazil  Japan Iron Ore Corporation and POSCO.</i></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">6/35</FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">6/3523</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_24"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><em>Signature  Page 2/5 of the Iron Ore Supply Contract and Other Covenants (Tailing Dam  Rejects), entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&eacute;rios  S/A. Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Brazil  Japan Iron Ore Corporation and POSCO.</em></FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">24</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_25"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><i>Signature  Page 3/5 of the Iron Ore Supply Contract and Other Covenants (Tailing Dam  Rejects), entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&eacute;rios  S/A. Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Brazil  Japan Iron Ore Corporation and POSCO.</i></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">BRAZIL JAPAN IRON ORE CORPORATION</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">25</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_26"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><em>Signature  Page 4/5 of the Iron Ore Supply Contract and Other Covenants (Tailing Dam  Rejects), entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&eacute;rios  S/A. Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Brazil  Japan Iron Ore Corporation and POSCO.</em></FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">BIG JUMP ENERGY PARTICIPA&#199;&#213;ES S.A.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">26</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_27"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><em>Signature  Page 5/5 of the Iron Ore Supply Contract and Other Covenants (Tailing Dam  Rejects), entered into on October&nbsp;21,&nbsp;2008, among Nacional Min&eacute;rios  S/A. Companhia Sider&uacute;rgica Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Brazil  Japan Iron Ore Corporation and POSCO.</em></FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">POSCO</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Witnesses:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ID (RG) No.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Tax Reg. (CPF/MF) No.:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">RG No.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CPF/MF No.:</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">6/3527</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_28"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">ATTACHMENT I</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US  face="Times New Roman,serif">SPECIFICATIONS OF THE PRODUCT</FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">28</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_30"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT II</FONT></B></P>
<p align="center"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><b>CRITERIA AND PROCEDURES FOR  WEIGHING<br>
    AND OBTAINING AND ANALYZING  SAMPLES</b></FONT></p>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEIGHING</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.1.&nbsp;&nbsp;&nbsp; The weighing of the  Product shall be provided by SELLER according to a methodology to be discussed  and detailed in good faith between the Parties prior to the date for initiating  the supply of the Product.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.2.&nbsp;&nbsp;&nbsp;A weight certificate  for each Batch of Product supplied shall be issued by SELLER and submitted to  BUYER within no more than 5 (five) Working Days from the issue date.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.3.&nbsp;&nbsp;&nbsp;The scales used in  the weighing process shall be gauged and calibrated by a renowned institution  registered with the Brazilian Metrology Institute (INMETRO) at a frequency to  be agreed between the Parties that is appropriate for this type of operation.  The certificates of gauging and calibrating the scales are to be submitted by  one Party to the other whenever requested.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAMPLING AND ANALYSIS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sampling and analysis  of the Product supplied carried out by SELLER in accordance with a methodology  to be discussed and detailed in good faith between the Parties prior to the  date for initiating supply of the Product, based on the applicable norms of the  International Standards Organization (ISO).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2.2.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">A certificate of  quality for each Batch of Product supplied shall be provided by SELLER and  submitted to BUYER within no more than 5 (five) Working Days from the issue  date.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">30</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_31"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT III</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BANK ACCOUNTS OF THE PARTIES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Banco Ita&#250; &#150; 341</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Bank No.)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Ag&#234;ncia n&#186; 910</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Branch No.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Conta-Corrente n&#186; 09595-9</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Current Account No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></I></B></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Banco Citibank &#150; 745</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Bank No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Ag&#234;ncia n&#186; 003</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Branch No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Conta-Corrente n&#186; 5234085-6</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Current Account No.)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">31</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_32"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT IV</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><strong>LAYOUT  OF THE AREA ASSIGNED ON A LOAN FOR USE BASIS (COMMODATUM</strong>)</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">32</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_33"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT V</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">TAXES IMPOSED ON THE SUPPLY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Tax</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Rate</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PIS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.65%</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COFINS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7.60%</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ICMS</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">18.00%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #1</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special  registration of BUYER with the Brazilian Revenue Service as a preponderantly  exporter company <u>IS</u> obtained; and (ii) special regime by the State of  Minas Gerais <u>IS </u>obtained by BUYER</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #2</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special  registration of BUYER with the Brazilian Revenue Service as a preponderantly  exporter company <u>IS</u> obtained; and (ii) special regime by the State of  Minas Gerais <u>IS NOT</u> obtained by BUYER</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / (1-18%) = PU / 0.82</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #3</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special  registration of BUYER with the Brazilian Revenue Service as a preponderantly  exporter company <u>IS NOT</u> obtained; and (ii) special regime by the State  of Minas Gerais <u>IS</u> obtained by BUYER</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / [1 - (1.65% + 7.60% - X% - Y%)] </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">X% and Y% mean the difference between the nominal tax rates of PIS, equivalent to 1.65% and COFINS, equivalent to 7.6% and the effective tax rates of PIS and COFINS Contributions, respectively, paid by SELLER in the month preceding the one in which the PU is calculated.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">SCENARIO #4</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumptions</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">: (i) special registration of BUYER with the Brazilian Revenue Service as a
  preponderantly exporter company IS NOT obtained; and (ii) special regime by the State of Minas
  Gerais IS NOT obtained by BUYER</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price = PU / [1 &#150; (1.65% + 7.60% -X% -Y% + 18%] </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">X% and Y% mean the difference between the nominal tax rates of PIS, equivalent to 1.65% and
  COFINS, equivalent to 7.6% and the effective tax rates of PIS and COFINS Contributions,
  respectively, paid by SELLER in the month preceding the one in which the PU is calculated..</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">33</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_34"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT VI</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><strong>MATERIAL  DEFAUL</strong>T</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"><u>&ldquo;Material Default&rdquo;</u> means any act, fact or omission attributable to  SELLER that has caused a material default by SELLER under this Contract and  that SELLER has failed to cure (being such cure either by fulfillment of the  defaulted obligation or by proper monetary compensation, at SELLER's sole  discretion) within a period of 180 days from the date of receipt by SELLER of  written communication to that effect, <em>provided</em>, <em>however</em>, that,  without limiting the generality of the foregoing, Material Default shall not  include the effect of any circumstance, change, development, event, state of  fact arising out of or attributable to a Force Majeure Event</FONT></p>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0cm 36pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">34</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_35"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT VII</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Example of Calculation of the Compensation Amount</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="100%" colSpan=4>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><BR>
<B>Monetary compensation for contract related breach</B><BR>
</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%"></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario B</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario C</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Services provided under transportation agreement as a % Declared Quantities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>100%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>96%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>90%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenues</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>100.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>96.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>90.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Fixed costs</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Variable costs</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(50.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(48.000)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(45.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Penalties, damages or indemnities paid by NAMISA to any third parties resulting from contract related breach</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(1.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>"Cash flow"</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>24.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="100%" colSpan=4>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
<B>"Monetary compensation"</B><BR>
</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenue shortfall</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>6.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Fixed cost adjustment</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Variable costs adjustment</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(3.000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Penalties, damages or indemnities paid by NAMISA to any third parties resulting from contract related breach</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>1.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>"Cash flow" shorfall</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>4.000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
Total "cash flow"</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P>
</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<DIV><FONT lang=PT-BR><BR clear=all>
</FONT></DIV>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face="Times New Roman,serif">35</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
</BODY>

</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>7
<FILENAME>exhibit107.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
 <!DOCTYPE HTML PUBLIC "">


<html><head><title>Provided by MZ Data Products</title>

</head>

<BODY style="font-family: 'Times New Roman, Times, Serif'; text-align:justify; font-size:11px" bgcolor="#ffffff">

<P align="right"><a href="sidform20f2008a.htm#topexhibit">Table of Contents</a></P>
<A name="page_1"></A>
<P align="center">
<B><U>PORT OPERATING SERVICE AGREEMENT</U></B><BR>
</P>
<p>
By means of this private legal instrument, on the one hand, in its capacity as service recipient, </P>
<p>
<B>NACIONAL MIN&Eacute;RIOS S/A</B>, a joint stock corporation organized and existing under Brazilian law, with its head office located in the City of Congonhas, State of Minas Gerais, Federal Republic of Brazil, at the address known as
&#147;<I>Logradouro Casa de Pedra</I>&#148;, s/n (unnumbered), Part, enrolled with the General Registry of Corporate Taxpayers of the Brazilian Ministry of Finance (&#147;CNPJ/MF&#148;) under No. 08.446.702/0001 -05 (and its successor, hereinafter
referred to as &#147;<U>NAMISA</U>&#148;), </P>
<p>
and, on the other hand, in its capacity as service provider, </P>
<p>
<B>COMPANHIA SIDER&Uacute;RGICA NACIONAL</B>, a joint stock corporation organized and existing under Brazilian law, with its head office located in the City of Rio de Janeiro, State of Rio de Janeiro, at Rua S&atilde;o Jos&eacute; No. 20, Suite
1602, Part, enrolled with the CNPJ/MF under No. 33.042.730/0001 -04 (hereinafter referred to as &#147;<U>CSN</U>&#148;), </P>
<p>
(NAMISA and CSN are individually identified as &#147;<U>Party</U>&#148; and jointly as &#147;<U>Parties</U>&#148;). </P>
As intervening parties:<BR>
<p>
<B>BIG JUMP ENERGY PARTICIPA&Ccedil;&Otilde;ES S.A</B>., a corporation organized and existing under Brazilian law, with its head offices located in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, at Rua da Consola&ccedil;&atilde;o, 247,
3<SUP>rd</SUP> Floor, Room 85A, enrolled with the CNPJ/MF under No. 09.431.882/0001 -14, herein represented in accordance with its by-laws (and its successors, hereinafter referred to as the &#147;<U>Brazilian SPC</U>&#148;); </P>
<p>
<B>BRAZIL JAPAN IRON ORE CORPORATION</B>, a company duly organized and existing under the laws of Japan, with its head office located at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo 107-8077, Japan, herein represented in accordance with its by-laws
(hereinafter referred to as the &#147;<U>Japanese SPC</U>&#148;); </P>
<p>
<B>POSCO</B>, a company duly incorporated and validly existing under the laws of Korea, with head offices at 892 Daechi 4-dong Kangnam-gu, Seoul, 135-777, Korea, herein represented in accordance with its by-laws (&#147;<U>Posco</U>&#148;); </P>
<p>
(the Brazilian SPC, the Japanese SPC and Posco are collectively hereinafter referred to as the &#147;<U>Intervening Parties</U>&#148;); <br>
<br>
</P>
<P align="center">
<B>RECITALS</B><BR>
</P>
<B>WHEREAS:</B><BR>
<p>
<B>(A)</B> among its other activities, CSN has exclusive rights to manage and operate the port installations that are part of the terminal for coal and other solid bulk cargoes, located in the Port of Itagua&iacute;, in the City of Itagua&iacute;,
State of Rio de Janeiro (hereinafter referred to as the &#147;<U>Terminal</U>&#148; or &#147;<U>TECAR</U>&#148;), pursuant to the Lease Agreement nr. C-DEP JUR 054/97 (bound to the Public Bid Offer No. CI-003/96) (the &#147;<U>Lease
Agreement</U>&#148;); </P>
<p>
<B>(B)</B> NAMISA produces and sells iron ore, with most of its products being shipped to the international market;</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_2"></A>

<p>
<B>(C)</B> NAMISA is interested in contracting port operating services provided by CSN at the Terminal and CSN is interested in performing such services for NAMISA; </P>
<p>
<B>(D)</B> the Parties simultaneously execute (i) a Low Silica ROM Iron Ore Supply Contract; (ii) an Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects); (iii) a High Silica ROM Iron Ore Supply Contract; and (iv) a Support
Agreement<U> </U>(solely in relation to Clause 2 thereof), (all such agreements, including this Port Operating Service Agreement, but excluding the Iron Ore Supply Contract and Other Covenants (Tailing Dam Rejects), the &#147;<U>Related
Contracts</U>&#148;); and </P>
<p>
<B>(E)</B> the performance of each Related Contract will be considered part of the performance of a more comprehensive transaction between the Parties, which encompasses the supply of iron ore, railway transport of iron ore, port operating services
and other transactions, as reflected in such Related Contracts and other arrangements and documents executed between the Parties. </P>
<p>
The Parties hereby resolve to execute this Port Operating Services Agreement (the &#147;<U>Agreement</U>&#148;), which shall be governed by the following clauses and conditions: </P>
<P align="center">
<B>CLAUSE ONE &#150; SCOPE</B><BR>
</P>
<p>
<B>1.1.</B> The scope of this Agreement is the performance by CSN of port operating services for NAMISA at the Terminal, consisting of receiving, handling, storing and shipping iron ore owned by NAMISA (hereinafter referred to as the &#147;<U>Iron
Ore</U>&#148;) with such services consisting of all operations from unloading of the Iron Ore from railroad cars in the convoys provided by NAMISA for transportation of the Iron Ore to the Terminal up to the effective shipment of the Iron Ore in the
vessels named by NAMISA and accepted by CSN (hereinafter referred to as the &#147;<U>Services</U>&#148;), with due regard to the remaining terms and conditions set out in this Agreement. </P>
<p>
<B>1.1.1 </B>The Parties<B> </B>agree that vessels to be used by NAMISA shall be [&#149;]<SUP>1</SUP> and [&#149;] vessels with capacity for hauling between [&#149;] and [&#149;] metric tons, provided that the Parties may agree, upon NAMISA&#146;s
request, upon the use of (i) [&#149;] vessels or other vessels with capacities lower than [&#149;] vessels, depending on the availability of operational capacity of the Terminal or (ii) vessels larger than [&#149;] vessels, in case the Terminal is
expanded and becomes able to operate with such larger vessels. CSN shall not withhold any such authorizations if the Terminal capacity is not jeopardized by the use of vessels smaller than [&#149;] vessels or the Terminal is able to operate vessels
larger than [&#149;] vessels. </P>
<P align="center">
<B>CLAUSE TWO &#150; TERM FOR PERFORMANCE OF THE SERVICES</B></P>
<p>
<B>2.1. </B><B><I>Term for Performance of the Services.</I></B> The Services shall be performed for a period of 34 (thirty-four) Mining Years, beginning on the signing date of this Agreement. For the purposes of this Agreement, &#147;<U>Mining
Year</U>&#148; shall mean the period of 12 (twelve) months beginning on April 1<SUP>st</SUP> of a calendar year and ending on March 31<SUP>st</SUP> of the subsequent calendar year. </P>
<p>
<B>2.1.1. </B><B><I>Extension.</I></B> In case there are any Carry-Over Services, as defined below, to be performed after the end of the 34<sup>th</sup> Mining Year, this Agreement shall be automatically extended for as much time as necessary for the provision of such outstanding Carry-Over Services, subject to all terms and conditions hereof, provided that such automatic renewal shall be subject to the expiration of the Lease Agreement in 2047.</P>
<p>_________________________________</P>
<p>
<SUP>1</SUP> Text marked as [&#149;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.
time as necessary for the provision of such outstanding Carry-Over Services, subject to all terms and conditions hereof, provided that such automatic renewal shall be subject to the expiration of the Lease Agreement in [&#149;]. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_3"></A>

<P align="left">&nbsp;</P>
<P align="center">
<B>CLAUSE THREE &#150; SPECIFIC OBLIGATIONS OF CSN </B></P>
<P align="left">
<B>3.1.</B> Without prejudice to the other obligations attributed to CSN under this Agreement, CSN undertakes to: </P>
<P align="left">
<B>(a) </B>guarantee a maximum length of time of [&#149;] hours as the layover time at the Terminal for its railroad convoys consisting of up to [&#149;] freight cars when such cars are unloaded by force of gravity;</P>
<P align="left">
<B>(b) </B>guarantee a maximum length of time of [&#149;] hours and [&#149;] minutes as the layover time at the Terminal for its railroad convoys consisting of up to [&#149;] freight cars, when such cars are unload by means of car dumpers;<B> </B></P>
<P align="left">
<B>(c)</B> accept the vessels named by NAMISA (chartered by NAMISA or by the NAMISA&#146;s customers), provided that they are strictly and fully in conformity (i) with the norms, procedures and regulations established by the applicable port,
maritime and customs authorities and (ii) with the technical and operational conditions of the Terminal contained in <U>Attachment I</U> hereto, without prejudice to the other provisions set out herein; </P>
<P align="left">
<B>(d)</B> when requested, make available to NAMISA information regarding the technical and operational conditions of the Terminal, including but not limited to (i) applicable norms, procedures and regulations, (ii) technical and operational
conditions of the Terminal (which are contained in <U>Attachment I</U> hereto) and (iii) all technical restrictions relating to the pier, the vessels and maneuverability in access channels, anchoring areas and maneuvering basins; </P>
<P align="left">
<B>(e)</B> make available to<B> </B>NAMISA the list of vessels that cannot be accepted at the Terminal, in view of the Terminal&#146;s technical and operational conditions, which list shall not be exhaustive and may be periodically updated by CSN,
except, however, that in exceptional circumstances and provided that a prior request is submitted by NAMISA to CSN, CSN may, at its exclusive discretion and in writing, accept vessels included on the said list at Terminal, though, to such end it
shall impose the operational conditions that it deems appropriate by force of the criteria it adopts to manage and operate the Terminal; </P>
<P align="left">
<B>(f)</B> guarantee, in relation to the vessels named by NAMISA and accepted by CSN, the fulfillment of a loading plank of [&#149;] metric tons per day and a turn time (time granted for vessel maneuvers that begins immediately after acceptance of
the Notice of Readiness - NOR) of [&#149;]: </P>
<P align="left">
<B>(i)</B> the Parties acknowledge that the time spent or related to events of any kind attributable (A) to the intrinsic characteristics of the Iron Ore, (B) to special care required with respect to the Iron Ore not declared by NAMISA to CSN at
least [&#149;] hours prior to shipment, (C) to any hidden and particular defect of the Iron Ore, (D) to special characteristics of the vessel named by NAMISA, including with respect to the capacity of its ballast pumps, (E) to the absence of the
Iron Ore, hence preventing or hindering its shipment, (F) to operations on board (pumping out ballast, opening and closing of hold hatches, calculation for revision of cargo plans), and (G) to adverse natural conditions at the Terminal, such as
those related to climate, temperature, tides, ocean currents, winds, etc. that, in the judgment of CSN, NAMISA, the vessel&#146;s masters and other parties involved, make port operations impossible and/or place port operations at risk, shall be
disregarded for purposes of compliance with the loading rate, per vessel, set out above; and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_4"></A>

<P align="left"><B>(ii)</B> the conditions of shipment agreed to between NAMISA and the vessel it has named are to be submitted beforehand to CSN for its approval when of the scheduling of the port operation, as described in Clause 4.1 below; </P>
<P align="left">
<B>(iii) </B>CSN shall pay to NAMISA demurrage for all time lost in excess of allowed laytime at the Terminal, at the following rate, per day (24 hours) or pro rata for part of a day: </P>
<P align="left">
<B>1.</B><B> </B>for the first [&#149;] WMT of Iron Ore, the demurrage rate shall be US&#36; [&#149;] per WMT; </P>
<P align="left">
<B>2.</B><B> </B>for the quantity between [&#149;] to [&#149;]WMT of Iron Ore, the demurrage rate shall be US&#36; [&#149;] per WMT; and </P>
<P align="left">
<B>3.</B><B> </B>for the quantity above [&#149;] WMT of Iron Ore, the demurrage rate shall be US&#36; [&#149;] per WMT; </P>
<P align="left">
<B>(iv) </B>the settlement of dispatch or demurrage claims between CSN and NAMISA shall be made within 30 (thirty) days from the date of receipt of documented claim for either Party as the case may be;</P>
<P align="left">
<B>(g)</B> adopt such procedures as are required to ensure that port operations are safe and adequate, and satisfy the requirements of regularity, continuity, efficiency, being up to date, courtesy and modesty prescribed in the Lease Agreement; </P>
<P align="left">
<B>(h)</B> in relation to vessels named by NAMISA and accepted by CSN, carry out the master plans submitted by the vessel&#146;s captain, provided that such plans are in full harmony with CSN&#146;s operating procedures; </P>
<P align="left">
<B>(i)</B> in relation to vessels named by NAMISA and accepted by CSN, provide a mooring berth, equipments, materials and manpower - specialized or non-specialized - in order to perform the Services; </P>
<P align="left">
<B>(j)</B> prepare documents that are under CSN&#146;s responsibility as appropriate for shipment of cargo, such as the Statement of Facts, Cargo Receipt and such other documents as are required in accordance with the iron ore sale contracts between
NAMISA and its customers; </P>
<P align="left">
<B>(k)</B> make an area available &#150; sufficiently in advance according to the schedule approved by CSN &#150; that is sufficient and appropriate for receiving the batches of Iron Ore to be shipped, according to the schedule for the railroad
convoys agreed to beforehand among NAMISA, CSN and the railroad concessionaire; </P>
<P align="left">
<B>(l)</B> permit access for NAMISA&#146;s representatives, according to CSN&#146;s service and security norms and determinations of the port and customs authorities, to inspect the following Terminal facilities: (i) storage yard, (ii) sampling
tower and (iii) laboratory; </P>
<P align="left">
<B>(m)</B> allow access aboard of the vessels named by NAMISA and accepted by CSN, according to the CSN service and safety rules and the determinations of the port and customs authorities, to NAMISA&#146;s representatives and/or the third party
contracted by NAMISA for accompanying of measurement of cargo capacity; </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_5"></A>

<p>
<B>(n)</B> carry out the initial and final measurement of cargo capacity of the vessels named by NAMISA and accepted by CSN, allowing such measurement work to be accompanied by NAMISA or NAMISA&#146;s representatives, with due regard to the provisions contained in item (m) above; </P>
<p>
<B>(o)</B> take representative samples of the Iron Ore shipped in the vessels named by NAMISA and accepted by CSN, and conduct all analyses, including chemical, grain size and humidity tests of such samples in accordance with <U>Attachment II</U>
hereto. The results of such analyses are to be made available to NAMISA by CSN within a period of no more than 5 (five) working days from the date of issue of the respective Bill of Lading or Sea Waybill; </P>
<p>
<B>(p)</B> comply with all obligations of labor, social, tax and/or Social Security nature with respect to its employees and other professional involved in the performance of the Services, paying over all applicable taxes, contributions and Social
Security contributions, and assuming responsibilities derived therefrom; </P>
<p>
<B>(q)</B> reimburse NAMISA for any and all amount that NAMISA may have to spend as a result of CSN&#146;s obligations deriving from the working relationship between CSN and its employees, shareholders, executive officers, representatives or other
professionals connected to the performance of the Services; </P>
<p>
<B>(r)</B> fully comply with the norms and regulations and working instructions concerning On-the-Job Safety and Health Care; </P>
<p>
<B>(s)</B> insofar as possible, facilitate the work of parties inspecting and accompanying the Services and, whenever this is reasonably requested by NAMISA, provide NAMISA with copies of documents that are directly related to performance of the
Services; </P>
<p>
<B>(t) </B>obtain and keep up to date all licenses required for full performance of this Agreement and the Services; and </P>
<p>
<B>(u)</B> assign an area of the Terminal measuring approximately [&#149;] to NAMISA under a free lease (<I>comodato</I>) agreement to be executed on the date hereof by the Parties, for the effective period of this Agreement, which area shall be
used by NAMISA to perform its administrative activities related to the port shipment of the Iron Ore. </P>
<P align="center">
<B>CLAUSE FOUR &#150; SPECIFIC OBLIGATIONS OF NAMISA </B></P>
<p>
<B>4.1.</B> Without prejudice to the other obligations attributed to NAMISA under this Agreement, NAMISA undertakes to: </P>
<p>
<B>(a)</B> submit to CSN in writing as soon as possible in the previous Mining Year but by no later than [&#149;]of the previous Mining Year for each Mining Year subsequent to Mining Year of 2008 (as the schedule for the shipments to be made in
Mining Year of 2008 has already been agreed to by the Parties), a preliminary version of its shipment schedule for such Mining Year, indicating (A) the monthly quantities of each type of Iron Ore to be shipped, and (B) the quantities of each
shipment of Iron Ore to be carried out, with due regard to Clause 7.1 below, provided that: </P>
<p>
<B>(i)</B> CSN shall issue its opinion on the preliminary version of the schedule submitted by NAMISA within a period of no more than [&#149;] days counting from the date of its receipt; </P>
<p>
<B>(ii)</B> should CSN not approve the preliminary version of the schedule submitted to it, for any
reason, it shall, at the same time, submit appropriate suggestions to NAMISA to make such schedule eligible for approval; and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_6"></A>

<P align="left"><B>(iii)</B> if NAMISA does not agree with such suggestions, the Parties shall establish in good faith an alternative schedule mutually satisfactory within a period of no more than [&#149;] days prior to the beginning of each Mining Year. Such
alternative schedule shall then be approved in writing by CSN; </P>
<P align="left">
<B>(b)</B> submit to CSN in writing, as soon as possible but by no later than [&#149;] days prior to the beginning of each Quarter of a Mining Year, a new version of its schedule of shipments for such Quarter, prepared with basis on the preliminary
version mentioned in item (a) above, indicating (i) the type of Iron Ore and the quantities of each shipment to be carried out in such Quarter, with due regard to Clause 7.1 below, and (ii) the lay days scheduled for each shipment. This schedule
shall be approved in advance by CSN. To such end, CSN will have a period of [&#149;] days counting from the date on which it receives such schedule to approve or reject it in writing, provided that: </P>
<P align="left">
<B>(i)</B> in case, for any reason, CSN does not approve the preliminary version of the schedule submitted to it, it shall, at the same time, submit appropriate suggestions to NAMISA to make such schedule eligible for approval; and </P>
<P align="left">
<B>(ii)</B> in case NAMISA does not agree with such suggestions, the Parties shall establish in good faith an alternative schedule mutually satisfactory within a period of no more than [&#149;] days antes prior to the beginning of each Quarter. Such
alternative schedule shall then be approved in writing by CSN;</P>
<P align="left">
<B>(c)</B> faithfully observe, in chartering vessels on its own account or on behalf of its customers: (i) all applicable norms, procedures and regulations, including international ones, (ii) the operational conditions of the Terminal contained in
Attachment I, with all the technical information and restrictions relating to the Terminal, vessels and maneuverability in access channels, anchoring areas and maneuvering basins, including but not limited to (A) berth operational characteristics,
and (B) vessel restrictions; </P>
<P align="left">
<B>(d)</B> ensure that vessels chartered on its own account, as well as on behalf of its customers (i) are covered by Protection and Indemnity (P&amp;I) insurance taken out from a P&amp;I Group that is a member of the International Group of P&amp;I
Clubs, (ii) comply with the International Safety Management (ISM) Code and the International Ship and Port Security (ISPS) Code, (iii) carry on board copies of the Safety Management Certificate (SMC) or the Document of ISM Compliance (DOC) and the
International Ship's Security Certificate (ISSO), and (iv) have the required navigability and are appropriate for hauling the Iron Ore, in conformity with the Statement of Compliance (Part B) of <U>Attachment I</U> and on the Rightship. </P>
<P align="left">
<B>(e)</B> provide the following data to the CSN Management of Scheduling and Port Operations at the Terminal, either via fax or e-mail message sent at least [&#149;] days prior to the date of each lay day, in order for CSN to accept the relevant
vessel: </P>
<P align="left">
<B>(i)</B> the name, year of construction and dimensions of the vessel and the estimated quantity and type of the Iron Ore to be shipped in it. CSN shall have [&#149;] working day counting from the date it receives such information to grant written
approval or rejection of the vessel named by NAMISA, with due regard to the schedule established in item (b) above. Vessels that are [&#149;] years old or older shall not be accepted by CSN, provided that: </P>
<P align="left">
<B>(A)</B> in the event any vessel accepted by CSN arrives at the Terminal outside of the
respective lay days, such vessel shall be subject to new acceptance by CSN. In the event CSN decides to accept such vessel, such acceptance shall be considered as having been given at the commencement of loading; and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_7"></A>

<P align="left"><B>(B)</B> NAMISA may replace any vessel named by it and accepted by CSN with another similar vessel, with the same lay days of the replaced vessel, provided that it informs the CSN Management of Scheduling and Port Operations at the Terminal at
least 10 (ten) days prior to the date of commencement of the respective lay days, and observes &#150; in relation to the replaced vessel &#150; the provisions of this Agreement for acceptance of vessels at the Terminal; </P>
<P align="left">
<B>(ii)</B> the total length of the vessel, the size of the entries of the holds, the dimensions/number of cargo compartments and the name of the agent responsible for the cargo and the vessel owner&#146;s representative; </P>
<P align="left">
<B>(iii)</B> the lay days, the interval of which may not exceed [&#149;] days; and </P>
<P align="left">
<B>(iv)</B> the classification of the vessel by a classification society recognized by the IACS (International Association of Classification Societies), which classification should be at least highest Lloyds (+ 100 A1), and the certification of the
ship and of the cargo pursuant to the regulations of the IMO (International Maritime Organization); </P>
<P align="left">
<B>(f)</B> inform the CSN Management of Scheduling and Port Operations, either via fax or e-mail message, of the estimated times of arrival (ETA) at the Terminal [&#149;] prior to effective arrival of the vessel, or, by request of CSN at any time,
notifying CSN immediately and formally, with respect to any change in such estimated times; </P>
<P align="left">
<B>(g)</B> inform the CSN Management of Scheduling and Port Operations, either via fax or e-mail message, of the Master Plan for loading the Iron Ore for each vessel charged by NAMISA or by its customers and accepted by CSN, with advance notice of
at least [&#149;] days prior to the arrival of such vessel at the Terminal, including but not limited to: </P>
<P align="left">
<B>(i)</B> the arrival draft and the air draft upon mooring; </P>
<P align="left">
<B>(ii)</B> the quantity of ballast upon arrival and, if such is the case, how such ballast is distributed; </P>
<P align="left">
<B>(iii)</B> the estimated time for pumping out ballast after mooring; </P>
<P align="left">
<B>(iv)</B> the loading sequence; and </P>
<P align="left">
<B>(v)</B> information regarding the need for issuance of a gas free certificate or declaration; </P>
<P align="left">
<B>(h) </B> NAMISA shall pay to CSN dispatch for the working time saved at the Terminal against the allowed laytime, provided that the rate of dispatch shall be half of the rate of demurrage, as specified in Clause 3.1 (f) (iii). </P>
<P align="left">
<B>(i)</B> ensure that the compartments of the vessels named by NAMISA are clean, empty and capable of being loaded with the Iron Ore; </P>
<P align="left">
<B>(j)</B> preferably ship just one type of Iron Ore in each vessel, such that the loading of more than one type of Iron Ore in a single shipment should be authorized by CSN, provided that CSN shall not withhold any such authorization if the
Terminal capacity is not jeopardized by the loading of more than one type of Iron Ore in a single shipment. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_8"></A>

<P align="left">
<B>(k)</B> ensure that the captains and other persons responsible for the vessels named by NAMISA comply with all environmental laws and other rules in effect, including with respect to cleanliness of cargo compartments; NAMISA thus assumes
liability vis-&agrave;-vis CSN for any losses CSN suffers in the event this provision is not fully complied with; </P>
<P align="left">
<B>(l)</B> submit to CSN the technical and operational conditions on which the vessel is being chartered (either by NAMISA or by its customer), including (i) conditions for shipment operations, and (ii) data relating to cancelling date; </P>
<P align="left">
<B>(m)</B> assume sole and exclusive liability, with respect to CSN, vessel owners and/or third parties involved in the operations, for legal acts and business transactions resulting from chartering of vessels named by NAMISA and to be carried out
at the Terminal; </P>
<P align="left">
<B>(n)</B> submit to CSN, at least [&#149;] days prior to the date of the first unloading at the Terminal, the schedule for arrival at the Terminal of the railroad convoys containing the Iron Ore to be shipped in each vessel, which schedule is to be
approved in advance by CSN. To such end, CSN shall have [&#149;] working days counting from the date it receives such schedule to approve or reject it, provided that: </P>
<P align="left">
<B>(i)</B> if for any reason CSN does not approve the preliminary version of the schedule submitted to it, at the same time CSN shall submit appropriate suggestions to NAMISA to make such schedule eligible for approval; </P>
<P align="left">
<B>(ii)</B> if NAMISA does not agree with such suggestions, the Parties shall establish in good faith an alternative schedule that is mutually satisfactory within a period of no more than [&#149;] days counting from the date that NAMISA expresses
its disagreement with CSN&#146;s suggestions.  Such alternative schedule shall then be approved in writing by CSN; and </P>
<P align="left">
<B>(iii)</B> under no circumstances whatsoever may NAMISA send railroad convoys for unloading the Iron Ore at the Terminal unless the provisions contained in this item have been complied with; </P>
<P align="left">
<B>(o)</B> turn over the respective railroad waybills to CSN upon the arrival of the Iron Ore at the Terminal; </P>
<P align="left">
<B>(p)</B> make every effort to ensure that the full amount of the Iron Ore to be shipped in the vessels named by NAMISA and accepted by CSN are ready and available at the Terminal at least 1 (one) day prior to the beginning of the scheduled
shipment. In the event the provision above is not complied with by NAMISA, NAMISA shall complete the quantity of Iron Ore scheduled to be shipped on such vessel with the Iron Ore to be sent by NAMISA in railroad convoys during the effective period
for loading of such vessel; and </P>
<P align="left">
<B>(q)</B> obtain and submit to CSN at least [&#149;] hours in advance all authorizations required by the appropriate agencies of the Federal, State or Municipal Public Administration, including but not limited to port, maritime and customs
authorities.  On all operations covered by this Agreement NAMISA shall be responsible with respect to the appropriate bureau of the Brazilian Federal Revenue Service (RFB) for the Term of Shipment and customs clearance of the Iron Ore, including
with respect to payment of any taxes or tariffs that are levied or may be levied on the Iron Ore and the respective port operation. Failure to meet the above terms and conditions shall entail non-mooring of the vessel. In exceptional cases, when
mooring of the vessel relating to each port operation has been permitted already, failure to obtain required authorizations and submission thereof to CSN may entail immediate release of the vessel from
its moorings, in which case NAMISA shall be liable for all the consequence resulting from such a situation, including but not limited to costs relating to operating losses incurred by CSN and inactive occupation of the berth. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_9"></A>

<P align="center"><B>CLAUSE FIVE &#150; RESPONSIBILITES IN RELATION TO THE IRON ORE </B></P>
<P align="left">
<B>5.1.</B> CSN shall be liable for losses, damages (excluding indirect and consequential damages), contamination and/or discrepancies (in terms of quantity or quality) related to the Iron Ore at the Terminal if (a) CSN&#146;s responsibility is
proven with respect to such losses, damages, contamination and/or discrepancies and (b) CSN has been notified by NAMISA in this regard as promptly as possible, but no later than within [&#149;] hours from the date such loss, damage, contamination
and/or discrepancy is detected by NAMISA. <B> </B></P>
<P align="left">
<B>5.1.1.</B> For the purposes set out in Clause 5.1 above, NAMISA undertakes to maintain at the Terminal at its expenses, the person or persons responsible for accompanying all port operations involving the Iron Ore during performance of the
Services. </P>
<P align="left">
<B>5.1.2.</B> CSN shall not be held liable for losses, damages, contamination and/or discrepancies (in quantity or quality) in relation to the Iron Ore (a) that occur or are verified after conclusion of the shipment of such Iron Ore in the vessel
named by NAMISA and accepted by CSN, or (ii) that have not been communicated by NAMISA to CSN, as set forth in Clause 5.1 above. </P>
<P align="left">
<B>5.1.3.</B> In any case, the Parties shall discuss and agree in good faith the proper measures to remediate such losses, damages, contamination and/or discrepancies. </P>
<P align="left">
<B>5.2.</B> In the event any loss, damage or deterioration in the facilities of the Terminal and/or the equipment belonging to CSN occurs during performance of the Services as a result of the quality of the Iron Ore, such as the presence of foreign
bodies or objects, excessive dampness, petrifying and other such situations (except if such loss, damage or deterioration is attributable in whole or in part to CSN), CSN shall calculate the losses and damages incurred and submit a report to NAMISA
in this regard. NAMISA shall have a period of up to [&#149;] working days to challenge in writing the report submitted by CSN, under penalty of the information contained in such report being considered uncontested and NAMISA shall indemnify CSN for
such losses and damages, limited to the amount required for the repair (if possible) or replacement of the facilities of the Terminal and/or the equipment belonging to CSN damaged, destroyed or deteriorated, with the exclusion of any other losses
and damages. On the other hand, if NAMISA contests the report submitted by CSN, the Parties shall negotiate in good faith, in order to find a mutually satisfactory solution to the problem, within a period of no more than [&#149;] working days
counting from the date such rebuttal is received by CSN. All the losses and damages to be reimbursed to CSN in the manner provided in this item are to be paid within a period of no more than [&#149;] days counting from the date on which CSN issues
the corresponding collection document. </P>
<P align="center">
<B>CLAUSE SIX </B>&#150;<B> GENERAL CONDITIONS FOR OPERATION OF THE TERMINAL </B></P>
<P align="left">
<B>6.1.</B> NAMISA shall adhere to the following general terms and conditions for operation of the Terminal, which shall be applicable to all shipments of Iron Ore under this Agreement: </P>
<P align="left">
<B>(a)</B> Notice of Readiness (&#147;<U>NOR</U>&#148;). A NOR may be issued at any time after the vessel arrival at the Terminal, regardless of the time or day (including issue of a NOR on Saturdays, Sundays and Legal holidays), provided that the
vessel in question is within the agreed-upon lay days on a free pratique basis, released by the port authorities and fully eligible to receive the Iron Ore. </P>
<P align="left">
Otherwise, a NOR shall not be issued or, if already issued, it shall be cancelled. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL </B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_10"></A>

<P align="left">
<B>(b)</B> Lay Time. The lay time shall begin 12 (twelve) hours after issuance and acceptance of the NOR, whether or not the vessel is moored, or upon commencement of loading, whichever occurs first. Once the lay time begins, it shall not be
reversible and shall end immediately after termination of the loading. The vessel shall set out as soon as the loading ends and subsequent formalities are concluded. NAMISA shall assure that the vessel or its agents contract skippers and tugboats to
permit prompt mooring and unmooring of the vessel. </P>
<P align="left">
<B>(i)</B> The lay time shall be calculated based on the guaranteed loading rate defined in Clause 3.1 (f) above and on the weight indicated on the Bill of Lading or Sea Waybill. The weight of the Iron Ore shipped on the vessels shall be determined through measurement of the vessel&#146;s capacity according to applicable international practices. Such weight shall be the basis for issuance of the respective Bill of Lading or
Sea Waybill; </P>
<P align="left">
<B>(ii)</B> The time elapsed until the vessel&#146;s captain instructs CSN regarding the best arrangement/distribution of the Iron Ore in the cargo compartments of the vessel (trimming) shall not be computed as lay time; </P>
<P align="left">
<B>(iii)</B> In the event loading has to be interrupted due to insufficient capacity of the pumps used to pump out ballast in relation to the rate for loading the Iron Ore on the vessel, any time lost during loading shall not be computed as lay
time, even if the vessel is already on demurrage<I>; </I></P>
<P align="left">
<B>(iv)</B> time spent in maneuvering the vessel after mooring, provided that such maneuvering is attributed to NAMISA, the vessel itself or the vessel owner, case in which any costs for such maneuvering shall be covered by NAMISA, shall not be
computed as lay time<I>.</I> However, the time spent in maneuvers attributable to CSN or the Terminal shall be computed as lay time, with CSN covering the costs thereof, if any; </P>
<P align="left">
<B>(v)</B> time spent on opening and closing the hold hatches, ballasting or pumping out ballast and/or any activity related to the vessel shall not be computed as lay time; </P>
<P align="left">
<B>(vi)</B> time spent on final measurement of the vessel&#146;s capacity or any intermediary measurement required by the vessel&#146;s captain shall not be computed as lay time; </P>
<P align="left">
<B>(vii)</B> time lost in case loading has to be interrupted due to Acts of God or Force Majeure, irrespective of whether the vessel is being loaded or is waiting in the anchorage area, shall not be computed as lay time. Any delay attributed to such
events of Force Majeure or Acts of God shall be notified by CSN in writing to the master of the vessel or its agent and shall be stated in the Statement of Facts duly signed by the master of the vessel or his agent and CSN&#146;s representative. If
such events of Force Majeure or Acts of God should occur after commencement of the loading and CSN believes that such events and/or their effects may last for some time, CSN and NAMISA shall establish a mutually satisfactory plan of action; </P>
<P align="left">
<B>(viii)</B> The normal operating hours of the Terminal shall be from 0:00 (zero hours &#150; i.e. midnight) to 24:00 (twenty-four hours &#150; i.e. midnight), including Saturdays, Sundays and Legal holidays.  Any overtime hours incurred by the
crew and officers of the vessels shall not be the responsibility of CSN;<I> </I></P>
<P align="justify">
<B>(ix)</B> A gas free certificate or declaration signed by the vessel&#146;s captain shall be submitted to CSN prior to commencement of loading. If such certificate or declaration is not presented, a gas free certificate or declaration prepared by
a licensed inspector will be
required and shall be submitted to CSN. In this case, the time spent in issuing such certificate or declaration shall not be computed as lay time, even if the vessel is already on demurrage; and </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_11"></A>

<P align="left"><B>(x)</B> Vessels shall be loaded at the Terminal according to their order of arrival, determined based on the date of issuance of the NOR, in the manner provided by this Agreement. </P>
<P align="left">
<B>6.2. </B><B><I>Communication between NAMISA and CSN. </I></B>The Parties undertake to keep close and frequent communication throughout the term of this Agreement aiming at the achievement of the performance of their obligations hereunder, as
follows: </P>
<P align="left">
(i) <B><I>Monthly Meetings</I></B><I>.</I> Each Party shall indicate by written notice to the other Party, no later than 30 (thirty) days of the date of signature of this Agreement, a committee of three or four officers and/or employees in charge of
representing that Party in the management of the day-to-day operations under this Agreement (the &#147;Representation Committee&#148;). The Representation Committee of each Party shall convene on a monthly basis, on a date to be agreed upon by the
Parties through mutual discussion in good faith to discuss and define any issues related to the operations under this Agreement and the Parties&#146; performance of their obligations hereunder, such as: </P>
<P align="left">
- Planning and operations for the next month; <br>
- Review of the actual performance of the Parties&#146; obligations for the immediately preceding month; <br>
- Reconciliation of Actual vs Budget for the operation of the month; and <br>
- Discuss and agree in good faith any counter-measures (but in any
event without prejudice to any provision in this Agreement) that shall be taken by each Party, as applicable, for any non-conformity or nonperformance of the Parties&#146; obligations under this Agreement. </P>
<P align="left">
(ii) <B><I>Yearly Meetings</I></B>. The Representation Committee of each Party shall annually convene on a date to be mutually agreed by the Parties in each Mining Year to discuss the operations and performance of the Parties&#146; obligations under
this Agreement for the preceding Mining Year, as well as issues such as: <br>
<br>
- Planning for the next Mining Year;<br>
- Review of the actual performance of the Parties&#146; obligations for the previous Mining Year; <br>
- Reconciliation of Actual vs Budget for
the operation of the Mining Year; and <br>
- Discuss and agree in good faith any counter-measures (but in any event without prejudice to any provision in this Agreement) that shall be taken by each Party, as applicable, for any non-conformity or
nonperformance of the Parties&#146; obligations under this Agreement. </P>
<P align="left">
(iii) <B><I>Third Parties&#146; Attendance</I></B>. The Intervening Parties may appoint representatives being entitled<B> </B>to attend the Yearly and Monthly Meetings provided in this Clause at their sole discretion. </P>
<P align="left">
(iv)<B><I> Day-to-day Communication</I></B>. Further to the above, the Parties shall keep, through any of the members of the Representation Committee, close daily communication in connection with the operations of this Agreement.</P>
<P align="left">
<B>6.3.</B><B> </B><B><I>Access to CSN&#146;s Daily Operations under this Agreement</I></B><I>. </I>In addition to Clause 6.2 above, NAMISA and the Brazilian SPC will be entitled to access and supervise CSN&#146;s daily operations under this
Agreement, through a representative indicated by NAMISA, including but not limited to
performance control procedures, such as weighing, sampling and analysis, among others, and CSN will endeavor its best efforts to provide such clarification or information requests which may be submitted by NAMISA as a result thereof. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_12"></A>

<P align="center"><B>CLAUSE SEVEN &#150; QUANTITIES </B></P>
<p>
<B>7.1.</B> <B><I>Contractual Quantity and Basic Annual Quantities.</I></B> Subject to Clause 7.3 below, CSN undertakes to perform the Services in each Mining Year, in relation to the quantity of Iron Ore indicated in the respective column of
<U>Attachment III</U> (with such quantity of Iron Ore being hereinafter referred to as the &#147;<U>Basic Annual Quantity</U>&#148; and the sum of the Basic Annual Quantities as the &#147;<U>Contractual Quantity</U>&#148;), it being hereby agreed
that each one of the shipments to be made during the performance of the Services shall be of at least [&#149;] metric tons on a wet basis, except as provided in Clause 1.1.1 above. </P>
<p>
<B>7.1.1.</B> Notwithstanding Clause 7.1 above, NAMISA may require, at NAMISA&#146;s sole discretion, in each Mining Year, the performance of Services in relation to a quantity of Iron Ore that is lower than the Basic Annual Quantity set forth for
the Mining Year in question. Services in relation to a quantity of Iron Ore higher than the Basic Annual Quantity set for the Mining Year in question may be requested by NAMISA, but is subject to CSN's approval, which shall depend, among others, on
availability of Terminal capacity. The requirement by NAMISA of Services below the Basic Annual shall not be considered as a NAMISA&#146;s Default (as defined in Clause 14.2 below). </P>
<p>
<B>7.1.2</B> <B><I>Quantities not Shipped</I></B>. Whenever in a determined Mining Year NAMISA does not require the performance of the Services (including for reasons attributable to NAMISA itself), in relation to the Basic Annual Quantity scheduled
for such Mining Year, NAMISA will have the right to carry-over the difference between the Basic Annual Quantity and the actual quantity of Services performed by CSN in such Mining Year (the &#147;<U>Carry-Over Services</U>&#148;), for the subsequent
Mining Years, being entitled to recover such Carry-Over Services limited to [&#149;] wet metric tons of Iron Ore per Mining Year and to the term of this Agreement. For the avoidance of doubt, the requirement by NAMISA of Services in relation to any
amount of Iron Ore below the Basic Annual Quantity shall not be considered as a NAMISA&#146;s Default (as defined in Clause 14 below). </P>
<p>
<B>7.2.</B> <B><I>Monthly Quantity.</I></B> CSN undertakes to perform the Services in each month of a Mining Year in relation to the quantity of Iron Ore indicated in the respective column of <U>Attachment III</U> hereto (with such quantity of Iron
Ore being hereinafter referred to as the &#147;Monthly Quantity&#148;). For the avoidance of doubt, the requirement by NAMISA of Services in relation to any amount of Iron Ore below the Monthly Quantity shall not be considered as a NAMISA&#146;s
Default (as defined in Clause 14 below). </P>
<p>
<B>7.3.</B> <B><I>Quantities Exceeding Threshold.</I></B> If, for any reason whatsoever, NAMISA requires the performance of Services in relation to more than the Monthly Quantity or Basic Annual Quantity, during, respectively, each month of the term
of this Agreement or each Mining Year, CSN and NAMISA shall discuss, in good faith, such additional Services requirement. </P>
<p>
<B>7.4. </B><B><I>Chain of Contracts</I></B><B>. </B>The Parties acknowledge and agree that this Agreement jointly with the other Related Contracts form a chain of contracts, so that the performance of the obligations arising out of this Agreement
may (i) depend on the due performance of the obligations of the Parties under the other Related Contracts and/or (ii) may affect the performance of the obligations of the Parties under the other Related Contracts.</P>
<p>
<B>7.4.1</B>. In case the performance of any obligations under this Agreement is prevented or becomes unfeasible or uneconomical due to the non-performance of the obligations and liabilities of
either Party under any other Related Contracts (the &#147;Affected Contracts&#148;), the Parties shall be subject to the following provisions:</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_13"></A>

<P align="left"><B>(i)</B> in case the failure to perform any Related Contract is attributable to either Party hereto, such Party shall also be liable for the non-performance of this Agreement if and to the extent that this Agreement is an Affected Contract; </P>
<P align="left">
<B>(ii)</B> in case of any failure to perform any Related Contract due to a Force Majeure Event, as defined in any such Related Contract, the non-performance hereof shall be deemed to have occurred under a Force Majeure Event if and to the extent
such failure prevents the performance of this Agreement. </P>
<P align="center">
<B>CLAUSE EIGHT &#150; UNIT PRICE </B></P>
<P align="left">
<B>8.1.</B> <B><I>Unit Price. </I></B>The price for the Services performed under this Agreement shall be determined on the basis of the quantities of the Iron Ore in relation to which the Services have been effectively rendered in each month, based
on the following formula (with the price per metric ton on a wet basis resulting from application of the cited formula being hereinafter referred to as the &#147;<U>Unit Price</U>&#148;): </P>
<TABLE border=1 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR valign="bottom">
    <TD width="100%" align=center bgcolor="#CCCCCC"><B>PU = P</B><B><SUB>1 </SUB></B><B>+ P</B><B><SUB>2</SUB></B></TD>
  </TR>
</TABLE>
<BR>
<p>
<U>Where</U>: </P>
<p>
<B>PU </B>= means Unit Price for a determined month for performance of the Services; </P>
<p><B>P</B><B><sub>1</sub></B><SUP> </SUP><B><SUP> = </SUP></B>means, as of April 1, 2008, the equivalent in Brazilian currency of US&#36;[&#149;] (&#147;<U>Y</U>&#148;), it being certain that such amount shall be readjusted at the beginning of each Mining Year
based on the same percentage readjustment as iron ore fines of the type known as <FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">[&#149;]</FONT>, as produced by the [&#149;] (hereinafter referred to as &#147;[&#149;]&#148;) and aimed for shipment through the
Port of Tubar&atilde;o to Japan (such ore being hereinafter referred to as &#147;<U>Reference Ore</U>&#148;), as disclosed (by order): </P>
<p>
<B>(i)</B> in the Tex Report, as published by the Tex Report, Ltd. (or successor thereto); </P>
<p>
<B>(ii)</B> if the Tex Report, for any reason, is no longer available or does not any longer disclose the Reference Ore, the Metal Bulletin, published by Metal Bulletin, plc (or successor thereto); or </P>
<p>
<B>(iii)</B> if the Metal Bulletin, for any reason, is no longer available or does not any longer disclose the price of the Reference Ore, then the [&#149;] website or any other [&#149;] publication. </P>
<p>
Notwithstanding the provisions above, if, upon commencement of a Mining Year, the percentage readjustment applicable to the Reference Ore is not available and no other readjustment has been agreed to by the Parties in view of the conditions of the
international iron ore market, the &#147;Y&#148; applicable to the Services to be performed in the Mining Year that is about to begin shall temporarily be the &#147;Y&#148; then in effect until such time as the percentage readjustment applicable to
the Reference Ore is known or determined. As soon as the percentage readjustment applicable to the Reference Ore is known or determined, the new &#147;Y&#148; shall be determined in accordance with the provisions contained in this Clause, with
retroactive effects to the beginning of the Mining Year in question, with any eventual differences (either upwards or downwards) resulting from temporary use of the &#147;Y&#148; then in effect in the formula for
determination of the Unit Price being agreed between the Parties within a period of 30 (thirty) days counting from the date on which the new &#147;Y&#148; has been disclosed and communicated in writing by CSN to NAMISA. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_14"></A>

<P align="left">In the event the Reference Ore should no longer be produced or sold, the Parties shall promptly replace it, for purposes of readjusting &#147;Y&#148;, with such product that succeeds Reference Ore or with such other type of iron ore that is
representative on the international iron ore market that is agreed to by the Parties. </P>
<P align="left">
For purposes of translating the &#147;Y&#148; into Brazilian currency, CSN shall use the average of quotations for sale of the United States Dollar as disclosed by the Brazilian Central Bank (BACEN) by means of transaction PTAX 0800, option 5 (or
such transaction as may replace same on the BACEN System - SISBACEN), in the month prior to that for issuance of the invoice relating to performance of the Services, and shall take &#147;P<sub>1</sub>&quot; to &nbsp;2 (two) decimal places after rounding off. &#147;<U>PTAX</U>&#148; means the ask rate which means the Brazilian Reais&#146;s bid and Dollar&#146;s ask rate, expressed as the amount of Brazilian Reais per one Dollar, published by the Brazilian
Central Bank on SISBACEN Data System under transaction code PTAX-800, Option 5, "<I>Venda</I>" by approximately 6:00 p.m., S&atilde;o Paulo time; and </P>
<P align="left">
<B>P</B><B><sub>2</sub></B> = means the amount in Brazilian Reais equivalent to US&#36; [&#149;], which is fixed and non-adjustable for the entire period that this Agreement remains in effect (non-cash amount of the Services price). </P>
<P align="left">
  For purposes of translating the <B>P</B><B><sub>2</sub></B>&nbsp;into Brazilian currency, CSN shall use PTAX applicable at the close at the business of the day that is 2 (two) Business Days (as defined in Clause 9.1.1 below) prior to the relevant calculation date, which relevant calculation date for the purposes of the payment of the Advance Payment shall
mean the date on which the such payment effectively occurs. If, no PTAX value is available on such date, PTAX value on the date shall be replaced by the exchange rate freely practiced in the financial market. </P>
<P align="left">
<B>8.2. </B><B><I>Taxes.</I></B> The Parties acknowledge and agree that the amounts attributed to &#147;P<sub>1</sub> &#148; and &#147;P<sub>2</sub>&#148; in Clause 8.1 above already include the cost related to the Municipal Tax on
Services of Any Kind &#150; ISS to be incurred by CSN, but do not include other taxes of any kind levied on the Services (subject to the tax adjustment provided in Clause 12.2, in case such adjustment occurs), such as the Federal Social Integration
Program &#150; PIS and Social Security Finance &#150; COFINS contributions. The taxes currently imposed on the Services and/or on the rendering of the Services as well as the formula for the addition of those taxes, if applicable, to the Unit Price
are disclosed in <U>Attachment VI</U> hereto. </P>
<P align="left">
<B>8.2.1 </B>. NAMISA shall use, to the extent possible, the tax credits related to the imposition of PIS and COFINS contributions on the rendering of the Services hereunder for each monthly supply of Services to set-off against NAMISA&#146;s
federal tax liabilities related to the Brazilian Corporate Income Taxes or other federal taxes, within 12 (twelve) months counted from such monthly supply of Services.</P>
<P align="left">
<B>8.2.2. </B>If during such 12 (twelve) month term NAMISA does not fully set-off the PIS and COFINS credits recognized as a result of the supply of Services hereunder (in the manner described in Clause 8.2.1 above) for each monthly supply of
Services, CSN shall grant NAMISA with non-interest bearing loans, under a current account mechanism, in the amount equivalent to the economic and financial burden equivalent to the full amount of PIS and COFINS credits not set-off, at the end of
each 12 (twelve) month term after the date on which the supply of Services hereunder commences to be subject to the imposition of PIS and COFINS Contributions. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_15"></A>

<p>
<B>8.2.3. </B>If and when NAMISA succeeds on fully setting-off the PIS and COFINS credits mentioned in Clause 8.2.2, above against other federal taxes, NAMISA shall repay to CSN the portion of the loan referred to in Clause 8.2.2 equivalent to the
amount of the credits fully set-off. </P>
<p>
<B>8.2.4. </B>Once NAMISA&#146;s right to set-off or recover the PIS and COFINS credits in connection with a given month elapsed after the 5 (five) year period of statute of limitation set forth by the applicable legislation counted from the
recognition of tax credits by NAMISA or its Affiliates related to PIS and COFINS contributions as set forth in Clause 8.2.1, the balance, if any, of the relevant loans made in accordance with Clauses 8.2.2 and 8.2.3 shall be forgiven by CSN. </P>
<p>
<B>8.3.</B> If at any time during the term of this Agreement, as a result of change of Applicable Law , PIS and COFINS Contributions are replaced by new taxes imposed by any federal, state or municipal authority, which are imposed on the supply of
Services hereunder, or if other taxes are created and so imposed, the Parties shall negotiate in good faith on how the tax burden will be shared between them. If there is no agreement between the Parties within the period of 6 (six) months counted
from the change in Applicable Law mentioned in this Clause, the Parties shall share on a 50/50 basis the economic and financial burden equivalent to the amount of said tax burden. </P>
<p>
<B>8.4.</B> Except in the cases of accessory maritime support services (including among them pratique, use of tugboats and support launches to moor vessels), the Unit Price includes all the costs and expenses, both direct and indirect, required to
perform the Services and fulfill the obligations set forth in this Agreement, including but not limited the cost of using equipment, manpower &#150; both specialized and non-specialized, port expenses, Social Security contributions, burdens and
charges resulting from applicable Brazilian labor, social and Social Security legislation, as well as insurance and guarantees required by Applicable Law and/or established in this Agreement. </P>
<P align="center">
<B>CLAUSE NINE &#150; ADVANCE PAYMENT </B></P>
<p>
<B>9.1. </B><B><I>Advance Payment.</I></B> On the date agreed by the Parties but not later than 90 (ninety) days from the date of execution of this Agreement, NAMISA shall make available to CSN, in advance, on account of the Services to be performed
to NAMISA under this Agreement, the amount in Brazilian Reais equivalent to US&#36; 2,212,504,830.86 (two billion, two hundred and twelve million, five hundred and four thousand, eight hundred and thirty US dollars and eighty six cents) (hereinafter referred to as the &#147;<U>Advance Payment</U>&#148;), amount which corresponds to the sum of each one of the results of multiplication (a) of
each Monthly Quantity set forth in <U>Attachment III</U> (for each one of the months of each Mining Year) by (b) US&#36;[&#149;], adjusted to present value through the signature date of this Agreement based on a discount rate of [&#149;] per annum.</P>
<p>
<B>9.1.1.</B> The conversion of amounts in Dollars into Brazilian Reais, under this Agreement, shall use PTAX applicable at the close of the business of the day that is 2 (two) Business Days (as defined below) prior to the relevant calculation date,
which relevant calculation date for the purpose of the payment of the Advance Payment shall mean the date on which such payment effectively occurs. If no PTAX value is available on such date, PTAX value on the date shall be replaced by the exchange
rate freely practiced in the financial market. &#147;<U>Business Day</U>&#148; means any day (excluding Saturdays and Sundays) on which commercial banks generally are open for the transactions of normal banking business (i) in the City of S&atilde;o
Paulo, Brazil, (ii) in the City of New York, United States of America, (iii) in the City of Tokyo, Japan and (iv) in the City of Seoul, South Korea.<B> </B></P>
<p>
<B>9.1.2.</B> The Advance Payment shall be made by means of available electronic transfer (TED - &#147;<I>transfer&ecirc;ncia eletr&ocirc;nica dispon&iacute;vel</I>&#148;) of funds to CSN&#146;s current account indicated in <U>Attachment IV</U>
hereto (or to such other account as may be notified by CSN to NAMISA under the terms of this Agreement). </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_16"></A>

<P align="left">
<B>9.2. </B><B><I>Deduction of the Advance Payment upon Performance of the Services.</I></B> At the end of each month of performance of the Services, CSN shall automatically deduct from the balance of CSN&#146;s debt to NAMISA in relation to the
Advance Payment a fixed and non-adjustable amount corresponding to the portion of the Advance Payment attributable to the Services performed in such month, which amount is equivalent to: </P>
<P align="left">
<b>(a)  P</B><sub>2</sub> (as defined in Clause 8.1 above); </P>
<P align="left">
<B>(b)</B> multiplied by QE (which shall<B> </B>mean the quantity of the Iron Ore effectively shipped by NAMISA in a given month, as determined by the relevant draft surveys). </P>
<P align="left">
<B>9.3.</B> <B><I>Updating of CSN&#146;s Debt to NAMISA in relation to the Advance Payment.</I></B> The balance of CSN&#146;s debt to NAMISA in relation to the Advance Payment shall be subject to the levying of interest charges, determined on the
basis of such a rate that, net of taxes, corresponds to [&#149;] per annum, calculated on a monthly <I>pro rata</I> basis. </P>
<P align="left">
<B>9.3.1.</B> The interest charges dealt with in Clause 9.3 above shall be computed through the end of each month (or fraction thereof), as from the date of making the Advance Payment and through the termination or expiration of this Agreement,
based on the balance of CSN&#146;s debt to NAMISA in relation to the Advance Payment on such date, after the deduction provided in Clause 9.2 above. Such interest charges, after being calculated, are to be treated in the following manner: </P>
<P align="left">
<B>(a)</B> [&#149;] of the amount corresponding to the interest charges shall be added to the balance of cited CSN debt at the end of each Mining Year;</P>
<P align="left">
<B>(b)</B> [&#149;] of the amount corresponding to the interest charges shall be paid by CSN to NAMISA on the second Working Day of the month subsequent to the one in question, by means of available electronic transfer (TED -
&#147;<I>transfer&ecirc;ncia eletr&ocirc;nica dispon&iacute;vel</I>&#148;) of funds to NAMISA&#146;s current account indicated in Attachment IV. For the purposes of this Agreement, the term &#147;<U>Working Day</U>&#148; means any day except
Saturdays, Sundays and holidays on which banks are not authorized to open for business in the City of S&atilde;o Paulo, State of S&atilde;o Paulo; and </P>
<P align="left">
<B>(c)</B> the Parties shall redefine the proportion of interest charges provided in items (a) and (b) above in case of creation or alteration of taxes in order to maintain the financial balance of the date of execution hereof. </P>
<P align="left">
<B>9.4. </B>Every [&#149;] years as from the commencement of the provision of Services under this Agreement, the Parties shall negotiate in good faith an increase of P<SUB>2</SUB>, which (i) shall neverresult in a total PU that is higher than the market price for the Services, and (ii) shall not result in any tax adverse effect for both Parties. If the Parties fail to reach an agreement as to such increase, the then current P<SUB>2</SUB> shall not be varied. </P>
<P align="center">
<B>CLAUSE TEN &#150; BILLING AND PAYMENT </B></P>
<P align="left">
<B>10.1.</B> <B><I>Issuance of Invoices. </I></B>On the last day of each month, CSN shall issue an invoice (&#147;<U>NFF</U>&#148;) for the Services performed in such month and submit such NFF to NAMISA within no more than 3 (three) Working Days
from the issue date, with due regard to this Clause and Applicable Law. </P>
<P align="left">
<B>10.1.1.</B> The NFFs shall be issued to NAMISA based on the certificates provided in the manner set forth in <U>Attachment III</U> hereto in relation to each shipment of Iron Ore. Each NFF is to reflect (a) the value of the Services performed, in view of the Unit Price and the quantity of Iron Ore effectively shipped in that month, (b) the portion of the Advance Payment attributable to the
Services performed, calculated in the manner provided by Clause 9.2 above and for the purposes set forth in such Clause, and (c) the balance to pay. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_17"></A>

<P align="left"><B>10.2.</B> <B><I>Payment Term of the NFFs.</I></B> The NFFs are to be paid by NAMISA within a period of no more than 30 (thirty) days counting from the date of NAMISA&#146;s receipt of original NFF, without any financial compensation or monetary
updating being due for such payment term. </P>
<P align="left">
<B>10.2.1.</B> In the event any NFF contains any irregularity, in NAMISA&#146;s opinion, NAMISA shall return it to CSN within a period of no more than 5 (five) Working Days from receipt thereof, with CSN being responsible for remedying such
irregularity and resubmitting it to NAMISA within a period of no more than 5 (five) Working Days. </P>
<P align="left">
<B>10.2.2.</B> In case there is any disagreement between the Parties in relation to any NFF received by NAMISA, such disagreement shall be resolved in a period of no more than 30 (thirty) days counting from the date such disagreement is notified by
any Party to the other, with any adjustments (either upwards or downwards) in the value of the NFF in relation to which there has been a disagreement being reflected in the immediately subsequent NFF or, if there are none, paid within the same
deadline established in accordance with Clause 10.2 above, counting from the date on which such adjustments have been determined and agreed to by the Parties. </P>
<P align="left">
<B>10.2.3.</B> NAMISA shall issue a debit note for such sums as CSN expressly recognizes as being owed to NAMISA under this Agreement, with full offset of such amounts as are due to NAMISA, at the NAMISA&#146;s discretion, against amounts that
NAMISA has to pay to CSN. In the event it is not possible or advisable to carry out the offset set forth in this Clause, the debit note shall be paid by CSN within the same deadline established under Clause 10.2 above counting from the issue day of
such debit note. </P>
<P align="left">
<B>10.3.</B> <B><I>Manner of Payment.</I></B> Any payment due by NAMISA to CSN shall be made by means of available electronic transfer (TED - &#147;<I>transfer&ecirc;ncia eletr&ocirc;nica dispon&iacute;vel</I>&#148;) of funds to CSN&#146;s current
account indicated in <U>Attachment IV</U> hereto (or to such other account as may be notified by CSN to NAMISA under the terms of this Agreement), with the transfer voucher slip serving as proof of payment and discharge of the respective obligation.
Any payment due by CSN to NAMISA shall also be carried out through the TED system for transferring funds to NAMISA&#146;s current account indicated in Attachment IV (or to such other account as may be notified by NAMISA to CSN under the terms of
this Agreement), with the transfer voucher slip serving as proof of payment and discharge of the respective obligation. </P>
<P align="left">
<B>10.4.</B> <B><I>Late Payment Charges.</I></B> In the event any delay should occur with respect to payment of amounts due under this Agreement by one Party to the other, the amount due and not paid shall be monetarily restated based on the
variation in the Reference Rate &#150; TR (or other such index as may replace the latter), plus late payment interest of 1% (one per cent) per month, calculated on a <I>pro rata </I>basis between the due date and the date of effective payment, with
no other type of increase being due. </P>
<P align="center">
<B>CLAUSE ELEVEN &#150; REPRESENTATIONS OF THE PARTIES </B></P>
<P align="left">
<B>11.1.</B> <B><I>Representations of CSN.</I></B> CSN hereby declares to NAMISA, as of the signing date below and during performance of the Services, assuming responsibility for the correctness, truthfulness and completeness of such
representations, that: </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_18"></A>

<P align="left">
<B>(a)</B> it is a duly organized and validly established public joint stock corporation under the laws of Brazil and that it has full legal capacity to operate the Terminal and to conduct its business as conducted at present, and is duly qualified
to perform the Services under the terms of this Agreement; </P>
<P align="left">
<B>(b)</B> it has obtained all the corporate or similar authorizations required to sign this Agreement and to comply with the obligations attributed to it hereunder; </P>
<P align="left">
<B>(c)</B> this Agreement has been duly and validly executed and delivered by CSN and constitutes a legal, valid and binding obligation insofar as CSN is concerned and is enforceable against it on the terms hereof;</P>
<P align="left">
<B>(d)</B> it is not insolvent, under court protection from creditors, extrajudicial or judicial recovery, and it is neither impeded from paying its obligations and nor has it been declared bankrupt; </P>
<P align="left">
<B>(e) </B>neither the execution and delivery of this Agreement nor the consummation of the transactions and performance of the terms and conditions of this Agreement by CSN will (i) result in a violation or breach of or default under any provision
of the by-laws of CSN; (ii) will result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which CSN is bound; or (iii) violate any constitution, statute, law, regulation, rule, ruling,
charge, order, writ, injunction, judgment or decree (&#147;<U>Applicable Law</U>&#148;) of or by any federal, national, state, municipal, local or similar government, governmental, regulatory, administrative or tax authority, agency or commission or
any court, tribunal, or judicial or arbitral body (&#147;<U>Governmental Authority</U>&#148;), which may negatively affect or prevent the performance of its obligations hereunder or under the other Related Contracts; </P>
<P align="left">
<B>(f)</B> it has good, valid and marketable title to, valid and subsisting leasehold or acquisition interests in or to, or valid, binding and enforceable rights to, the Terminal and will have and keep good, valid and marketable title to, valid and
subsisting leasehold or acquisition interests in or to, or valid, binding and enforceable rights to the Terminal and other relevant assets and rights required for the performance hereof (&#147;<U>Assets</U>&#148;); </P>
<P align="left">
<B>(g)</B> it is not a party and will not enter into any agreement, arrangement, transaction, lease, license, note, mortgage, indenture, contract and other contractual rights and obligations, whether written or oral which negatively affect or
prevent the performance of its obligations hereunder; </P>
<P align="left">
<B>(h)</B> all Assets are (i) in good operating condition and repair, and are adequate for the uses to which they are being put and (ii) sufficient for the performance of the obligations of CSN hereunder or under the other Related Contracts;</P>
<P align="left">
<B>(i)</B> it has been and will continue to be in full compliance with all Applicable Law related to the performance of this Agreement, including without limitation those regarding tax, environmental, labor and social security matters; </P>
<P align="left">
<B>(j)</B> it has obtained and will keep all licenses, permits and authorizations required for its operation and the performance of this Agreement; and </P>
<P align="left">
<B>(k) </B>there is no court or administrative litigation, action, suit, proceeding, condemnation, investigation, claim, audit, order, decision, decree, writ, judgment, injunction, determination or award or any arbitration proceeding that may
prevent, limit or affect CSN&#146;s ability to perform any of its obligations under this Agreement. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_19"></A>

<p>
<B>11.2.</B> <B><I>Representations of NAMISA. </I></B>NAMISA hereby declares to CSN, as of the signing date below and during performance of the Services, assuming responsibility for the correctness and truthfulness of such representations, that: </P>
<p>
<B>(a)</B> it is a duly organized and validly established joint stock corporation under the laws of Brazil and that it has full legal capacity to own and operate its facilities and conduct its business as conducted at present, and is duly qualified
to contract the Services under the terms of this Agreement; </P>
<p>
<B>(b)</B> it has obtained all the corporate or similar authorizations required to sign this Agreement and to comply with the obligations attributed to it hereunder; </P>
<p>
<B>(c)</B> this Agreement has been duly and validly executed and delivered by NAMISA and constitutes a legal, valid and binding obligation insofar as NAMISA is concerned and is enforceable against it on the terms hereof;</P>
<p>
<B>(d)</B><B> </B>it is not insolvent, under court protection from creditors, extrajudicial or judicial recovery, and it is neither impeded from paying its obligations and nor has it been declared bankrupt; </P>
<p>
<B>(e)</B><B> </B>neither the execution and delivery of this Agreement nor the consummation of the transactions and performance of the terms and conditions of this Agreement by NAMISA will (i) result in a violation or breach of or default under any
provision of the by-laws of NAMISA; (ii) will result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which NAMISA is bound; or (iii) violate any Applicable Law of or by any
Governmental Authority which may negatively affect or prevent the performance of its obligations hereunder; </P>
<p>
<B>(f)</B> it has been and will continue to be in full compliance with all Applicable Law related to the performance of this Agreement, including without limitation those regarding tax, environmental, labor and social security matters; </P>
<p>
<B>(g)</B> it has obtained and will keep all licenses, permits and authorizations required for its operation and the performance of this Agreement; and </P>
<p>
<B>(h) </B>there is no court or administrative litigation, action, suit, proceeding, condemnation, investigation, claim, audit, order, decision, decree, writ, judgment, injunction, determination or award or any arbitration proceeding that may
prevent, limit or affect NAMISA&#146;s ability to perform any of its obligations under this Agreement. </P>
<P align="center">
<B>CLAUSE TWELVE &#150; EFFECTIVE TERM </B></P>
<p>
<B>12.1.</B> This Agreement shall take effect on the signing date below, <U>except, however</U>, that the performance of the Services shall begin on the date set out in Clause 2.1 above. This Agreement shall be terminated (a) when performance of the
Services under the terms of this Agreement is concluded or (b) in the manner provided by Clause 14 below, whichever occurs first. </P>
<p>
<B>12.2</B>. In the event that the Terminal ceases to be at any time during the term of this Agreement registered as a bounded warehouse (<I>armaz&eacute;m alfandegado) </I>with the Brazilian Revenue Service (<I>Secretaria da Receita Federal do
Brasil</I>) and/or any other competent authority and as a result of that the physical movements, symbolic transfers, flows of invoices or rendering of Services under this Agreement becomes subject to any value added tax (including ICMS) imposed by
Brazilian federal or state taxing authorities, the Parties shall discuss in good faith on how the value added tax burden will be shared between them. If the parties do not reach a reasonable agreement within the period of six (6)
months counted from the date of the first tax imposition, the Parties shall equally share the cash, economic and financial burden related to the imposition of such value added taxes.</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_20"></A>

<P align="center"><B>CLAUSE THIRTEEN &#150; ACTS OF GOD, FORCE MAJEURE AND FORTUITIES </B></P>
<p>
<B>13.1. </B>Provided that the provisions of this Clause are complied with, neither of the Parties shall be held liable with respect to the other due to non-fulfillment of any obligation (except pecuniary obligations) attributed to it under this
Agreement and insofar as such non-fulfillment is directly attributable to an event of force majeure or act of God under Brazilian law, as defined by article 393, sole paragraph, of the Civil Code, including but not limited to (a) acts of wars
(whether declared or not ), epidemics, sabotage, military actions or hostilities and acts of terrorism or the escalation thereof occurring after the date hereof; (b) regional or national strikes, work stoppages, slowdowns or lockouts of any trade
category involved in performance of the Services or adversely affecting abilities of either Party to comply with the terms and conditions of this Agreement; (c) acts of God and inclement weather or such other atypical events of nature that are not
predictable and/or the effects of which cannot be avoided by employing reasonable control measures; and (d) accidents or emergency stoppages in order to prevent accidents that impede or restrict the operation and/or construction and/or expansion of
installations related to performance of the Services; (e) any decision by an arbitration panel or court of law (even if preliminary and subject to further appeal), obtained by or granted in favor of third parties that prevents compliance with either
Party&#146;s obligations under this Agreement); (f) expropriation, or statement of eminent domain for expropriation purposes (<I>declara&ccedil;&atilde;o de utilidade p&uacute;blica</I>), or any other restriction imposed by any public authority on
either Party&#146;s assets which prevents either Party&#146;s assets or abilities to comply with the terms and conditions of this Agreement; (g) any changes in Applicable Law occurring after the date hereof which prevents either Party from complying
with the terms and conditions of this Agreement; and (h) any other circumstance, change, development, event or fact that is unpredictable or unavoidable by the affected Party and which prevents such Party from complying with the terms and conditions
of this Agreement, if and to the extent any such events qualify as force majeure under article 393 sole paragraph of the Civil Code (&#147;<U>Force Majeure Event</U>&#148;). </P>
<p>
<B>13.1.1. </B>For all purposes, a Force Majeure Event under the other Related Contracts that renders unfeasible or otherwise prevents the performance of the Related Contracts in whole or part, including this Agreement, shall be considered a Force
Majeure Event under this Agreement. </P>
<p>
<B>13.2.</B> In case of the occurrence of a Force Majeure Event, the Party whose obligations are being affected by such Force Majeure Event (such Party being hereinafter referred to as the &#147;<U>Affected</U> <U>Party</U>&#148;) shall have 5
(five) Working Days counting from such event to notify the other Party of same and prove by means of appropriate documents, as the case may be, the occurrence of such event, as well as its direct or indirect impact on its obligations under this
Agreement. Notwithstanding, the Affected Party is to implement at its own expenses and as soon as possible measures to mitigate the effects and the direction of the event of Force Majeure or Act of God, indicating such measures to the other Party
and keeping the latter constantly informed on the progress of such measures. </P>
<p>
<B>13.3.</B> Should a Force Majeure Event occur: </P>
<p>
<B> (a)</B> up to the end of [&#149;], CSN shall pay to NAMISA a compensation equal to: </P>
<p>
K = P <sub>2</sub> x A </P>
<p>
Being: </P>
<p>
K &#150; compensation amount </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_21"></A>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#150; Quantity of Services not provided due to the Force Majeure Event  <br>
<br>
and <B> <br>
  <br>
(b)</B> On or after [&#149;], CSN shall pay to NAMISA an compensation equal to: </P>
<p>
X = <B><SUP>P</SUP></B><B>2</B><SUP> x B </SUP></P>
<p>
Being: </P>
<p>
X &#150; compensation amount </P>
<p>
B &#150; Quantity of Services not provided due to the Force Majeure Event in the first 365 days of such Force Majeure Event. </P>
<p>
<B>13.3.1.</B> Compensation amounts under Clause 13.3 shall be paid by CSN to NAMISA on a monthly basis until the 30<SUP>th</SUP> day of the subsequent month after the occurrence of a Force Majeure Event. Such provision shall apply to subsequent
months, if the Force Majeure Event continues. </P>
<P align="center">
<B>CLAUSE FOURTEEN &#150;MATERIAL BREACH, TERMINATION AND CONSEQUENCES OF TERMINATION </B></P>
<p>
<B>14.1.</B> CSN shall be deemed to have committed a material breach of this Agreement if, for reasons attributable to CSN, CSN provides Services in any given Mining Year in relation to less than [&#149;] of the Basic Annual Quantity
(&#147;<U>Material Breach</U>&#148;) and fails to remedy such Material Breach within [&#149;] days from the date of receipt of a written communication to that effect. </P>
<p>
<B>14.2. </B>If NAMISA breaches any obligation set forth herein (&#147;<U>NAMISA&#146;s Default</U>&#148;), CSN shall provide written notice of default to NAMISA within 30 (thirty) days following the occurrence of such breach (&#147;<U>Notice of
NAMISA&#146;s Default</U>&#148;). CSN and NAMISA shall discuss in good faith the amount of the indemnification due by NAMISA to CSN, or any other remedies reasonably available, which, in no event, shall be greater than the loss of income of CSN
deriving from Services not effected as a consequence of the NAMISA&#146;s Default. If no agreement is reached by the Parties within [&#149;] days as from receipt of the Notice of NAMISA&#146;s Default, CSN may claim for determination of the
indemnification amount according to Clause Eighteen. </P>
<p>
<B>14.3.</B> The Parties acknowledge and agree that this Agreement is not intended to be terminated before the full performance hereof unless exceptional circumstances occur or otherwise expressly provided hereunder, due to the substantial
investments made by both Parties for the performance thereof and the reliance of both Parties on the continued and full performance hereof. Without prejudice to any other rights provided in this Agreement, but with the exclusion of any other
termination right, except for those provided in this Clause 14, this Agreement may be terminated in the cases indicated below, provided that the Party that gives rise to such termination, either due to breach of contract or other circumstance
attributable to it (with such Party being hereinafter referred to as the &#147;<U>Defaulting Party</U>&#148;), shall not have any right to file a complaint and/or claim of any kind of indemnity whatsoever: </P>
<p>
<B>(a)</B><B> </B>by the other Party, at its exclusive discretion, in the event of non-compliance by the Defaulting Party with any monetary obligation set forth in this Agreement, provided that the other Party notifies the Defaulting Party with
respect to such non-performance and the Defaulting Party does not remedy such non-compliance within a period of [&#149;] days counting from the date of receipt of such notification; or </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_22"></A>

<p>
<B>(b)</B> by NAMISA at its exclusive discretion, in the event of occurrence of a Material Breach; or </P>
<p>
<B>(c) </B>by the other Party, at its exclusive discretion, in case any representation made in this Agreement by the Defaulting Party proves to be incorrect or untruthful, for any reason, as a result of which, at such other Party&#146;s reasonable
judgment, the due performance of this Agreement is materially adversely affected, provided that if such incorrect or untruthful matter can be straightened out and is not remedied within a period of 180 (one hundred and eighty) days counting from the
date of receipt of such notification pointing out the incorrect or untruthful representation; or </P>
<p>
<B>(d)</B> by the other Party, at its exclusive discretion, in the event of acceptance of a process for court recovery, the commencement of extrajudicial recovery, declaration of bankruptcy or dissolution of the Defaulting Party; or </P>
<p>
<B>(e)</B> by NAMISA, if any other Related Contract is terminated by NAMISA due to a Material Breach by CSN un as defined in such Related Contract. </P>
<p>
<B>14.4.</B> In the event this Agreement should be terminated, CSN shall make available to NAMISA all the iron ore owned by NAMISA that is at the Terminal, as well as all documents owned by NAMISA that are in CSN&#146;s power. The Iron Ore and the
documents shall be made available through payment by NAMISA of all expenses and costs for the Services performed and perchance not yet settled, with any credits being offset. NAMISA is to arrange, at its own expenses, for removal of the Iron Ore
from the Terminal within a period of no more than [&#149;] days counting from the date for termination of the Agreement, under penalty of the respective abandonment thereof being characterized, in the manner provided by the Brazilian Civil Code.</P>
<p>
<B>14.5.</B> Should this Agreement be terminated for a reason attributable to NAMISA, NAMISA shall indemnify CSN for losses and damages (including any loss of income (business interruption) and indirect losses and damages, including consequential
damages) effectively incurred due to termination of this Agreement, which indemnity is hereby fixed in an amount corresponding to the balance of CSN&#146;s debt to NAMISA in relation to the Advance Payment as of the termination date, with CSN being
authorized, to such end, to offset the amount of such indemnity against CSN debt with NAMISA in relation to the Advance Payment. </P>
<p>
<B>14.6.</B> If upon conclusion of the performance of the Contractual Quantity set forth under this Agreement, subject to the extension of the term hereof, there is any balance of the Advance Payment made by NAMISA to CSN under Clause 9.1
(&#147;<U>Balance</U>&#148;), NAMISA shall pay to CSN an amount corresponding to such Balance (&#147;<U>Payment</U>&#148;), in consideration for (i) the investments made by CSN in order to render the Services to NAMISA (purchasing equipment, hiring
personnel, implementing systems, etc.), and (ii) the commitment assumed by CSN to guarantee performance of the Services for NAMISA for the term of this Agreement, including prejudice to any other business opportunities involving the Terminal. It is
hereby agreed by the Parties on an irrevocable basis that the Balance shall be immediately offset against the Payment. </P>
<P align="center">
<B>CLAUSE FIFTEEN &#150; GENERAL PROVISIONS </B></P>
<p>
<B>15.1.</B> The Parties acknowledge and agree that this Agreement contains all the requisites for this instrument to serve as a valid document for commencement of execution proceedings (<I>t&iacute;tulo executivo extrajudicial</I>), for all legal
intents and purposes. </P>
<p>
<B>15.2.</B> This Agreement reflects the entire understanding of the Parties with respect to its scope and replaces any and all previous agreements and understandings. Each one of the Parties hereby acknowledges and confirms that it is not signing
this Agreement on the basis of any representation,
guarantee or other commitment by the other Party that is not fully reflected in the provisions hereof. Any matter relating to performance of the Services that is not specifically provided in this Agreement shall be examined separately and mutually
agreed upon by the Parties. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_23"></A>

<p><B>15.3.</B> This Agreement is not entered into on an exclusive basis by CSN, which may contract third parties at the same time or otherwise for performance of services that are identical or similar to the Services covered hereby. </P>
<p>
<B>15.4.</B> Without prejudice to the provisions contained in Clause 15.5 below, this Agreement binds the Parties and/or successors on any degrees whatsoever.  In this sense, in the event of merger, amalgamation (upstream merger under Brazilian
law), spin-off or change in control of either of the Parties, continuity of this Agreement is expressly assured, obligating the successor or any third parties related in any manner to the merger, amalgamation, spin-off or change in control of either
of the Parties to comply with all the clauses, terms and conditions established in this Agreement. </P>
<p>
<B>15.5.</B> Neither Party shall assign or transfer (in whole or in part) its rights or obligations under this Agreement without the prior written consent of the other Party, which consent shall not be unreasonably withheld, delayed or conditioned;
provided, however, that (i) each of the Parties may assign all of its rights and obligations under this Agreement without the prior written consent of the other Party to one or more of its Affiliates, as defined in Clause 15.5.2 below, and (ii) CSN
shall assign all of its rights and obligations under this Agreement without the prior written consent of NAMISA to the third party that acquires the Terminal. This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and permitted assigns and shall be enforceable by the Parties hereto and their respective successors and permitted assigns. </P>
<p>
<B>15.5.1</B> In addition, to the foregoing, in the event of an assignment or transfer as stated in Clause 15.5 (i), the assigning Party shall remain jointly liable with the assignee for all obligations under this Agreement. </P>
<p>
<B>15.5.2 </B>For the purposes of Clause 15.5 and 15.5.1 above, &#147;<U>Affiliates</U>&#148; shall mean, with respect to any Party, a person that directly or indirectly controls, or is under common control with, or is controlled by, such person. As
used in this definition, &#147;control&#148; (including, with its correlative meanings, &#147;controlled by&#148; and &#147;under common control with&#148;) shall mean possession, directly or indirectly, of securities having 50% or more of the
voting power for the election of directors or other governing body of a corporation or 50% or more of the partnership or other ownership interests of any other person. </P>
<p>
<B>15.6.</B> This Agreement may only be amended or modified by means of prior agreement between the Parties and the signing of a specific amendment signed by both Parties. </P>
<p>
<B>15.7.</B> Any omission or tolerance by the Parties in requiring the correct, full and punctual compliance with the specific or generic terms and conditions contained in this Agreement, or in exercising any prerogative hereunder, shall not
constitute any kind of waiver, desistance or novation, and nor shall it affect the right of the Parties to exercise them at any time. </P>
<p>
<B>15.8.</B> In the event any provision of this Agreement should be considered invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions contained in this Agreement shall not in any
manner whatsoever be affected or prejudiced thereby and shall remain in full force and effect. The Parties shall negotiate in good faith to replace any provisions considered invalid, illegal or unenforceable with valid, legal and enforceable
provisions, the effects of which shall approximate as closely as possible the legal and economic effects intended by the provisions considered invalid, illegal or unenforceable. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_24"></A>

<p>
<B>15.9.</B> This Agreement does not create or intend to create any kind of company, association, joint venture, cooperative, partnership, consortium, or agency, and neither does it attribute or aim to create any kind of relationship involving
principal and agent, commercial representation, business management or other kind of similar legal arrangement between the Parties, except for those expressly provided in this Agreement and directly related to performance of the Services by CSN to
NAMISA. </P>
<p>
<B>15.10. </B>Each Party is responsible for covering its own costs and other expenses incurred or to be incurred in relation to the signing, execution and performance of this Agreement. </P>
<p>
<B>15.11.</B> Should, after the signature of this Agreement, any taxes be created, or any tax rates, taxable base or manners for calculating any tax existing at the signing date below and involving taxable events related in any manner to this
Agreement be altered, via Applicable Law, or any special tax benefit available to the Parties related to this Agreement granted by any federal, state of municipal taxing authorities be extinguished, the Parties shall negotiate, in good faith, to
amend this Agreement in order to restore its economic and financial balance. </P>
<P align="center">
<B>CLAUSE SIXTEEN &#150; CONFIDENTIALITY </B></P>
<p>
<B>16.1.</B> During the time this Agreement remains in effect and for the period of 5 (five) years after termination hereof, the Parties undertake &#150; for themselves as well as on behalf of third parties related to them &#150; to maintain
absolute secrecy regarding the terms and conditions of this Agreement, and also with respect to any and all information obtained as a result of same, except (a) if the disclosure of such information is determined by this Agreement or if such
information is already proven to be in the public domain, (b) with the express and prior authorization of the other Party, (c) in order to exercise any rights attributed to the Parties according to this Agreement, (d) required by Applicable Law, by
an order of any governmental authority or as a result of a judicial order, case in which the disclosure shall be limited to the clauses, terms and conditions that are to be disclosed pursuant to such determination; or (e) in case of NAMISA, the
disclosure of information to the Intervening Parties and to the shareholders of the Japanese SPC. </P>
<P align="center">
<B>CLAUSE SEVENTEEN &#150; COMMUNICATIONS </B></P>
<p>
<B>17.1.</B> All notices, communications, requests, authorizations and consents that have to be transmitted or given by the Parties under this Agreement shall only be valid and effective if provided in writing through correspondence (under protocol
or sent against notice of receipt) or fax (with proof of transmission) addressed in the following manner (or in such other manner as may be notified subsequently by one Party to the other): </P>
<p>
<B>(a)</B> NACIONAL MIN&Eacute;RIOS S/A: </P>
<p>Address: <I>Alameda da Serra, n&ordm; 400, 9&ordm; andar <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEP 34000-000 &#150; Nova Lima &#150; MG </I><br>
Phone: (0xx31) 3269-1410 <br>
Fax: (0xx31) 3269-1414 <br>
<I>At.: Diretor Comercial </I>(Attention of Commercial Director) <br>
<I>Cc.: Diretor de Opera&ccedil;&otilde;es e Diretor Jur&iacute;dico </I>(Copied to Operations Director and Legal Director) </P>
<p>
<B>(b)</B> COMPANHIA SIDER&Uacute;RGICA NACIONAL: </P>
<p>
Address: <I>Av. Brigadeiro Faria Lima, n&ordm; 3.400, 20&ordm; andar <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEP 04538-132 &#150; S&atilde;o Paulo &#150; SP </I></P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<p><A name="page_25"></A></p>
<p>Phone: (0xx31) 3749-1210 <br>
Fax: (0xx31) 3749-1284 <br>
<I>At.: Diretor de Minera&ccedil;&atilde;o</I> (Attention of Mining Director) <br>
<I>Cc.: Diretor Comercial de Min&eacute;rio de Ferro e Diretor Jur&iacute;dico</I> (Copied to Iron Ore Commercial Director and Legal Director) </p>
<p> <B>(c)</B> BIG JUMP PARTICIPA&Ccedil;&Otilde;ES S.A.: </P>
<p> Address: <I>Rua da Consola&ccedil;&atilde;o, 247, 3rd Floor, Room 85A, S&atilde;o Paulo, Brazil</I><br>
  Phone: (0xx11) 3170-8509 <br>
  Fax: (0xx11) 3170-8549 <br>
  <I>At.: Diretor Presidente (Attention of Director-President)</I> </P>
<p> <B>(d)</B> BRAZIL JAPAN IRON ORE CORPORATION: </P>
<p> Address: <I>5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo, 107-8077, Japan</I><br>
  Phone: (81 3) 3497-3365 <br>
  Fax: (81 3) 3497-3342 <br>
  <I>At.: Mr. Yasuhiro Miyata </I></P>
<p> <B>(e)</B> POSCO: </P>
<p> Address: <I>892 Daechi 4-dong Kangnam-gu, Seoul, 135-777, Korea </I><br>
  Phone: (82 2) 3457-0306 <br>
  Fax: (82 2) 3457-1908 <br>
  <I>At.: Mr. Myung Deuk Seo (Group Leader)</I> </P>
<div align="center"></div>
<P align="center">
<B>CLAUSE EIGHTEEN &#150; ARBITRATION </B></P>
<p>
<B>18.1. </B>The Parties are to submit any dispute, controversy or disagreement resulting from this Agreement or related to same solely and exclusively to arbitration in the manner provided by Law No. 9.307 of September 23, 1996 and by this Clause,
provided that such dispute, controversy or disagreement is not settled amicably by the Parties within a period of 30 (thirty) days counting from the date on which one of the Parties has notified the other regarding the existence of such dispute,
controversy or disagreement. Arbitration shall be definitive and the results thereof binding on the Parties. </P>
<p>
<B>18.2.</B> The arbitration proceedings shall take place in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, and shall be administered by the International Court of Arbitration of the International Chamber of Commerce
(&#147;<U>ICC</U>&#148;) and, except as provided in this Agreement, shall be instituted and processed according to the Rules of Arbitration of the ICC (&#147;<U>Rules</U>&#148;). </P>
<p>
<B>18.3.</B> The arbitration panel shall be made up of 3 (three) arbitrators, with each one of the Parties being responsible for appointing 1 (one) arbitrator and these 2 (two) arbitrators appointed by the Parties responsible for jointly appointing
the third arbitrator, who shall preside over the arbitration panel. </P>
<p>
<B>18.4.</B> The charges, fees and other expenses directly related to the arbitration proceedings, which include the costs due to the ICC and the arbitrators&#146; fees and, as the case may be, any expert witnesses called, shall be initially borne
by both Parties in the same proportion, provided that the provisions contained in the Rules are complied with, though the arbitration award shall define the final allocation of such charges, fees and other expenses between the Parties. Each Party
shall cover the expenses of
the respective attorneys and assistants that it engages to represent it or to assist it during the arbitration proceedings. </P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B></P>

<HR SIZE="2"NOSHADE COLOR="#000000"ALIGN="left">

<H5 align="left" style="page-break-before:always"> </H5>
<A name="page_26"></A>

<p><B>18.5.</B> Without prejudice to the other provisions contained in this Agreement, the Parties hereby acknowledge and admit the possibility of appealing to the Judiciary to obtain any urgent court measures that may be considered necessary to
preserve their respective rights and interests and such measures are not to be interpreted as a waiver by the Parties of arbitration proceedings. For such purposes and for any court enforcement of an arbitration award issued by the arbitration
panel, the Parties hereby choose the courts of the Judicial District of S&atilde;o Paulo, State of S&atilde;o Paulo, as having sole jurisdiction, with express waiver of any other courts, regardless of however much jurisdictional privilege they might
have. </P>
<p>
In witness whereof, the Parties and the Intervening Parties have caused this Agreement to be executed in five (5) counterparts with the same form and contents, before the two (2) undersigned witnesses. </P>
<P align="center">
S&atilde;o Paulo, SP, October 21<SUP>st</SUP>, 2008 <br>
<br>
</P>
<P align="center">
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] <br>
<br>
</P>
<P align="center">
<B>CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</B>26/39</P>

<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT></DIV> <HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_b23"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><em>Signature  Page 1/5 of the Port Operating Service Agreement, entered into on  October&nbsp;21,&nbsp;2008, among Nacional Min&eacute;rios S/A. Companhia Sider&uacute;rgica  Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Brazil Japan Iron Ore Corporation  and POSCO</em>.</FONT></I></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT></DIV></DIV> <HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_b24"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><em>Signature  Page 2/5 of the Port Operating Service Agreement, entered into on October&nbsp;21,&nbsp;2008,  among Nacional Min&eacute;rios S/A. Companhia Sider&uacute;rgica Nacional, Big Jump Energy  Participa&ccedil;&otilde;es S.A., Brazil Japan Iron Ore Corporation and POSCO</em>.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<DIV align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT></DIV></DIV> <HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_b25"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><em>Signature  Page 3/5 of the Port Operating Service Agreement, entered into on  October&nbsp;21,&nbsp;2008, among Nacional Min&eacute;rios S/A. Companhia Sider&uacute;rgica  Nacional, Big Jump Energy Participa&ccedil;&otilde;es S.A., Brazil Japan Iron Ore Corporation  and POSCO</em>.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">BRAZIL JAPAN IRON ORE CORPORATION</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Title:</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_b26"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><em>Signature  Page 4/5 of the Port Operating Service Agreement, entered into on October&nbsp;21,&nbsp;2008,  among Nacional Min&eacute;rios S/A. Companhia Sider&uacute;rgica Nacional, Big Jump Energy  Participa&ccedil;&otilde;es S.A., Brazil Japan Iron Ore Corporation and POSCO</em>.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">BIG JUMP ENERGY PARTICIPA&#199;&#213;ES S.A.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_27"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><em>Signature  Page 5/5 of the Port Operating Service Agreement, entered into on October&nbsp;21,&nbsp;2008,  among Nacional Min&eacute;rios S/A. Companhia Sider&uacute;rgica Nacional, Big Jump Energy  Participa&ccedil;&otilde;es S.A., Brazil Japan Iron Ore Corporation and POSCO</em>.</FONT></I></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">POSCO</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Position:</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Witnesses:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0cm 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">________________________________</FONT></P></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ID (RG) No.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Tax Reg. (CPF/MF) No.:</FONT></P></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Name:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">RG No.:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CPF/MF No.:</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_28"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<p align="center" ><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"><B>ATTACHMENT I</B><br>
  <B>CRITERIA FOR  OPERATIONAL EVALUATION AND ACCEPTANCE OF VESSELS AT BERTH 102 (SHIPMENT OF  ORES) AT THE PORT OF ITAGUA&Iacute; &ndash; TECAR</B></FONT></p>
<p><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berth 102 of the Port of Itagua&iacute;, where  the vessels named by NAMISA and accepted by CSN shall be moored for the loading  of the Iron Ore, has a capacity to handle CAPESIZE vessels with the following  characteristics:</p>
<p> &nbsp;&nbsp;&nbsp;&nbsp; <B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp; operating  characteristics of the berth:</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<B>(1)</B>&nbsp;&nbsp;&nbsp;&nbsp;length: 270 (two hundred and  seventy) meters; and</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(2)</B>&nbsp;&nbsp;&nbsp;&nbsp; maximum approachable pier (distance between  the extreme west dolphin and the mooring head facing east): 330 (three hundred  and thirty) meters; </p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp; (b)</B>&nbsp;&nbsp;&nbsp;&nbsp; restrictions in relation to vessels:</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(1)</B>&nbsp;&nbsp;&nbsp;&nbsp; maximum deadweight tonnage: 180,000 (one  hundred and eighty thousand) tons;</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(2)</B>&nbsp;&nbsp;&nbsp;&nbsp; total maximum length: 290 (two  hundred and ninety) meters;</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(3)</B>&nbsp;&nbsp;&nbsp;&nbsp; maximum size of holds: 46 (forty  six) meters;</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(4)</B>&nbsp;&nbsp;&nbsp;&nbsp; maximum draft: 17.1 (seventeen point one)  meters;</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(5)</B>&nbsp;&nbsp;&nbsp;&nbsp; maximum air draft: 20 (twenty)  meters; and</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(6)</B>&nbsp;&nbsp;&nbsp;&nbsp; specification of the vessels:  bulk carriers, ore-oil carriers and ore-bulk-oil carriers.</p>

<p><B>&nbsp;&nbsp;&nbsp;&nbsp;</B> <B>c)</B> In case the characteristics  of the Loading Berth change in the future, CSN shall notify NAMISA of such  change with 90 (ninety) days in advance.&nbsp;  The Parties undertake that acceptable vessels size shall change  accordingly.</p>

<p><B>&nbsp;2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For vessels that are as old as 18  (eighteen) calendar years:</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp; (a)</B>&nbsp;&nbsp;&nbsp;&nbsp; Favorable opinion from the Management of  Terminal Scheduling and Operations;</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp; (b)</B>&nbsp;&nbsp;&nbsp;&nbsp; Recommendation of Rightship or equivalent  website;</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp; (c)</B>&nbsp;&nbsp;&nbsp;&nbsp; Consultation of historical background at  the Terminal;</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp; (d)</B>&nbsp;&nbsp;&nbsp;&nbsp; Letter of Seaworthiness with loading rate  and time (Part A); and</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp; (e)</B>&nbsp;&nbsp;&nbsp;&nbsp; Letter of Seaworthiness as per the attached  Statement of Compliance (Part B).</p>
<p><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For vessels between the ages of 18 (eighteen) and 25  (twenty-five):</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp; (a)</B>&nbsp;&nbsp;&nbsp;&nbsp; Requisites set out in sub-items (a), (b),  (c), (d) and (e) of item 2 above; and</p>
<p><B>&nbsp;&nbsp;&nbsp;&nbsp; (b)</B>&nbsp;&nbsp;&nbsp;&nbsp; Valid certificate of inspection of  condition of bulk carrier issued by the DPC (Department of Ports and Coasts),  for operations of loading solid bulk cargoes with specific weight greater than  or equal to 1.7800 metric tons per cubic meter corresponding to the stevedore  factor greater than or equal to 0.5618 cubic meter / 1 metric ton or 20.1571  cubic feet / 1 long ton).</p>
<P align=center  style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="xpage_33x"></A>

<P align="center"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
  <B>STATEMENT OF COMPLIANCE </B><br>
(Part A)</FONT></P>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> From: [name of the vessel] I.M.O.: [vessel number]</font></p>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> To: CSN Port/Terminal - TECAR. </font></p>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
I, as___________
, hereby declare that the above-mentioned vessel is covered with flag state statutory and class certificates in full term condition, and assure good seaworthiness, adequateness, performance and safety operational conditions
in respect of the above-mentioned vessel when operating at the CSN Port/Terminal. This assurance covers the main and auxiliary engines, cargo holds, hatches (including opening and closing) and other necessary fittings in the cargo space, ballast
system, deck gears, oil spill control systems including SOPEP, crew training, pumps, pipes, valves and also that coverage apply to any loss, damage and delay directly and/or indirectly related to any operational deficiency that may arise with
respect toe vessel, and she is able to comply with the regular port conditions and the de-ballasting operations that will be carried out simultaneously with loading operation as follows: </font></p>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
ltagua&iacute; Port - Berth 102:<br>
Maximum loading rate: 6,000 t/h<br>
Average loading rate: 4,500 t/h<br>
Loading time: XX h <br>
Air draft: 20.00 m </font></p>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
The above statement is given in true words, good faith and free-will. </font></p>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
Date: month / day / year / time. </font></p>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11pt">
<TR>
	<TD width=100%></TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;&nbsp;<B>Issued by Owners </B>/ <B>Shipmaster in the vessel interest:</B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align="center" ><br>
      <br>
      <br>
	</TD></TR>
<TR valign="bottom">
	<TD align=left>Signed by: (name of person and function/rank/company) with stamp&nbsp;</TD></TR>
</TABLE>
<BR>
<p>&nbsp;</P>

<HR size="2" color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="Xpage_34X"></A>

<P align="center"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
  <B>STATEMENT OF COMPLIANCE<br>
  </B>(Part B)</FONT></P>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> From: [name of the vessel] I.M.O.: [vessel number]</FONT></P>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> To: CSN Port/Terminal - TECAR. </FONT></P>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
I hereby declare that the above-mentioned vessel is covered with flag state statutory and class certificates in full term condition and also assure good seaworthiness, adequateness, performance and safety operational conditions related to vessel
when operating at the CSN Port/Terminal.  This assurance covers cargo holds, hatches and other necessary fittings in the cargo space, ballast system, deck gears and oil spill control systems including SOPEP, crew training, pumps, pipes and valves.
Also this coverage applies to any loss, damage and delay directly and/or indirectly related to any operational deficiency arising from vessel's employment requisition.</FONT> </P>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
List of certificates including expiration dates (*):</FONT> </P>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11pt">
<TR>
	<TD></TD>
	<TD width=13%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left>CERTIFICATES&nbsp;</TD>
	<TD align=center>DATE OF<br>	  &nbsp;ISSUE&nbsp;</TD>
	<TD align=center>DATE OF<br>
    &nbsp;EXPIRE&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>VESSEL REGISTER CERTIFICATE&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>CARGO&nbsp;VESSEL&nbsp;SAFETY&nbsp;CONSTRUCTION&nbsp;CERTIFICATE&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>


<TR valign="bottom">
	<TD align=left>INTERNATIONAL LOAD LINS CERTIFICATE&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>IOPP / MARPOL CERTIFICATE&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>INTERNATIONAL SAFETY MANAGEMENT - (ISM)</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>P &amp; I CLUB CERTIFICATE OF ENTRY&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>INTERNATIONAL VESSEL SECURITY CERTIFICATE&nbsp;(ISSC)</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>


<TR valign="bottom">
	<TD align=left>DOCUMENT OF COMPLIANCE&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
</TABLE>
<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(*) Any certificate in condition other than in term full status, gives the right to accept or refuse the&nbsp;vessel's nomination submitted to terminal's consideration.&nbsp;<BR></FONT>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
The above statement is given in true words, good faith and free will.</FONT></P>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
Date: month / day / year / hours. </FONT></P>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11pt">
  <TR>
    <TD width=100%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;&nbsp;<B>Issued by Owners </B>/ <B>Shipmaster in the vessel interest:</B>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="center" ><br>
        <br>
        <br></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Signed by: (name of person and function/rank/company) with stamp&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<p>&nbsp;</P>

<HR size="2" color="#000000" align="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_29"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
</DIV>
<P align="center"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><B>ATTACHMENT II</B> <br>
    <B>SAMPLING AND ANALYSIS PROCEDURES </B></FONT></P>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> <B>1.</B> A representative sampling of the Iron Ore is to be prepared by CSN, or by a representative indicated by CSN and approved by NAMISA, at CSN&#146;s expenses, for each shipment of Iron Ore in a vessel named by NAMISA based on the applicable
  ISO norms or any other norm or procedure that may be agreed between the Parties. The chemical, grain size and dampness analysis of the samples obtained shall be performed by CSN or by a representative appointed by CSN and approved by NAMISA, at
  CSN&#146;s expenses, based on applicable ISO norms or any other norm or procedure that may be agreed between the Parties. A certificate of Iron Ore quality shall be issued by CSN for each shipment. </font></p>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> <B>2.</B> The analyses, including chemical, grain size and dampness, carried out by CSN are to be considered as the basis for the respective Shipment Certificate to be issued by CSN. </font></p>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> <B>3.</B> CSN is to maintain a representative sample of Iron Ore taken on the occasion of each shipment for a period of 180 (one hundred and eighty) days counting from the date of each shipment. Once this period has elapsed and no questioning has
  been raised by NAMISA in relation to the provisory and definitive certificates issued by CSN, CSN may discard such representative sample. </font></p>
<p><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> <B>4.</B> NAMISA or a representative appointed by NAMISA and approved by CSN may, at NAMISA&#146;s expenses, may accompany the Iron Ore sampling and analysis activities at the Terminal. </font></p>
<P align="right"> </P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<DIV align=center></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_30></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT III</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-TOP: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2008</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-TOP: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7,200</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-TOP: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Basic Annual Quantity, divided by the number of months of supply in the Mining Year</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2009</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">18,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1,500</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2010</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">21,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1,750</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2011</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">21,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1,750</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2012</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">30,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,500</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2013</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">38,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,200</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2014</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">39,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,250</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2015</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">39,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,250</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2016</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">37,200</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,100</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2017</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2018</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2019</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2020</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2021</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2022</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2023</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2024</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2025</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2026</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2027</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2028</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2029</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2030</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">36,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">3,000</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2031</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">33,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm">        <p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,750</FONT></p></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2032</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">33,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,750</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2033</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">33,000</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,750</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2034</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,700</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2035</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,700</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2036</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,700</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2037</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,700</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2038</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,700</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2039</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm">

        <p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,700</FONT></p></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2040</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,700</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2041</FONT></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">32,400</FONT></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">2,700</FONT></P></TD>
  </TR>
  <TR>
    <TD width="27%" align="center" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; BORDER-LEFT: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><p><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Total</FONT></B></P></TD>
    <TD width="37%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1,113,000</FONT></B></P></TD>
    <TD width="36%" align="right" vAlign=top style="BORDER-BOTTOM: 1pt solid #000000; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: 1pt solid #000000; PADDING-TOP: 0cm"><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD>
  </TR>
</TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_31"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT IV</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">BANK ACCOUNTS OF THE PARTIES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">NACIONAL MIN&#201;RIOS S/A</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Banco Ita&#250; &#150; 341</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Bank No.)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Ag&#234;ncia n&#186; 910</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Branch No.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Conta-Corrente n&#186; 09595-9</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Current Account No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></I></B></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Banco Citibank &#150; 745</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Bank No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Ag&#234;ncia n&#186; 003</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Branch No.)</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt 30pt"><I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Conta-Corrente n&#186; 5234085-6</FONT></I><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif"> (Current Account No.)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">&nbsp; </FONT></B></P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_32"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT V</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">TAXES IMPOSED ON THE SUPPLY</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Tax</FONT></P></TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Rate</FONT></P></TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">PIS</FONT></P></TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">1.65%</FONT></P></TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">COFINS</FONT></P></TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">7.60%</FONT></P></TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ISS</FONT></P></TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">5.00%</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Assumption</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp; ISS is already  included in PU.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Taxation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price = PU / [1 -  (1.65% + 7.60% - X%- Y%)] </FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">X% and Y% &nbsp;mean the difference between the nominal tax  rates of PIS, equivalent to 1.65% and COFINS, equivalent to 7.6% and the  effective tax rates of PIS and COFINS Contributions, respectively, paid by CSN in  the month preceding the one in which the PU is calculated.</FONT></P>
</DIV>

<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_34"></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">ATTACHMENT VI</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Example of Calculation of the Compensation Amount</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 53.25pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="100%" colSpan=4>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><BR>
<B>Monetary compensation for contract related breach</B><BR>
</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%"></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario B</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario C</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Services provided under transportation agreement as a % Declared Quantities</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>100%</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>96%</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>90%</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenues</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>100.000</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>96.000</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>90.000</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Fixed costs</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(20.000)</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Variable costs</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(50.000)</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(48.000)</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(45.000)</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Penalties, damages or indemnities paid by NAMISA to any third parties resulting from contract related breach</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(1.000)</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>"Cash flow"</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30.000</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>24.000</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="100%" colSpan=4>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
<B>"Monetary compensation"</B><BR>
</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenue shortfall</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>6.000</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Fixed cost adjustment</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Variable costs adjustment</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>(3.000)</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Penalties, damages or indemnities paid by NAMISA to any third parties resulting from contract related breach</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>1.000</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>"Cash flow" shorfall</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>N/A</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>4.000</FONT></P></TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" width="76%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
Total "cash flow"</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30.000</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #808080; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0pt; BACKGROUND-COLOR: #c0c0c0; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; HEIGHT: 12pt; PADDING-TOP: 0pt" vAlign=bottom width="8%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.000</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>8
<FILENAME>exhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>EXHIBIT 12.1 </TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-family: 'Times New Roman, Times, Serif'; font-size:11px" bgcolor="#ffffff">
<P align="right"><a href="sidform20f2008a.htm#topexhibit">Table of Contents</a></P>
<A name="page_1"></A>
<P align="right">
<B>EXHIBIT 12.1 </B></P>
<P align="center"><b>Certification pursuant to Section  302 of the Sarbanes-Oxley Act of 2002 </b> <b> </b></P>
<p>I,  Benjamin Steinbruch, certify that:<br>
  <br>
  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report  on Form 20-F of Companhia Sider&uacute;rgica Nacional, as amended on March 18, 2010 by  Amendment No. 1 and as further amended by this Amendment No. 2;<br>
  <br>
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report  does not contain any untrue statement of a material fact or omit to state a  material fact necessary to make the statements made, in light of the  circumstances under which such statements were made, not misleading with  respect to the period covered by this report;</p>
<P align="justify">&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD></TD>
    <TD width=2%></TD>
    <TD width=43%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Dated: July 15, 2010 </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>By: /s/ Benjamin Steinbruch&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center">&nbsp;</TD>
    <TD></TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>Name:&nbsp;Benjamin Steinbruch&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>Title:&nbsp;Chief Executive Officer&nbsp;</TD>
  </TR>
</TABLE>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>9
<FILENAME>exhibit122.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>EXHIBIT 12.2</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-family: 'Times New Roman, Times, Serif'; font-size:11px" bgcolor="#ffffff">
<P align="right"><a href="sidform20f2008a.htm#topexhibit">Table of Contents</a></P>
<A name="page_1"></A>
<P align="right">
<B>EXHIBIT 12.2 </B></P>
<P align="center"><b>Certification pursuant to Section  302 of the Sarbanes-Oxley Act of 2002 </b></P>
<P align="left"> <b> </b>I, Paulo Penido Pinto  Marques, certify that:<br>
  <br>
  1. I have reviewed this annual report on Form 20-F of Companhia  Sider&uacute;rgica Nacional, as amended on March 18, 2010 by Amendment No. 1 and as  further amended by this Amendment No. 2;<br>
  <br>
2. Based on my knowledge, this report does not contain any untrue  statement of a material fact or omit to state a material fact necessary to make  the statements made, in light of the circumstances under which such statements  were made, not misleading with respect to the period covered by this report;</P>
<P align="left">&nbsp;&nbsp;&nbsp;</P>
<table border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <tr>
    <td></td>
    <td width=2%></td>
    <td width=43%></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left><p>Dated: July 15, 2010 </p></td>
  </tr>
  <tr>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>By: /s/ Paulo Penido Pinto Marques&nbsp;</td>
  </tr>
  <tr valign="bottom" style="font-size: 1px">
    <td align="center">&nbsp;</td>
    <td></td>
    <td align="center" style="border-top: 1px solid #000000;">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>Name:&nbsp;Paulo Penido Pinto Marques&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>Title:&nbsp;Chief Financial Officer&nbsp;</td>
  </tr>
</table>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>nacionalminerios.gif
<TEXT>
begin 644 nacionalminerios.gif
M1TE&.#EAL@!_`/<``/____[^_OW]_?S\_/O[^_KZ^OGY^?CX^/?W]_;V]O7U
M]?3T]//S\_+R\O'Q\?#P\._O[^[N[NWM[>SL[.OKZ^KJZNGIZ>CHZ.?GY^;F
MYN7EY>3DY./CX^+BXN'AX>#@X-_?W][>WMW=W=S<W-O;V]K:VMG9V=C8V-?7
MU];6UM75U=34U-/3T]+2TM'1T=#0T,_/S\[.SLW-S<S,S,O+R\K*RLG)R<C(
MR,?'Q\;&QL7%Q<3$Q,/#P\+"PL'!P<#`P+^_O[Z^OKV]O;R\O+N[N[JZNKFY
MN;BXN+>WM[:VMK6UM;2TM+*RLK&QL;"PL*^OKZZNKJVMK:RLK*NKJZJJJJFI
MJ:BHJ*>GIZ:FIJ6EI:2DI*.CHZ*BHJ&AH:"@H)^?GYZ>GIV=G9R<G)N;FYJ:
MFIF9F9B8F)>7EY:6EI65E924E).3DY*2DI&1D9"0D(^/CXZ.CHV-C8R,C(N+
MBXJ*BHF)B8B(B(>'AX:&AH6%A82$A(.#@X*"@H&!@8"`@']_?WY^?GU]?7Q\
M?'M[>WIZ>GEY>7AX>'=W=W9V=G5U=71T='-S<W)R<G%Q<7!P<&]O;VYN;FUM
M;6QL;&MK:VIJ:FEI:6AH:&=G9V9F9F5E961D9&-C8V)B8F%A86!@8%]?7UY>
M7EU=75Q<7%M;6UI:6EE965A86%=75U965E5555145%-34U)24E%145!04$]/
M3TY.3DU-34Q,3$M+2TI*2DE)24A(2$='1T9&1D5%141$1$-#0T)"0D%!04!`
M0#\_/SX^/CT]/3P\/#L[.SHZ.CDY.3@X.#<W-S8V-C4U-30T-#,S,S(R,C$Q
M,3`P,"\O+RXN+BTM+2PL+"LK*RHJ*BDI*2@H*"<G)R8F)B4E)20D)",C(R(B
M(B$A(2`@(!\?'QX>'AT='1P<'!L;&QH:&AD9&1@8&!<7%Q86%A45%104%!,3
M$Q(2$A$1$1`0$`\/#PX.#@T-#0P,#`L+"PH*"@D)"0@("`<'!P8&!@4%!00$
M!`,#`P("`@$!`0```````"'_"UA-4"!$871A6$U0/#]X<&%C:V5T(&)E9VEN
M/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B/SX*/'@Z>&UP
M;65T82!X;6QN<SIX/2)A9&]B93IN<SIM971A+R(@>#IX;7!T:STB061O8F4@
M6$U0($-O<F4@-"XQ+6,P,S0@-#8N,C<R.3<V+"!3870@2F%N(#(W(#(P,#<@
M,C(Z,S<Z,S<@("`@("`@("(^"B`@(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T
M<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^"B`@
M("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@
M('AM;&YS.GAA<#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+R(^"B`@
M("`@("`@(#QX87`Z0W)E871O<E1O;VP^061O8F4@1FER97=O<FMS($-3,SPO
M>&%P.D-R96%T;W)4;V]L/@H@("`@("`@("`\>&%P.D-R96%T941A=&4^,C`Q
M,"TP-"TP,E0P.#HQ,3HR-5H\+WAA<#I#<F5A=&5$871E/@H@("`@("`@("`\
M>&%P.DUO9&EF>41A=&4^,C`Q,"TP-"TP,E0P.#HQ,3HU-5H\+WAA<#I-;V1I
M9GE$871E/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D9CI$
M97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z9&,]
M(FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT<R\Q+C$O(CX*("`@("`@("`@
M/&1C.F9O<FUA=#YI;6%G92]G:68\+V1C.F9O<FUA=#X*("`@("`@/"]R9&8Z
M1&5S8W)I<'1I;VX^"B`@(#PO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"CP_>'!A8VME="!E;F0](G<B
M/SX!__[]_/OZ^?CW]O7T\_+Q\._N[>SKZNGHY^;EY./BX>#?WMW<V]K9V-?6
MU=33TM'0S\[-S,O*R<C'QL7$P\+!P+^^O;R[NKFXM[:UM+.RL;"OKJVLJZJI
MJ*>FI:2CHJ&@GYZ=G)N:F9B7EI64DY*1D(^.C8R+BHF(AX:%A(."@8!_?GU\
M>WIY>'=V=71S<G%P;VYM;&MJ:6AG9F5D8V)A8%]>75Q;6EE85U955%-245!/
M3DU,2TI)2$=&141#0D%`/SX]/``Z.3@W-C4T,S(Q,"\N+2PK*BDH)R8E)",B
M(2`?'AT<&QH9&!<6%103$A$0#PX-#`L*"0@'!@4$`P(!```A^00`!P#_`"P`
M````L@!_```(_P`!"!Q(L*#!@P@3*ES(L*'#AQ`C2IQ(L:+%BQ@S:MS(L:/'
MCR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-FSASZMS)LZ?/GT"#"AU*]&2`
MHP&**A4YP(!3`P,)2)U*0."`JP2O#DB0=*E7@PLN7"@@,`&&LP>N2K#`U@"%
MMV\-#*!0P\'7BP88;2H0`$VN7+#^%-@C\,0G`V)FB"SP:]XY9%,`3()7+EXG
M`"/(K4.'3LHQ=N]"TTD"3Q^[/P2ZWHVHPA\^#06N8)+DC1:$:0*I[!L0RXE(
M!./ZW'`T#$`N43&8G./@PI8,'#A"L+@"SP^/$+%BV0CE3\GJB7!.[?\*0P`!
M@![%,DA@)G!*O`"QO(=$H&[+`A&Y`.!Z5$/&,!0K#%-##CD<($`"V<@`@`;0
M*!```:D0\AU$!P3`B@8:U`(``4?0@P4`$#S37CT`P+*$2`>(`T\Z_C`"0"WD
MN.-/(P"XX(XSU!1#00`*:`-#`"&X,A`:I$P(41#K\,+,-0^TD(XD#P3@@(@`
M2('/`9`P@>(Z@TSA@@('\#+'!*,D4N,O``B@YH'=1!%`!-A0`,`%I!ABY$.<
M<")5)F)LPHL#"C1`P#)$)+`&-`=(8@4#$S3P$0+R?"@0`L?<L6$U,:103117
M7+%"``V`,\8``)`2C16^X'/"G0U!``\7`HG_`0X[[&CSS2X3(.(.-N;<`$`I
MZVRS31$?)0",#@(9P($NHP+@R!PD5"/.-^:@(:4M0R"`0`O2A*--$UBQFM``
M![0`00$%-!!#"^RV8$(!"K`0PPA7,>>""PN`A`!21VE[U0$+'*#`P&`*4``"
M5`FL@``&J";NPQ!'++%)4CF<DU:D3GQ1:A;?-``#$A0@@,85586#'ST1<`@F
M`1Q`<D4;(!..>3NI$,\Z'QSU\D1D^-,=3X[XLT\7.T\4`3$^#V-!QC85X`(\
M_/`S30I%1X2$SSZG,3).A^3C=3^T5`V1(OU@G8T".173S]K]Y&-"`EN+?=!5
M(G"CC\_X[*,&3EK@_X.USY:$*[=!4@6CS]T^Z\,,4C$A)0(\^T0NN3L;#([0
M`"?\C34^,Z@IDU1-^*.//?9X[?4<EB-TAC_HC#,//N.,HP\U)\3]$EF*C/--
M,-"D8TLLRCRC0NH&A4#$`P#XT(I`-WC@^4W#$:^05@"<0(Q5U-]T1'ZI2:^0
M"<;X)`DOWC-40C$^/;)+^0N=[Q,DZ[.?D/L]21*__`?1S],>Y.-_D`G%Z0D/
M[N<_@IP`#S[)0`QT5D""0`4AC(-)52RB+0DL($K\:LA5&&`0!YP@`@R(@$$V
ML(`%@*`$'`O)50P`A3/P@0^*$(0A^F"(3WSB%(_PA">D(`&I.$0-H`BB'?]&
MP+$`$$$3.N2#P8ZB`$6$0H>>4`0$"N(4(##"%M.`!C2HT0LLO&!?*'B&-,8X
MA0=))0:-(,8WSA$.<FQ#$C%`%P!>4(TQCO$&:1&(%:RQ#7(H8DT"4``T[F$.
M<)R#$5,<R"S(`8YXW$,.S_N(5`3!MK)I3FCXH(??TL!`AN3":U$;!2`[$35^
M%,>'&XB'/BJYJH+LP1_Y(%T^UI8/?\S#!`#X@3W85H8-U2@=A]/'/0Y7CZB=
M@7G^J.0K`)"Q/$AN%,P42!$BAX]J\F,(!,$%+&<IB&B"A``M4,??GM&.J-U#
M'?H`!S#7QHP)V$XAJ_":SZ2A!!]B`FL!3,T;7//_-Z4Y90`0^"3>\B:YR.D!
M`#;PF\\(0X`XK"-QAYM'0?W1!P+@0&C[P%L8Y*@'K)F"(-SQQSV&J8]5.(`L
M`.#%W_[028\L@!5_V\<QZI'1==2B']L8*=N0X:B&`*-T>$N&`LAR"7P*A"PW
MM:3/V/&"M`R`"*+#VR9\0`AIL,T<$5``/4H9!P#H8'0^2T<ABM`"342MFN%0
M8"G->4M2O=)GI2"(,WPF#W!(C@4H52G6#CK!CT1!<W<C*$;]00^2WJT/@DL(
M,:KYMT^0JJA)$P@!,I`.:K(#:[;05@`XL=9*N`P`0+`'75'`@'FPC0\`.,)@
M13$0!-!BK49``4E]YK5:_YC'#FR+ZU46\`Z?C4(5M.W!!/7J,T"T5"-:X<7A
MP@J,81#CN=!E1C+BD8]ZT+0>,&C80G(Q4LU]`0"0]4<`J\2V0CPAHX1-P0$.
M(`R?[>,:)<#8&^P@A!````;WP)JE&&&Z?#1U@@W(!M9@,8)Z5/)P_9!$`*Q0
MRE,()`*-P!HCI%#*7JR)N/XP;L<P0JHD%+.4DC((J3JQCWA4(W*@:(@H)(<U
M?<P"`)A@6P`=8`RVA2$%ZNC'X<R@)EU@[188"_(`:)!?GZT!`)LH93(6(+(U
M,0-KWO!`/"37#'&4[AP6<$(M6R00(K!8"0XH)S_:H9B4_LT0Q]7(%1XZ6!;T
MU?\@'Q`'/=C6#B)$\""N".8TB!'1&=0A<N(M#$TS"BLX6+-(`(@&UBSA,'0A
MA0B[7!O14B$Y7C!-(,;`&CA><-9]B"$5\Q@F&H!@X'[`02!EX,<LZP$"\$K.
M3`/PQ=_XD&:,8*`:E<0'*RJ@7<(1X`KW8)L^VN&#Q!9D%R/=QRXJL(Q]X$,=
MX"AR`.$@.7%L(``4D$9AFP&!``0#:XGH9`4ZD+$D(,X?>RN%Y.21@8%<A1AL
MXT8,1GJ/?:SA!NZ(7#W*(5I_0#-4SO9',2[`@$/H6!_(.`$!9(VU0#S((U+X
M6SZLH1"D)*#96,L''<(E1X+,0G+#.``@!FO4$N4C:NO_((0=RM`-R=D``+98
MKBS61!8RO.,5<@!`"+8:M3X`8!"5'`&ZT"4`:6!M"TTHJ!D`4`;7*-3(R=,<
M.KX!C[]](=9_TT,DH[+AAU2@"6V@!"A,82V&%"`+HF!#'*S@`@?PBP$/'$@N
MJHD/4QA``\(`M%$M4!JVG9P?]A#G/ERQ`#3X(QSZ^(8.M&*$;)0R"2)@D<\D
MI(5*5B(":HJ`'Q!';!<,,[^B*$`"_##+OTD"`)&XY"5MX8!>_,T2/OB![&4?
M@P.\F2&D\H`<G&"%)EAA!1U0P0^8T(5!Q`$/'`B77&I@A^:[P0UAP$,<_&"&
M/+#!#X1@!@\*HN[(@2-*&R#'_[G]$0P`\(&V@#TW%F@@NK65PPL_.(0\,,J.
M#YQ@SFNC40*@`5%V<"(1DN<UT@``.=!/3@4-Z.4SD%``R^!>:Q4/\;!6-^!Z
MJH<UNN`473<W+X`-\E`.Y1`.]/`.L<`-P``,Y>`SYZ`+()`QJ;$+%:AZN&`[
MK6`ZRT`SBZ!4_@`++R`C0J,,D;`,K[`(A5!)T)`!R8"#EY0*`+`#Z,`V-`(`
M@1!,JC=G7$``*E`/U=0/O/!`8J`YA)`$;,,.54`$2M`$.P`'6^8/9.!C+^@/
MMV![$*$`N^!LL\`,S+`+R(`,M$`+KI`GZX`/_4`&-%<`UN`UUR`+JC`+I[`*
MH)"'M_^`A?AP#6_F"\%4#1Q4`"E09#XC#&X`:.Y0;$Q6`!G`9OFE`Q5P"QEG
M.E%#"QT0`#U`#U@#"9+%!>3@=[.T-N=P"ICG`FMU"VMR`)[`#U@3"ZK`-M;0
M`("D`NW@7KZ0"VU(?@@3A^WE#KP0!W&P",80#(J`!]S8!M:P8P1!`$;G#[90
M!XF0"')0"9K0")/0"I"S#\X`2`L@8#Z##0D``.@R!DI575C##>ME%0>@35@C
M)!H`"]-P29PP$$10#Y=E#6`0+B$0"/SG,_&0#)A0`=$T`LFPD<P0!ZI!`(DP
M"L$`"ZDP"<0P":Z@"@\`2`+P!LM`"KMP"8M@"J8@"ID`"83_\`F58`J7$`IP
MX!1QR`N`YPZ<(`JS8`_S,`NEP`FC$`BJI`];D!7/X#/(\`FX4`R'``W)``W,
M@`T'QPR`E``SA87/@#92T0'58#H0.%+ZP`T-\%GE00K;@`W,<`N1<!1'\`;7
M8#KH@`M`,!`H@`J8@`MI(`-R,1`E4`;D0`[JH`Q7D`,$,0%9D`56D`4LX#`S
MX`-14`1!\`)4,`-#$`4G=115<0):T`-,@`,S$`1!D`,R(`,GD`,OP`,Q@`,?
MX$,/P0"_$#6W>'!KI6HGUP6`9`#70%N_>9P3QX($``(GH`(JD`$L*0$<D`$9
MP!8<,)T6T'%7T0#<V3!'0706D`(F_V`"%<`O`2`R2.$4OW@4%!`![BE9/F2>
M:2:?W\D7\KDF]$F?$($`;8"$+V@/*,"2AG!9AP.!$*@/YX"%K",-<G!I#901
M6]$(LH`)G:`)D[`(GE`'>#`(E%`*F2`'9N``+)D`+,`&7"`%67`#2[`$7&`"
M4S`%:_`"'/"@'W%G&X`%9K`&=!`,=>"@!W$`<M`-E.`(B$`)+K!U'C$``Q-W
M5.$PV;-"QM:D68$Q!?&D/CH30K`Y]5`-#6$#HK-*:V,&QN81BA`%+)D0N!D2
M=V83!N!ZDD,/DL``@"1D`+`&[A4YCV``2$H0.B`&:",007`%F9<#:E(!<C`"
M:K("77`51?]`"5A`!W#@!$?1`'=0"(&P"&Y`-0*1!C<@%3U0!H@`!J"P!DAQ
M`$@0"*C@""'@,`;P`X-P"&/P`N'R!2&P)G/0!@^2@2ZA!;OT-U&@$#L@#FFH
M#1/`$(K@#W\@$!_@#J!P%220"0+1!?I0!1,P`&5@"N@R<G:0!6PP!61A`:X@
M!>Q2!=4@!0+Q!SUJ`+B0#RJ0`#J0!WG`3%!P#XC*!,C`00-A`_`@`@2``OY@
M*0"``"!`=`QP"<DP`]UC$PEP")KC#!E@`AH``A?@`12+`3V0#<+$-HI0(0LQ
M!]>0K`!``<;@!'HJ`I4@$%AP#N?@`P'0!:N`+FA0#\5*$`E@"BC_(!`H<`M!
M(!!#T`,'H`':(`>B!P`;$`Y)$``Q@`XFH"92("<#@98WT!1DX`)'D0")8#`%
M8`G*4`6J,*8R40"^4`_Y,`_54`W,(`[B4`[50`[%$`W8\+;8P`V%I0ICH:M0
M"`6G$`($0`5X$`A780*G!P!*D`<TP`<-@`6E<!5AD`]U(`9B@`5JH@#,\`E*
M``5\8`H[(!!JP`4#X`2)4#$!@`'PT`8"T`*-``F'\%T%@0&.``MZ$`8<@($_
M@`4/`@'14`4QL`T7\$XT00C\,%*LH`WVP`WVP`J_@`V3@`GAH`JE$`J-0#KD
M<7L'H04H8`P]@`!<D`.,<!0I((L`D`6*_Q``/\`(4X`)5]$%["`(?[`'9#`I
MP?`(C]`+B9LQ4L`%!0`$V4!N`E$!\.`&>BH`'.`(HT`%!Q$!0L`)Z1`(4-$)
MX/)4_K`(I(=-.1$#D68-])"`;9@*3<80AT`$-^`'4X`+/0`(:H("E'`45V`,
M!-`%W?`&CW`48Y`/'E`0"Q`++@`BM`!(62`&!'`#XG`!4Q%^0A``<(`Z`)`!
MUG`B`P$$@7"/$Q`-T8`!0;`)-'`4,\F'J/`&.C$`-8`.SZ@YS4`!5WH0BM`$
M`D`'BX`(-J`*#E(""A8`7+`(!N``;(`.KZ`F?^`.&$`PZ*(`K!`#`O$%S%`$
MI((%3S``$B`(I?^0`@N0*S6`+EN0#D80`2S`#)`Y$#20#G-``"*0"K-``7CP
M#8YB`,8``P:#`3.7$U)QK%^,-7"@+0ZQ"$(``'^@#!N@`^40)1[`"ALB!9D`
ME(I`:P>`"OXP#7;(##40NL(``P*Q`>EP#18``$]P!>0"`#60"HTP#'&$+@G`
M!NU@#N'0!0Z#`#9`#=NH!6J"!EH,`"O0!LQT%8T0=SBA`&SP!W-PSV=`!G#`
M!F3P!67PSV4@!1R0I@MQ`BLP`(TL`!<0!$[A`#<,`!@@`08B``Y@`4XQ`4A@
M`P22`Q?P,1<PLP2@`2]P%`\@`8`D`1B@MP51`1]P`2VUG1U`,ZM11/G_2172
MBQ!/@3%/`93OS#3ED1HV;=.30@`5<IY-IB9-)L_X.'2V(]0T^A!0(`(9!!)K
M*A#F^=0/L0EV@-5!H0D'Q=4_H0D(!-8Y89YB3=:J3!"64`<$(3)H+1-&\`N[
M,-?B<`USO0MW8+=O?1(9T`H5:`5[NM<J80`2X,6:0PL,X+6"C1)DP0B:PPPK
M.,:+G1(?P&+[0`2331.G@#7;P``HE=DP00+/$#6.L"%Z#=HEL05KTP/9@]HN
ML0#7H`T-T&NN_1*`,`:U31,$G=LM4=6\_=O`'=S"/=S$3=SY>=SZ6=P3T13J
MB;5#]]R.AA14H=P6P9+671".1MT3\0&.T`F1_Q`%"6`$>'`"I'`$'W,))0`'
MG=`)HR`&5Z$'DN!.O*O=A`,`K]`($Y"E;&`'K"`#_N`.(!`!VL`##X`!.N`/
M1_8`X%`/8Q#8].UN""T-[G0`1#`"=O`*)L`.MF`(";`-,$`6E9`*$1``A^`(
MKE`-(OK@"Q$B`N$@`8`$NF`",U,,-8`-+U``/9`,4O$!XX`(@^`//?#9*EZE
M'Z,-$O`@2W`%2J`+)<`.#X`(T$`/^-(,M!8`>>`/VT`-##[?0SX0EJ`)0I`&
M\V`']LH"[U`"'A`._O`$HVT%16`%])`("4``10`,0M[E*]T*[]`-6F($C-`"
MQ;"T7_`+4-`+MC`,B#J^"3,[`)%@%WA^$&01`AH0L*1R`"!TTT=U%$K]Z!SA
=VYS^Z:`>ZJ(^ZJ1>ZJ9^ZJB>ZJJ^ZJR>VP$!`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>nox.gif
<TEXT>
begin 644 nox.gif
M1TE&.#EA$0`2`)$``````/_______P```"'Y!`$```(`+``````1`!(```(C
EC(^IR^`/X0$,47-KR+ERC4W@)H*?66JGFGIM\RY<1#OCK14`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>x.gif
<TEXT>
begin 644 x.gif
M1TE&.#EA$0`2`)$``````/_______P```"'Y!`$```(`+``````1`!(```(R
MC(^IR^`/X0$,47.OQ3,\ZWB=%Y+9:'[<BJFLEFYOA&:EJE&N*:ZPCZKD(L12
'Y8@\%```.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
