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<SEC-DOCUMENT>0001292814-10-003308.txt : 20101101
<SEC-HEADER>0001292814-10-003308.hdr.sgml : 20101101
<ACCEPTANCE-DATETIME>20101101110619
ACCESSION NUMBER:		0001292814-10-003308
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20101101
DATE AS OF CHANGE:		20101101

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		101153780

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sid20101101_6k.htm
<DESCRIPTION>MINUTES OF THE EXTRAORDINARY SHAREHOLDERS
<TEXT>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, D.C. 20549 </B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>FORM 6-K </B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Report of Foreign Private Issuer<BR>
Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Securities Exchange Act of 1934</FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<P></P>
<DIV align=center>
<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of November, 2010</B></FONT></DIV>
<P></P>
<FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>
<P></P>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>COMPANHIA SIDER&#218;RGICA NACIONAL </B></FONT></DIV>
<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Exact name of registrant as specified in its charter) </FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center></DIV>
<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>National Steel Company </B></FONT></DIV>
<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Translation of Registrant's name into English)</FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Av. Brigadeiro Faria Lima 3400, 20&#186; andar<BR>
S&#227;o Paulo, SP, Brazil<BR>
04538-132 </B></FONT></DIV>
<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Address of principal executive office)</FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<P></P>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports<BR>
under cover Form 20-F or Form 40-F.&nbsp;</FONT>
<P></P>
Form 20-F ___X___ Form 40-F _______
<P>&nbsp;<FONT size=3 face="Times New Roman, Times, Serif">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P>
Yes _______ No ___X____
<P></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=PT-BR face="Times New Roman,serif">Publicly-held Company</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman,serif">Corporate Taxpayer&#146;s ID (CNPJ/MF): 33.042.730/0001-04</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman,serif">Corporate Registry (NIRE): 3330001159-5</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">MINUTES OF THE EXTRAORDINARY SHAREHOLDERS&#146; MEETING OF COMPANHIA SIDER&#218;RGICA NACIONAL HELD ON NOVEMBER 1, 2010 AND DRAWN UP IN SUMMARY FORMAT</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 15pt; FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">1.&nbsp;&nbsp;&nbsp; Date, time and venue:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> Extraordinary Shareholders&#146; Meeting held on November 1, 2010, at 11:00 am, at the Company&#146;s headquarters, at Rua S&#227;o Jos&#233;, 20, grupo 1602, parte, Centro, in the city and state of Rio de Janeiro.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.05pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">2.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Call Notices:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Call notices were published, at first call, on October 5, 6 and 7, 2010 in the </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Di&#225;rio Oficial do Estado do Rio de Janeiro</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">, on pages 3,6 and 7, respectively, and in </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Valor Econ&#244;mico</FONT></I><FONT style="
FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> newspaper, on pages D9, B11 and B8, respectively, and at second call, on October 21, 22 and 25, 2010 in the </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Di&#225;rio Oficial do Estado do Rio de Janeiro</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">, on pages 3,4 and 6, respectively, and in </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Valor Econ&#244;mico </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">newspaper, on pages D3, B6 and C8, respectively. Said notices will be filed at the Company&#146;s headquarters.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.05pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.05pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">3.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Attendance:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> Shareholders representing 56.77% of the Company&#146;s voting capital, as evidenced by the signatures in the Shareholders Attendance Book.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.05pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.05pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">4.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Presiding:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> The Board Member Ant&#244;nio Francisco dos Santos chaired the Meeting, as appointed by the Chairman of the Board of Directors, and invited Mrs. Claudia Maria Sarti to act as secretary.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.05pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.05pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">5.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Agenda:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">(i)</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> cancellation of 27,325,535 (twenty-seven million, three hundred twenty-five thousand, five hundred thirty-five) shares currently held in treasury, with no reduction in the Company&#146;s capital; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">(ii)</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> amendment to the &#147;caput&#148; of&nbsp; Article 5 of t
he Company&#146;s Bylaws , as a result of the share cancellation mentioned in item (i) above.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.05pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.05pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">6.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Resolutions:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> The following resolutions were taken by shareholders representing 56.77% of the Company&#146;s voting capital:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 0in 0in 0pt 0.55in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">6.1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Authorization for drawing up these minutes in summary format and omitting the signatures of attending shareholders at the time of publication, as allowed by paragraphs 1 and 2, respectively, of article 130 of Law 6,404, as of November 15, 1976 ("Law 6404/76").</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 0in 0in 0pt 0.55in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">6.2.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Copies of Call Notices publications were available at the meeting. Attending shareholders unanimously waived the reading of said notices, as all of them were cognizant thereof.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 0in 0in 0pt 0.55in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">6.3.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Approval, by unanimous vote of attending shareholders, with abstention of City of Philadelphia Public Employees Retirement System, being the votes filed at the Company&#146;s headquarters, the cancellation of 27,325,535 (twenty-seven million, three hundred twenty-five thousand, five hundred thirty-five) shares currently held in treasury, pursuant to article 30, paragraph 1, item &#147;b&#148; of Law 6,404/76, with no reduction in the Company&#146;s capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 0in 0in 0pt 0.55in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">6.4.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">As a result of the approved share cancellation, attending shareholders unanimously approved, with abstention of City of Philadelphia Public Employees Retirement System, being the votes filed at the Company&#146;s headquarters, the amendment to the &#147;caput&#148; of&nbsp; Article 5 of the Company&#146;s Bylaws, whose wording, in order to reflect the new capital stock structure, will be as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt 0.5in"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&#147;Article 5 - The Company&#146;s capital stock, totally subscribed and paid in, amounts to R$1,680,947,363.71 (one billion, six hundred eighty million, nine hundred forty-seven thousand, three hundred sixty-three reais and seventy-one centavos), divided into 1,483,033,685 (one billion, four hundred eighty-three million, thirty-three thousand, six hundred eighty-five) registered common shares with no par value.&#148;</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.3in; MARGIN: 0in 0in 0pt 0.55in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">6.5.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Attending shareholders unanimously approved the consolidation of the Company&#146;s Bylaws in order to reflect proposed changes included in the attached document.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">7.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Closure: </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">There being no further business to be discussed, the meeting was adjourned for the time necessary to draw up these Minutes. The meeting was reopened and the minutes were read, found in compliance and signed by the Chairman, the Secretary and all attending shareholders.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">8.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Filed Documents:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> The Call Notices for this Extraordinary Shareholders&#146; Meeting are filed at the Company&#146;s headquarters.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 15pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 15pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Rio de Janeiro, November 1, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">This is a free translation of the original minutes, drawn up in the proper book.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Claudia Maria Sarti</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Secretary of the Meeting</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Attachement to the Minutes of the Extraordinary Shareholders&#146; Meeting </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face=Arial,sans-serif>Bylaws</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face=Arial,sans-serif>Chapter I</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>NAME, OBJECT, HEADQUARTERS AND DURATION</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 1</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - Companhia Sider&#250;rgica Nacional, incorporated on April 9, 1941, with its articles of incorporation filed with the Commercial Registry Department under No. 15910, on May 5, 1941, hereinafter referred as &#147;the Company&#148;, is a Brazilian private legal entity, organized as a publicly-held corporation, which shall henceforth be governed by these Bylaws and applicable legislation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 2</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The purpose of the Company is to manufacture, transform and sell steel products and sub products, including importing and exporting thereof, and to exploit any other similar activities that may, directly or indirectly, be related to the purposes of the Company, such as: mining, cement and carbon-chemical industries, metallic structure manufacture and assembly, construction, transportation, navigation and port activities.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Sole Paragraph - &nbsp;&nbsp;&nbsp; By decision of the Board of Directors, the Company may open and close branches, agencies, offices and establishments of any kind, in Brazil or abroad.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 3</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Company has its legal domicile and head office in the city of Rio de Janeiro, State of Rio de Janeiro.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 4</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Company shall remain in existence for an indefinite term.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Chapter II</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>CAPITAL AND SHARES</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 5</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The capital stock of the Company, fully subscribed and paid in, is R$1,680,947,363.71 (one billion, six hundred and eighty million, nine hundred and forty seven thousand, three hundred and sixty three reais and seventy one cents) divided into 1,483,033,685 (one billion, four hundred eighty-three million, thirty-three thousand, six hundred eighty-five) common and book-entry shares with no par value.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Sole Paragraph -&nbsp;&nbsp;&nbsp;&nbsp; Each common share shall entitle the holder to one vote in the resolutions of the General Meeting.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 6</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - Unless otherwise decided by the General Meeting, dividends shall be paid within 60 (sixty) days as from the date they are declared and in any event during the same fiscal year.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 7</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The capital stock of the Company may be increased to up 2,400,000,000 (two billion four hundred million), by decision of the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The authorized capital stock may be reached, upon one or more share issues, at the discretion of the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders shall have preemptive rights in relation to the shares issued by means of authorized capital, in proportion to their holdings in the capital on the date of each issue.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 3 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall establish the issue price for the shares, based on provisions of law, when authorizing the issuance of new shares for partial or whole issue of the authorized capital.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 8</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The reimbursement value of the shares shall be the quotient of the division of the economic value of the Company, ascertained by appraisal in accordance with provisions of law, by the total number of shares issued by the Company, Treasury shares excluded.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Chapter III</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>GENERAL MEETING</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 9</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The General Meeting shall ordinarily meet during the 4 (four) first months following the end of the fiscal year and further meet extraordinarily whenever necessary. The call and procedures for convening and resolution shall be governed by these Bylaws and by applicable law.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -113.4pt; MARGIN: 0in 0in 0pt 113.4pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Sole Paragraph -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The chairman shall appoint the secretary of the General Meeting.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Chapter IV</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>MANAGEMENT</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Section I</FONT></U></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Standard Rules</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 10</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The management of the Company shall be incumbent upon the Board of Directors and the Executive Committee, the latter composed of Executive Officers, each of whom shall be responsible for a specific and defined area of activity.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 11</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The General Meeting shall set the remuneration of the managers of the Company.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The remuneration shall comprise a fixed monthly amount, which are the fees, and for the executive officers may also include a variable amount to be paid yearly, calculated on the net income of the Company ascertained after formation of the reserves required by law, including for payment of Income Tax, and of the provision for compulsory dividends.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The General Meeting may allocate an aggregate amount for the managers' remuneration, comprising the fixed portion for all of them and the variable part for the executive officers, to be distributed in such case by the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 12</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The resolutions of the Board of Directors and the Executive Committee shall be adopted by vote of the majority of their members present at the meeting.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Section II</FONT></U></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>BOARD OF DIRECTORS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 13</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Board of Directors is composed of 7 (seven) to 11 (eleven) members, shareholders, elected by resolution of the General Meeting, with a term of office of 1 (one) year, reelection being allowed. One member shall be the Chairman and another the Vice-Chairman.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chairman and Vice-Chairman of the Board of Directors shall be chosen by their peers, by majority vote, at the first meeting held after their investiture.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event the employees of the Company, whether or not joined in investment club or as co-owners, do not have a sufficient shareholding to guarantee membership on the Board of Directors, one position on the Board shall be reserved for the person chosen by the employees and in such capacity indicated to the general meeting to be elected to fill said position.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 3 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Executive Officers shall be entitled to speak, when called to attend the Board of Directors meetings.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 14</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Board of Directors shall meet, ordinarily, on the dates established in the yearly calendar approved by said Board in the last month of the immediately preceding year, and extraordinarily by call of the Chairman, the Vice-Chairman when in the office of chairman, or 5 (five) Board of Director members. The meeting shall be installed upon attendance by the majority of the members.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minutes of the meetings shall be drawn up in the proper book.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board resolutions shall be passed by majority vote of those present at the meeting. In the event of a tie, the Chairman of the meeting shall have the casting vote, in addition to his own.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 3 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of impediment or absence in the Board of Director meetings, each member shall be substituted by another member formally indicated by the former, with exception to the Chairman of the Board of Directors, whose substitution shall be made in accordance with Article 19 of these Bylaws.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 4 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of a vacant position on the Board of Directors, the substitute one shall be appointed by the remaining members and shall serve until the first General Meeting.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 5 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the vacancy occurs in the position of Chairman, the Vice-Chairman shall assume as Board chairman and shall provide for a general meeting within 30 (thirty) days as from the vacancy, to fill the vacant position.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 6 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Board of Director member shall receive, at least 3 (three) working days in advance, the agenda of the meeting with supporting documents for the decisions to be discussed.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 7 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have a General Secretary.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 15</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - Members shall receive copies of the minutes of meetings of the Executive Committee and any special committees created by the Board of Directors hereunder.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 16</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Board of Directors may form special committees to assist it, with defined purposes and limited terms of activities, designating the members thereof. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 17</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - In addition to the duties established by law, the Board of Directors shall be responsible:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>I &#150; to approve the general management policy and establish the general policy for the business of the Company, laying down the basic guidelines for executive action, including as regards production, sales, technology transfer, use of trademarks and patents, and financial and investment management, as well as and to ensure that they are strictly performed;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>II &#150; to call general meetings;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>III &#150; to elect and dismiss the members of the Executive Committee and assign their duties, appointing the Executive Officer in charge of investor relations, who shall have sole authority to receive service of process and to represent the Company in court;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>IV &#150; to elect the substitute to complete the replaced Executive Officer's term of office, in case of vacancy on the Executive Committee;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>V &#150; to examine the books and papers of the Company and request information regarding documents of interest to the Company and ongoing or already completed business or projects;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>VI - to comment on the management report, Executive Committee accounts and consolidated balance sheets, which shall be submitted to it for examination within 2 (two) months after the end of the fiscal year;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>VII - to comment on all matters required to be submitted to the general meeting;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>VIII - to approve the names of the persons to be appointed by the Company to the executive boards and boards of directors, advisory and decision-making councils and audit committees of commercial or civil companies controlled by or associated with the Company, and associations, foundations and other types of corporate groups in which the Company participates;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>IX - to examine the monthly results of operations of the Company;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>X - to establish the guidelines for the internal audit plan and to ratify it;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XI - to appoint and dismiss the independents auditors of the Company;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XII - to call the independent auditors to Board of Directors meeting in order to comment on the reports, Executive Committee accounts, balance sheet and other financial statements prepared by the Executive Committee;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XIII - to establish policies for taking up tax incentives;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XIV - to decide on transfer of the Company's funds to others, including employee associations, recreational assistance entities, pension funds, foundations and public corporations;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XV - to require inspections, audits or account-rendering in foundations and similar entities in which the Company participates;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XVI - to approve the annual and pluriannual budgets, expansion projects and investment programs, and to follow up on execution and performance thereof;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XVII - to establish criteria for the following acts by the Executive Officers, independently of prior authorization by the Board of Directors;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 195pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>acquisition, disposal and encumbrance of any permanent asset;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0in 0pt 194.75pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>conduction of any legal business by the Company, including financing and loans, including companies directly or indirectly controlled by the Company;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0in 0pt 194.75pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>any type of guarantee or encumbrance of any asset not composing the Company&#146;s permanent assets, including to the benefit or on behalf of third parties, provided that these third parties are the Company&#146;s subsidiaries or associated entities;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XVIII - to approve the general management rules and administrative structure of the Company and resolve on the human resources policy, including salary;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XIX - to authorize the opening, transfer or closing of branches, agencies, offices and establishments of any other kind of the Company, in Brazil or abroad;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XX - to resolve on any acts involving transformation, consolidation, spin-off, merger or liquidation of companies in which the Company has corporate holding;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXI - to appoint and dismiss the person responsible for the internal audit, who shall be a legally qualified employee of the Company and report to the Chairman of the Board of Directors;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXII - to appoint and dismiss the general secretary of the Board of Directors and define his duties;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXIII - to require, for review and establishment of criteria, submission of the rules to be observed by the Executive Officers (Arts. 23 and 24) and employees, and any other matter of corporate interest beyond the exclusive scope of the General Meeting;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXIV - to lay down the guidelines for control of the Company's corporate performance;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXV - to authorize trading by the Company of its own shares;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXVI - to establish the terms for conversion, early redemption and other conditions for placement of convertible or other debentures when authorized by the General Meeting;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXVII - to decide on the issue by the Company of commercial papers and other financial instruments designed for primary or secondary distribution on capital markets;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXVIII- to decide on capital increases, within the limits of the authorized capital;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXIX - to form advisory assistance committees pursuant to Art. 16;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXX - to authorize the Company to participate in other companies and to decide on representation of the Company at their general meetings and meetings of partners and as to matters submitted to such general and other meetings;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXXI - to decide on the formation of companies controlled by the Company;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXXII - to establish the form of distribution of the compensation of the managers of the Company, if fixed on an aggregate amount by the General Meeting;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXXIII - to bar the execution of any decisions made by the Executive Officers violating the provisions of these Bylaws;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXXIV - to resolve any omissions and perform other legal duties and prerogatives that do not conflict with those established in these Bylaws or law; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXXV &#150; elect and dismiss the members of the Audit Committee, set their remuneration, determine the Committee duties and approve the operational rules that it may come to establish for its functioning.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>XXXVI - resolve on any matters that go beyond the authority established for the Board of Executive Officers, as provided for in Article 17.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 18</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The chairman of the Board of Directors shall:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>I - call and preside over meetings of the Board of Directors;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>II - convene and preside over the General Meeting, appointing the secretary.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 19</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Vice-Chairman of the Board of Directors shall substitute the Chairman in his absence or temporary impediments.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Section III</FONT></U></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>EXECUTIVE COMMITTEE </FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 20</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Company shall have an Executive Committee composed of 2 (two) to 9 (nine) Executive Officers, at the discretion of the Board of Directors, one of them to be the Chief Executive Officer and the others Executive Officers without specific title, each having an area of activity determined by the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term of office of the Executive Officers is of 2 (two) years, reelection being allowed.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of absence or temporary impediment of the Chief Executive Officer, the Board of Directors shall appoint a substitute Chief Executive Officer, investing him in office.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 3 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the position of Chief Executive Officer becomes vacant, the Board of Directors shall elect a substitute, who shall complete the term of office of the replaced Chief Executive Officer (Art. 17, IV).</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 4 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The other Executive Officers shall be substituted in the event of absence or temporary impediment by another Executive Officer, who shall be appointed by the Chief Executive Officer.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 5 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a position of Executive Officer becomes vacant, the Chief Executive Officer shall appoint one of the other Executive Officers as a temporary substitute until a definitive replacement is elected by the Board of Directors for the remainder of the term of office (Art. 17, IV).</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 21</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - With due regard for the guidelines and resolutions of the Board of Directors and General Meeting, the Executive Committee shall have authority to administer and manage the business of the Company, with powers to perform all acts and carry out all transactions related to the objects of the Company,&nbsp; with due regard for the provisions of Art. 17 hereof and other provisions provided for herein.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is incumbent upon the Executive Committee the appointment of an Executive Officer or attorney in fact with specific powers to represent the Company severally in certain acts.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Executive Officers shall perform their duties on a full-time basis.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 22</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Executive Committee shall meet ordinarily once a month and extraordinarily whenever called by the Chief Executive Officer or by two Executive Officers, being the quorum the majority of its members.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Executive Committee shall decide always by majority vote of present members. In the event of a tie, the Executive Committee shall submit the matter to the Board of Directors for resolution.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolutions of the Executive Committee shall be recorded in minutes drawn up in the proper book and signed by all present members, being copies of all minutes sent to all members of the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 23</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Chief Executive Officer shall:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>I - preside over meetings of the Executive Committee;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>II - carry out the executive direction of the Company, to that end coordinating and supervising the activities of the other Executive Officers, ensuring full observance of the resolutions and policies established by the Board of Directors and General Meeting;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>III - organize, coordinate and supervise the activities of the areas directly subordinate to him;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>IV - allocate special activities and duties to any of the Executive Officers independently of their normal ones, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>ad referendum</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> of the Board of Directors;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>V - keep the Board of Directors informed of the activities of the Company;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>VI - prepare, with the assistance of the other Executive Officers, and submit to the Board of Directors proposal to (i) define the duties of the other Executive Officers; and (ii) establish the criteria as to amounts or limit for expenditure for acts by each of the Executive Officers;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>VII - prepare the annual report and draw up the balance sheet, together with the other Executive Officers.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 24</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - It is incumbent upon each of the Executive Officers, within the specific sphere of activity allocated to them by the Board of Directors:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>I - to represent the Company in accordance with the law and these Bylaws;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>II - to organize, coordinate and supervise the services for which they are responsible;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>III - to attend Executive Committee meetings, assisting to define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>IV - to comply and cause compliance with the policies and general guidelines for the business of the Company established by the Board of Directors, each Executive Officer being responsible for his specific area of activity.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 25</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - As a general rule, with the exception of the events under the paragraphs of this article, the Company is validly bound when represented by two Executive Officers or by one Executive Officer jointly with an Attorney in Fact or, further, by two Attorneys in Fact, within the limit of their respective powers of attorney.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The acts for which these Bylaws require prior authorization by the Board of Directors may only be performed after said condition has been met.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall define the amount above which the acts and instruments entailing liabilities for the Company shall necessarily be signed by an Executive Officer jointly with an Attorney in Fact with specific powers.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 3 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With the exception of the events provided for in articles 17, III, and 21, paragraph 1, the Company may also be represented by only one Executive Officer or one Attorney in Fact with specific powers in order to issue and negotiate, endorse and discount trade acceptance bills on the Company's sales; sign correspondence that does not create an obligation for the Company; perform simple routine administrative acts, including those in connection with government departments in general, autonomous government entities, government-owned companies, mixed-capital companies, the Commercial Registry, Labor Courts,&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>National Social Security Institute, Unemployment Compensation Fund and its collection financial institutions and others o
f an identical nature.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 26</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The following rules shall be observed as regards the appointment of attorneys in fact:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>I - all powers of attorney shall be signed by two Executive Officers or by one Executive Officer jointly with an Attorney in Fact appointed by the Board of Directors;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>II - except in the event of judicial or similar representation, in which the performance of the powers until conclusion of the question or proceeding is essential, all powers of attorney shall be granted for a specific term of no more than one year, with limited powers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 27</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - Any acts performed without due regard for the rules established in Arts. 25 and 26 hereof shall be null and void, and shall not give rise to any liabilities for the Company.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Chapter V</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>FISCAL COMMITTEE</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 28</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - Designed to function in the fiscal years in which it is constituted at the request of shareholders, the Fiscal Committee is composed of 3 (three) incumbent members and 3 (three) alternates elected by the General Meeting, which shall establish the compensation of the incumbent members.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Sole Paragraph - &nbsp;&nbsp;&nbsp; The Fiscal Committee's term of office ends upon the first Annual General Meeting held after it has been constituted.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Chapter VI</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>AUDIT COMMITTEE</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 29</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> &#150; The Company will have an Audit Committee composed of three (3) members elected by the Board of Directors among its members, with term of office of one (1) year, reelection being allowed.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Sole Paragraph &#150; &nbsp;&nbsp; The Board of Directors will approve the Internal Rules of the Committee, whereby its functions and duties, which shall comply with the laws and regulations applicable to audit committees, will be determined.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Chapter VII</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>FISCAL YEAR, BALANCE SHEETS AND PROFITS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 30</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The fiscal year shall end on December 31 of each year, when the Financial Statements shall be drawn up after statement of the Board of Directors, they shall be submitted to the General Meeting, along with the proposal for allocation of net income for the year.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 1 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accumulated losses and provision for income and social contribution taxes will be deducted from the result of the year, prior to any participation.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Paragraph 2 - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The net income shall mandatorily have the following allocation:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>I &#150; five per cent (5%) shall be earmarked to the legal reserve fund until reaching twenty per cent (20%)&nbsp; of the subscribed capital stock;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II &#150; payment of mandatory dividend (Article 33);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>III &#150; the remaining profit shall have the allocation resolved at the General Meeting, observing the legal precepts.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 31</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp; In addition, it shall be incumbent upon the Board of Directors:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>I &#150; to determine the drawing up of half-yearly, quarterly balance sheets, or for shorter periods, observing the legal precepts;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>II &#150; to approve the payment of any additional, interim dividends, including as total or partial advance of mandatory dividend for the year in progress, observing the legal provisions;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>III &#150; to declare dividends to the year&#146;s profit account verified in the half-yearly balance sheets, retained earnings or profit reserves existing in the last annual or half-yearly balance sheet;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>IV &#150; pay interest on equity attributing the interest paid or credited to the mandatory dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9,249 of December 26,1995.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>. </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>32</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> &nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp; The Board of Directors&#146; act to resolve on the advance payment of mandatory dividend shall provide if these payments will be offset, monetarily restated, with the mandatory dividend for the year and once provided this offset, the Annual General Meeting will determine the payment of mandatory balance, if any, as well as the reversal to the original account of amount paid in advance.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 33</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - Dividend distribution shall not be less than 25% (twenty-five percent) of the ascertained net income, pursuant to art. 202 of Law 6404 of 1976.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 34</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - Dividends shall be paid on the dates and at the places indicated by the Executive Officer in charge of the Investor Relations area. If not claimed within 3 (three) years as from the beginning of the payment they shall become time-barred in favor of the Company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Chapter VIII</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>LIQUIDATION</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Art. 35</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif> - The Company shall be liquidated in the events established by Law, with due regard for the applicable rules.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -106.35pt; MARGIN: 0in 0in 0pt 106.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial,sans-serif>Sole Paragraph - &nbsp;&nbsp;&nbsp; The General Meeting that approves the liquidation shall appoint the liquidator and the members of the Fiscal Committee that shall function during the liquidation period, establishing their respective fees.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 12pt" face="Times New Roman,serif">Chairman of the Meeting<BR>
Antonio Francisco dos Santos</FONT></P>
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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman,serif">Secretary of the Meeting</FONT></H1> <H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman,serif">Claudia Maria Sarti</FONT></H1>
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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>SIGNATURE </B></FONT></DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>
<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;November 1, 2010</FONT></DIV>
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<DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>
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<DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>
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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>
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<DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>
<DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR>
<BR>
</B></FONT></DIV></TD></TR></TABLE></DIV>
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<DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>
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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Paulo Penido Pinto Marques </FONT></DIV>
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<DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Paulo Penido Pinto Marques </B></FONT></DIV>
<DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Financial Officer and Investor Relations Officer<BR>
<BR>
</B></FONT></DIV></TD></TR></TABLE></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>
<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or 
results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>
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