<SEC-DOCUMENT>0001292814-11-001779.txt : 20110620
<SEC-HEADER>0001292814-11-001779.hdr.sgml : 20110620
<ACCEPTANCE-DATETIME>20110617184753
ACCESSION NUMBER:		0001292814-11-001779
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110620
DATE AS OF CHANGE:		20110617

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		11919823

	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
<SEQUENCE>1
<FILENAME>csnform20f2010.htm
<DESCRIPTION>FORM 20F 2010
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As filed with the Securities and Exchange Commission on June 17</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, 2011</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 16pt" face="Times New Roman,serif"><B><FONT lang=EN-US>UNITED STATES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 16pt" face="Times New Roman,serif"><B><FONT lang=EN-US>SECURITIES AND EXCHANGE COMMISSION</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Washington, D.C. 20549</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 16pt" face="Times New Roman,serif"><B><FONT lang=EN-US>FORM&nbsp;20-F</FONT></B></FONT></P>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT style="FONT-SIZE: 10pt" face=Webdings>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>REGISTRATION STATEMENT&nbsp;PURSUANT TO SECTION&nbsp;12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">OR</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT style="FONT-SIZE: 10pt" face="Wingdings 2">R</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="95%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For the fiscal year ended December&nbsp;31, 2010</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">OR</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 3pt"><FONT style="FONT-SIZE: 10pt" face=Webdings>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="95%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">OR</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Webdings>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Commission File Number&nbsp;1-14732</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif"><B><FONT lang=EN-US>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US><BR></FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>(Exact Name of Registrant as Specified in its Charter)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif"><B><FONT lang=EN-US>NATIONAL STEEL COMPANY</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US><BR></FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>(Translation of Registrant&#8217;s name into English)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif"><B><FONT lang=EN-US>THE FEDERATIVE REPUBLIC OF BRAZIL</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US><BR></FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>(Jurisdiction of incorporation or organization)</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>Paulo Penido Pinto Marques, Chief Financial Officer<BR>Phone:&nbsp; +55 11 3049-7100&nbsp;&nbsp; Fax:&nbsp; +55 11 3049-7212</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>invrel@csn.com.br<BR></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=PT-BR>Av.&nbsp; Brigadeiro Faria Lima, 3,400 &#8211; 20<SUP>th</SUP> floor<BR>04538-132, S&#227;o Paulo-SP, Brazil</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>(Address of principal executive offices)</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act.</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><U>Title of each class</U></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><U><FONT lang=EN-US>Name of each exchange on which registered</FONT></U></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 45pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Common Shares without par value</FONT></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">New York Stock Exchange*</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 45pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>American Depositary Shares, (as evidenced by American Depositary Receipts), each representing one share of Common Stock</FONT></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">New York Stock Exchange</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>____________________</FONT></FONT></P>

<P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 4pt 18pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>*&nbsp; 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.</FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>None</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>None</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the period covered by the annual report:</FONT></B></FONT></P>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Common Shares, without par value.</FONT></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>1,483,033,685, including 25,063,577 common shares held in treasury.&nbsp; This amount takes into account the cancellation of&nbsp;27,325,535 common shares held in treasury in November&nbsp;2010.&nbsp; For further information, see &#8220;Item&nbsp;7A.&nbsp; Major Shareholders,&#8221;&nbsp; &#8220;Item&nbsp;9A.&nbsp; Offer and Listing Details&#8221; and &#8220;Item&nbsp;10B.&nbsp; Memorandum and Articles of Association.&#8221;</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" face="Wingdings 2"><B><FONT lang=EN-US>R</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; No</FONT></B></FONT></P>

<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934.</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2"><B><FONT lang=EN-US>R</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; No</FONT></B></FONT></P>

<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90&nbsp;days.</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face="Wingdings 2"><B><FONT lang=EN-US>R</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; Yes&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; No</FONT></B></FONT></P>

<P style="TEXT-INDENT: 0.9pt; MARGIN: 0cm 9pt 5pt 0cm"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to submit and post such files).</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face="Wingdings 2"><B><FONT lang=EN-US>R</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; No</FONT></B></FONT></P>

<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.&nbsp; See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act.&nbsp; (Check one):</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Large Accelerated Filer&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2"><B><FONT lang=EN-US>R</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated Filer&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated Filer&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1&nbsp;</FONT></B></FONT></P>

<P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B>U.S. GAAP </B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B>1&nbsp;</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>International Financial Reporting Standards as issued by the International Accounting Standards Board </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2"><B>R&nbsp;</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B>Other </B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B>1&nbsp;</B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 17&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;&nbsp; Item 18&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;&nbsp;</FONT></B></FONT></P>

<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Webdings><B><FONT lang=EN-US>1</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; Yes&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2"><B><FONT lang=EN-US>R</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; No</FONT></B></FONT></P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US><FONT style="FONT-FAMILY: Times; COLOR: black; FONT-SIZE: 12px"></FONT></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_3"></A>

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<DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>TABLE OF CONTENTS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="7%"></TD>

   <TD width="4%"></TD>

   <TD width="79%"></TD>

   <TD width="10%">

   <P></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Page</FONT></B></P></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%"></TD>

   <TD width="79%"></TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="90%" colSpan=3>
   <A href="csnform20f2010.htm#page_5"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Introduction</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_5"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>1</FONT></A></TD></TR>

<TR>

   <TD width="90%" colSpan=3>
   <A href="csnform20f2010.htm#page_6"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Forward-Looking Statements</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_6"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>2</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="90%" colSpan=3>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Presentation of Financial and Other Information</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3</FONT></A></TD></TR>

<TR>

   <TD width="7%">
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 1.</FONT></A></TD>

   <TD width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Identity of Directors, Senior Management and Advisors</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 2.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Offer Statistics and Expected Timetable</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3</FONT></A></TD></TR>

<TR>

   <TD width="7%">
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 3.</FONT></A></TD>

   <TD width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Key Information</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3A.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Selected Financial Data</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_7"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3B.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Capitalization and Indebtedness</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>7</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3C.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Reasons for the Offer and Use of Proceeds</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>7</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>3D.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Risk Factors</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_11"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>7</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_19"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 4.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_19"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Information on the Company</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_19"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>15</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_19"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>4A.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_19"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">History and Development of the Company</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_19"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>15</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_21"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>4B.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_21"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Business Overview</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_21"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>17</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_53"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>4C.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_53"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Organizational Structure</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_53"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>49</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_53"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>4D.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_53"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Property, Plant and Equipment</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_53"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>49</FONT></A></TD></TR>

<TR>

   <TD width="7%">
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 4A.</FONT></A></TD>

   <TD width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Unresolved Staff Comments</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>5</FONT><FONT style="FONT-SIZE: 10pt">4</FONT><FONT face="Times New Roman"></FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 5.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Operating and Financial Review and Prospects</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>54</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>5A.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Operating Results</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_59"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>55</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_76"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>5B.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_76"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Liquidity and Capital Resources</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_76"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>72</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_80"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>5C.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_80"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Research &amp; Development and Innovation</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_80"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>76</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_80"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>5D.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_80"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Trend Information</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_80"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>76</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>
   <A href="csnform20f2010.htm#page_82">5E.</A></FONT></TD>

   <TD width="79%"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">
   <A href="csnform20f2010.htm#page_82">Off-Balance Sheet Arrangements</A></FONT></TD>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>
   <A href="csnform20f2010.htm#page_82">78</A></FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>
   <A href="csnform20f2010.htm#page_85">5F.</A></FONT></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">
   <A href="csnform20f2010.htm#page_85">Tabular Disclosure of Contractual Obligations</A></FONT></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>
   <A href="csnform20f2010.htm#page_85">81</A></FONT></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>5G.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Safe Harbor</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>82</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 6.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Directors, Senior Management and Employees</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>82</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>6A.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Directors and Senior Management</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_86"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>82</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_89"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>6B.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_89"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Compensation</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_89"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>85</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_89"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>6C.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_89"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Board Practices</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_89"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>85</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>6D.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Employees</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>86</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>6E.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Share Ownership</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>86</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 7.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Major Shareholders and Related Party Transactions</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>86</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>7A.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Major Shareholders</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_90"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>86</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>7B.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Related Party Transactions</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>87</FONT></A></TD></TR>

<TR>

   <TD width="7%">
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 8.</FONT></A></TD>

   <TD width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Financial Information</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>87</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>8A.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Consolidated Statements and Other Financial Information</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_91"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>87</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>8B.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Significant Changes</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>91</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 9.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>The Offer and Listing</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>91</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>9A.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Offer and Listing Details</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_95"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>91</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_96"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>9B.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_96"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Plan of Distribution</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_96"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>92</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_96"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>9C.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_96"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Markets</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_96"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>92</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>9D.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Selling Shareholders</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>95</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>9E.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Dilution</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>95</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>9F.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Expenses of the Issue</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>95</FONT></A></TD></TR>

<TR>

   <TD width="7%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 10.</FONT></A></TD>

   <TD width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Additional Information</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>95</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10A.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Share Capital</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>95</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10B.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Memorandum and Articles of Association</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_99"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>95</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_102"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10C.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_102"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Material Contracts</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_102"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>98</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_103"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10D.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_103"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Exchange Controls</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_103"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>99</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_103"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10E.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_103"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Taxation</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_103"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>99</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10F.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Dividends and Paying Agents</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">

   <P align=right></P></FONT>

   <P align=right><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt"><FONT lang=EN-US>108</FONT></FONT></P></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10G.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Statement by Experts</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>108</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10H.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Documents on Display</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">108</FONT></A></TD></TR></TABLE></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_4"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>10I.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Subsidiary Information</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>108</FONT></A></TD></TR>

<TR>

   <TD width="7%">
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 11.</FONT></A></TD>

   <TD width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Quantitative and Qualitative Disclosures About Market Risk</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_112"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>108</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_118"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 12.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_118"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Description of Securities Other Than Equity Securities</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_118"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>114</FONT></A></TD></TR>

<TR>

   <TD width="7%">
   <A href="csnform20f2010.htm#page_118"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 13.</FONT></A></TD>

   <TD width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_118"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Defaults, Dividend Arrearages and Delinquencies</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_118"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>114</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_119"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 14.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_119"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Material Modification to the Rights of Security Holders and Use of Proceeds</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_119"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>115</FONT></A></TD></TR>

<TR>

   <TD width="7%">
   <A href="csnform20f2010.htm#page_119"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 15.</FONT></A></TD>

   <TD width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_119"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Controls and Procedures</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_119"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>115</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 16.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="83%" colSpan=2>
   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>[Reserved]</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="10%" align=right>
   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>116</FONT></A></TD></TR>

<TR>

   <TD width="7%"></TD>

   <TD width="4%">
   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>16A.</FONT></A></TD>

   <TD width="79%">
   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Audit Committee Financial Expert</FONT></A></TD>

   <TD width="10%" align=right>
   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>116</FONT></A></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #cceeff" width="7%"></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="4%">
   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>16B.</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="79%">
   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Code of Ethics</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>116</FONT></A></TD></TR>

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   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>16C.</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_120"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Principal Accountant Fees and Services</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>16D.</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Exemptions from the Listing Standards for Audit Committees</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>117</FONT></A></TD></TR>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>16E.</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>16F.</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Change in Registrant&#8217;s Certifying Accountant</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>117</FONT></A></TD></TR>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>16G.</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Corporate Governance</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_121"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>117</FONT></A></TD></TR>

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   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 17.</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Financial Statements</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>119</FONT></A></TD></TR>

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   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 18.</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Financial Statements</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>119</FONT></A></TD></TR>

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   <TD style="BACKGROUND-COLOR: #cceeff" width="7%">
   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>Item 19.</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt">Exhibits</FONT></A></TD>

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   <A href="csnform20f2010.htm#page_123"><FONT style="FONT-FAMILY: ''''Times New Roman''''; FONT-SIZE: 10pt" lang=EN-US>119</FONT></A></TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-BEFORE: always; MARGIN: 0cm 0cm 10pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" face="Times New Roman Bold,serif"><B><FONT lang=EN-US>Introduction</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Unless otherwise specified, all references in this annual report to:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or &#8220;CSN&#8221; are to Companhia Sider&#250;rgica Nacional and its consolidated subsidiaries;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;Brazilian government&#8221; are to the federal government of the Federative Republic of Brazil;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>,&#8221; &#8220;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8221; or &#8220;R$&#8221; are to Brazilian </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, the official currency of Brazil;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;U.S. dollars,&#8221; &#8220;$,&#8221; &#8220;US$&#8221; or &#8220;USD&#8221; are to United States dollars;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;billions&#8221; are to thousands of millions, &#8220;km&#8221; are to kilometers, &#8220;m&#8221; are to meters, &#8220;mt&#8221; or &#8220;tons&#8221; are to metric tons, &#8220;mtpy&#8221; are to metric tons per year and &#8220;MW&#8221; are to megawatts;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;TEUs&#8221; to twenty-foot equivalent units;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;consolidated financial statements&#8221; are to the consolidated financial statements of Companhia Sider&#250;rgica Nacional and its consolidated subsidiaries reported in International Financial Reporting Standards as issued by the IASB &#8211; IFRS as of December&nbsp;31, 2009 and 2010 and for the years ended December&nbsp;31, 2009 and 2010, together with the corresponding Report of Independent Registered Public Accounting Firm;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&#8220;ADSs&#8221; are to CSN&#8217;s American Depositary Shares and &#8220;ADRs&#8221; are to CSN&#8217;s American Depositary Receipts; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;Brazil&#8221; is to the Federative Republic of Brazil.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-BEFORE: always; MARGIN: 0cm 0cm 10pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" face="Times New Roman Bold,serif"><B><FONT lang=EN-US></FONT></B></FONT>&nbsp;</P><A name="page_6"></A>

<P style="TEXT-ALIGN: center; PAGE-BREAK-BEFORE: always; MARGIN: 0cm 0cm 10pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" face="Times New Roman Bold,serif"><B><FONT lang=EN-US>Forward-Looking Statements</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This annual report includes forward-looking statements, within the meaning of Section&nbsp;27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section&nbsp;21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, principally under the captions &#8220;Item 3. Key Information,&#8221; &#8220;Item 4. Information on the Company,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and &#8220;Item 11.&nbsp; Quantitative and Qualitative Disclosures About Market Risk.&#8221;&nbsp; We have based these forward-looking statements largely on our current expectations and projections about future events, industry and financial trends affecting our business.&nbsp; Many important factors, in addition to those discussed elsewhere in this annual report, could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>general economic, political and business conditions in Brazil and abroad, especially in China;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the ongoing effects of the recent global financial markets and economic crisis;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>changes in competitive conditions and in the general level of demand and supply for our products;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>management&#8217;s expectations and estimates concerning our future financial performance and financing plans;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>our level of debt;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>availability and price of raw materials;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>changes in international trade or international trade regulations;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>protectionist measures imposed by Brazil and other countries;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>our capital expenditure plans;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>inflation, interest rate levels and fluctuations in foreign exchange rates;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>our ability to develop and deliver our products on a timely basis;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>lack of infrastructure in Brazil;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>electricity and natural gas shortages and government responses to them;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>existing and future governmental regulation; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>other risk factors as set forth under &#8220;Item 3D.&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>Risk Factors.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The words &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;expect&#8221; and similar words are intended to identify forward-looking statements.&nbsp; Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update or to revise any forward-looking statements after we distribute this annual report because of new information, future events or other factors.&nbsp; In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this annual report might not occur and are not an indication of future performance.&nbsp; As a result of various factors, such as those risks described in &#8220;Item 3D.&nbsp; Risk Factors,&#8221; undue reliance should not be placed on these forward-looking statements.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-BEFORE: always; MARGIN: 0cm 0cm 10pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" face="Times New Roman Bold,serif"><FONT style="FONT-FAMILY: Times New Roman"><B><FONT lang=EN-US></FONT></B></FONT></FONT>&nbsp;</P><A name="page_7"></A>

<P style="TEXT-ALIGN: center; PAGE-BREAK-BEFORE: always; MARGIN: 0cm 0cm 10pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" face="Times New Roman Bold,serif"><FONT style="FONT-FAMILY: Times New Roman"><B><FONT lang=EN-US>Presentation of Financial and Other Information</FONT></B></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our consolidated financial statements as of December&nbsp;31, 2010 and 2009 and for the years ended December&nbsp;31, 2009 and 2010 contained in &#8220;Item 18.&nbsp; Financial Statements&#8221; have been presented in thousands of reais (R$)&nbsp;and prepared in accordance with International Financial Reporting Standards (IFRS) as&nbsp;issued by the International Accounting Standards Board (IASB).&nbsp; See Note 2(a) to our consolidated financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For certain purposes, such as providing reports to our Brazilian shareholders, filing financial statements with the Brazilian Securities Commission (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Comiss&#227;o de Valores Mobili&#225;rios</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), or CVM, and other distributions and tax liabilities in Brazil, we have prepared and will continue to be required to prepare financial statements in accordance with the accounting principles required by Brazilian laws No. 6,404, dated December&nbsp;15, 1976, as amended, and No. 11,638 dated December&nbsp;28, 2007, as amended, or the Brazilian Corporate Law, and the rules and regulations of the CVM, or Brazilian GAAP.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Changes on Regulatory Requirements for Presentation of Financial Statements &#8211; Convergence to International Financial Reporting Standards (&#8220;IFRS&#8221;)</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US> &nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Starting with the year ended December 31, 2010, Brazilian listed companies are required to publish their consolidated financial statements in accordance with IFRS.&nbsp; Those consolidated financial statements must be prepared based on IFRS as issued by the IASB.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Consequently, the financial statements and other financial information for the years ended December&nbsp;31, 2010 and 2009 included elsewhere in this Form 20-F, unless otherwise indicated, were prepared and presented in accordance with IFRS.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Previously published consolidated financial statements in our annual report on Form 20-F for our financial year ended December&nbsp;31, 2009, as well as all prior financial periods, were prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;). IFRS differs in certain material respects from U.S. GAAP and, accordingly, the consolidated financial statements for our financial years ended December&nbsp;31, 2010 and 2009 prepared in accordance with IFRS are not comparable to our consolidated financial statements prepared in accordance with U.S. GAAP for 2009 and prior years presented in our reports on Form 20-F.&nbsp; See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Change in Accounting from U.S. GAAP to IFRS&#8221; and Note&nbsp;4 to our consolidated financial statements included elsewhere in this Form 20-F.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Certain figures included in this annual report have been subject to rounding adjustments.&nbsp; Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>PART I</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 1. Identity of Directors, Senior Management and Advisors</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 2. Offer Statistics and Expected Timetable</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 3. Key Information</FONT></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>3A.&nbsp; Selected Financial Data</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We present in this section the summary financial and operating data derived from our audited consolidated financial statements as of and for the year ended December&nbsp;31, 2009 and 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The consolidated financial statements included in this annual report have been prepared in accordance with IFRS, as issued by the IASB, in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp;However, we have translated some of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> amounts contained in this annual report into U.S. dollars.&nbsp; The rate used to translate such amounts in respect of the year ended December&nbsp;31, </FONT></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt">3&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>2010 was R$1.6662 to US$1.00, which was the commercial rate for the purchase of U.S. dollars in effect as of December&nbsp;31, 2010, as reported by the Central Bank. The U.S. dollar equivalent information presented in this annual report is provided solely for the convenience of investors and should not be construed as implying that the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other rate.&nbsp; See &#8220;Exchange Rates&#8221; for more detailed information regarding the translation of </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> into U.S. dollars.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>IFRS Summary and Financial Data</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following tables present summary historical consolidated financial and operating data for us for each of the periods indicated.&nbsp; Solely for the convenience of the reader, </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> amounts as of and for the year ended December&nbsp;31, 2010 have been translated into U.S. dollars at the commercial market rate in effect as of December&nbsp;31, 2010 as reported by the Brazilian Central Bank of R$1.6662 to US$1.00 The selected financial data below should be read in conjunction with &#8220;Item 5. Operating and Financial Review and Prospects.&#8221;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Year Ended December 31,</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Statement of income data:</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2010</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2010</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2009</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>(in million of US$, except per share data)</FONT></I></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>(in million of R$, except per share data)</FONT></I></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net operating revenues</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 8,673 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 14,451 </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 10,978 </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of products sold</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (4,613)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (7,687)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (7,022)</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Gross Profit</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 4,060 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 6,764 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 3,956 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Operating expenses</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Selling&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (407)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>678)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (636)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;General and Administrative&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (322)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>537)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>480)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in results of affiliated companies</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>0</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>0</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>0</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (386)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(643)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>696)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other&nbsp; Income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; 55 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>92</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,417</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Total</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><B><FONT lang=EN-US>(</FONT></B></FONT><B><FONT lang=EN-US>1,060)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>(1,766)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><B><FONT lang=EN-US>(</FONT></B></FONT><B><FONT lang=EN-US>395)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Operating income</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 3,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 4,998 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 3,561 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Non-operating income (expenses), net</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Financial Income (expenses), net</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (1,147)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (1,911)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (246)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Income Before Taxes </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 1,853 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 3,087 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 3,315 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Income Tax </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Current&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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;(188)&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (313)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (582)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Deferred&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (154)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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; (257)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&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;(118)&nbsp;</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 1,511 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 2,517 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 2,615 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net income</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 1,511 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 2,517 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 2,615 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net loss&nbsp;attributable to noncontrolling interest</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>-&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>-&nbsp;&nbsp; </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&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; (4)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net income&nbsp;attributable to Companhia Sider&#250;rgica Nacional</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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;1,511 &nbsp;</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 2,517 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&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; 2,619 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Basic earnings per common share</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.03586</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.72594</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.75478</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Diluted earnings per common share</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.03586</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.72594</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.75478</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>4</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_9"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><B><FONT lang=EN-US>As of December 31,&nbsp;</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Balance Sheet Data:</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2010</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2010</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>(in million of US$)</FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>(in million of R$)</FONT></I></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Current assets&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 9,479 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 15,794 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>12,835 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Investments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 1,263 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 2,104 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 322 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Property, plant and equipment</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 8,269 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 13,777 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>11,133 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Other assets&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;3,676 &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 6,126 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>6,436 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total assets</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; 22,687 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; 37,801 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>30,726 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Current liabilities&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 2,674 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 4,456 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3,998 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Non -current liabilities<SUP>(1)</SUP></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 15,317 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 25,522 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp;20,139 &nbsp;</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Stockholders&#8217; equity&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 4,696 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 7,823 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>6,589 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Total liabilities and stockholders&#8217; equity</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; 22,687 &nbsp;</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>37.801</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>30,726 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 30.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Common stock&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>2,447</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>2,447</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>2,447</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 30.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Dividends declared and interest on stockholders&#8217;&nbsp;equity (in millions of </FONT></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>reais</FONT></I></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>)<SUP>(1)</SUP></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; 937 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp;1,561 &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>2,571</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 30.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Dividends declared and interest on stockholders&#8217;&nbsp;equity per common share (in </FONT></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>reais</FONT></I></FONT><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>)<SUP>(1)</SUP></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>0.64</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>1.07</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=#000000 face="Times New Roman,serif"><FONT lang=EN-US>1.76</FONT></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Amounts consist of dividends declared and accrued interest on stockholders&#8217; equity during the year.&nbsp; For a discussion of our dividend policy and dividend and interest payments made in 2010, see &#8220;Item 8A.&nbsp; Consolidated Statements and Other Financial Information-Dividend Policy.&#8221;&nbsp; </FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</FONT></P></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly">&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_10"></A>

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<DIV><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">

<P><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Exchange Rates</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian foreign exchange system allows the purchase and sale of foreign currency and the international transfer of reais by any person or legal entity, regardless of the amount, subject to certain regulatory procedures.&nbsp; The Brazilian currency has during the last decades experienced frequent and substantial variations in relation to the U.S. dollar and other foreign currencies.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Between 2000 and 2002, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> depreciated significantly against the U.S. dollar, reaching an exchange rate of R$3.53 per US$1.00 at the end of 2002.&nbsp; Between 2003 and mid-2008, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> appreciated significantly against the U.S. dollar due to the stabilization of the macroeconomic environment and a strong increase in foreign investment in Brazil, with the exchange rate reaching R$1.56 per US$1.00 in August&nbsp;2008.&nbsp; In the context of the crisis in the global financial markets after mid-2008, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>depreciated 31.9% against the U.S. dollar over the year 2008, reaching R$2.34 per US$1.00 on December&nbsp;31, 2008.&nbsp; Since 2009, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> appreciated against the U.S. dollar and on December&nbsp;31, 2010 the exchange rate was R$1.67 per US$1.00 and on June <FONT style="FONT-SIZE: 10pt" face="Times New Roman">14</FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, 2011, the exchange rate was <FONT style="FONT-SIZE: 10pt" face="Times New Roman">1.58</FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> per US$1.00.&nbsp; The Central Bank has intervened occasionally to control instability in foreign exchange rates.&nbsp; We cannot predict whether the Central Bank or the Brazilian government will continue to allow the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> to float freely or will intervene in the exchange rate market through a currency band system or otherwise.&nbsp; The </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> may depreciate or appreciate against the U.S. dollar substantially.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following tables present the selling rate, expressed in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> per U.S. dollar (R$/US$), for the periods indicated.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="40%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Low</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>High</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average (1)</B></FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Period-end</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Year ended</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">December&nbsp;31, 2006&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.059&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.371&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.177&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.138&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">December&nbsp;31, 2007&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.733&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.156&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.948&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.771&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">December&nbsp;31, 2008&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.559&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.500&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.837&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.337&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">December&nbsp;31, 2009</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.702&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.422&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.994&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.741&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>December&nbsp;31, 2010</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.655&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.881&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.759&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.666&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR></TABLE></DIV>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="40%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Low</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>High</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Average</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Period-end</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></DIV></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Month ended</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>December&nbsp;2010</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.655&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.881&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.759&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.666</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>January&nbsp;2011</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.651&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.691&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.674&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.673&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>February&nbsp;2011</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.661&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.677&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.668&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1.661&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>March&nbsp;2011</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.628&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.675&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.659&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.629&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>April&nbsp;2011</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.565&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.619&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.586</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.573&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>May&nbsp;2011</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.580 </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.634</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.613</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.580</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>June&nbsp;2011 (through June <FONT style="FONT-SIZE: 8pt" face="Times New Roman">14</FONT></FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>, 2011)</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="BACKGROUND: #fff; FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>1.574</FONT></FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="BACKGROUND: #fff; FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>1.594</FONT></FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="BACKGROUND: #fff; FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>1.583</FONT></FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="BACKGROUND: #fff; FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>1.582</FONT></FONT></FONT></P></TD></TR></TABLE></FONT></DIV></DIV>

<DIV></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Source: Central Bank.</FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>(1) Represents the daily average of the close exchange rates during the period. </FONT></FONT>&nbsp;</P>

<DIV align=left>&nbsp;</DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>6</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV>

<DIV>&nbsp;</DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_11"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We will pay any cash dividends and make any other cash distributions with respect to our common shares in Brazilian currency.&nbsp; Accordingly, exchange rate fluctuations may affect the U.S. dollar amounts received by the holders of ADSs on conversion by the depositary of such distributions into U.S. dollars for payment to holders of ADSs.&nbsp; Fluctuations in the exchange rate between the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> and the U.S. dollar may also affect the U.S. dollar equivalent of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> price of our common shares on the BM&amp;FBOVESPA.</FONT></FONT></P>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>3B.&nbsp; Capitalization and Indebtedness</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>3C.&nbsp; Reasons for the Offer and Use of Proceeds</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>3D.&nbsp; Risk Factors</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>An investment in our ADSs or common shares involves a high degree of risk.&nbsp; You should carefully consider the risks described below before making an investment decision.&nbsp; Our business, financial condition and results of operations could be materially and adversely affected by any of these risks.&nbsp; The trading price of our ADSs could decline due to any of these risks or other factors, and you may lose all or part of your investment.&nbsp; The risks described below are those that we currently believe may materially affect us.</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Risks Relating to Brazil</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy.&nbsp; This involvement, as well as, Brazilian political and economic conditions, could adversely affect our business and the trading prices of our ADSs and common shares.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian government frequently intervenes in the Brazilian economy and occasionally makes significant changes in policy and regulation.&nbsp; The Brazilian government&#8217;s actions, policies and regulations to control inflation have often involved, among other measures, increases in interest rates, changes in tax policies, price controls (such as those imposed on the steel sector prior to privatization), currency devaluations, capital controls and limits on imports.&nbsp; Our business, financial condition and results of operations may be adversely affected by political, social, and economic developments in or affecting Brazil, and by changes in policy or regulations involving or affecting factors, such as:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>interest rates;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>exchange controls;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>currency fluctuations;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>inflation;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>lack of infrastructure in Brazil;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>energy shortages and rationing programs;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>liquidity of the domestic capital and lending markets;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>environmental policies and regulations;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>tax policies and regulations; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>other political, social and economic developments in or affecting Brazil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Uncertainty over whether the Brazilian government will make changes affecting these and other factors may create instability. This may also adversely affect our business, financial condition and results of operations.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>7</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Exchange rate instability may adversely affect our financial condition,&nbsp; results of operations and the market price of our common shares and ADSs.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian currency has long experienced frequent and substantial variations in relation to the U.S. dollar and other foreign currencies.&nbsp; Between 2000 and 2002, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> depreciated significantly against the U.S. dollar, reaching an exchange rate of R$3.53 per US$1.00 at the end of 2002.&nbsp; Between 2003 and mid-2008, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> appreciated significantly against the U.S. dollar due to the stabilization of the macroeconomic environment and a strong increase in foreign investment in Brazil, with the exchange rate reaching R$1.56 per US$1.00 in August&nbsp;2008.&nbsp; In the context of the crisis in the global financial markets after mid-2008, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> depreciated 31.9% against the U.S. dollar over the year 2008 and reached R$2.34 per US$1.00 at year end.&nbsp; Since 2009, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>appreciated&nbsp; againts the U.S. dollar, mainly due to the strong economic recovery of Brazil and high domestic real interest rate, and on December&nbsp;31, 2010 the exchange rate was R$1.66 per US$1.00.&nbsp; On June 14</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, 2011, the exchange rate was R$1.58</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> per US$1.00.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Depreciation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> against major foreign currencies could create inflationary pressures in Brazil and contribute to Central Bank increases in interest rates, which could negatively affect the growth of the Brazilian economy as a whole and harm our financial condition and results of operations, may curtail access to foreign financial markets and may prompt government intervention, including recessionary governmental policies.&nbsp; Depreciation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> against the U.S. dollar can also, as in the context of the global economic and financial crisis in 2008 and 2009, lead to decreased consumer spending and reduced growth of the economy as a whole. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On the other hand, appreciation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> relative to major foreign currencies could lead to a deterioration of the Brazilian foreign exchange current accounts, as well as dampen export-driven growth.&nbsp; Depending on the circumstances, either depreciation or appreciation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> could materially and adversely affect the growth of the Brazilian economy and our business, financial condition and results of operations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In the event the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> depreciates in relation to the U.S. dollar, the cost in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> of our foreign currency-denominated borrowings and imports of raw materials, particularly coal and coke, will increase.&nbsp; To the extent that we do not succeed in promptly reinvesting the funds received from such borrowings in dollar-denominated assets, we are exposed to a mismatch between our foreign currency-denominated expenses and revenues.&nbsp; On the other hand, if the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>appreciates in relation to the U.S. dollar, it will cause </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-denominated production costs to increase as a percentage of total production costs and cause our exports to be less competitive.&nbsp; We had total U.S. dollar-denominated or &#8211;linked indebtedness of US$5,804 million, or 48% of our total indebtedness, at December&nbsp;31, 2010.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Depreciation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> may also reduce the U.S. dollar value of distributions and dividends on the ADSs and the U.S. dollar equivalent of the market price of our common shares and, as a result, the ADSs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Government efforts to combat inflation may hinder the growth of the Brazilian economy and could harm our business.</FONT></I></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Brazil has in the past experienced extremely high rates of inflation and has therefore followed monetary policies that have resulted in one of the highest real interest rates in the world.&nbsp; Since the implementation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Real </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Plan in 1994, the annual rate of inflation in Brazil has decreased significantly, as measured by the National Broad Consumer Index (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo, </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>or IPCA). Inflation measured by the IPCA index was 4.31 and 5.91 in 2009 and 2010, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Between</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> 2004 and 2010, the base interest rate, or SELIC rate, in Brazil varied between 19.25% p.a. and 8.75% p.a.. Inflation and the Brazilian government&#8217;s measures to fight it, principally through the Central Bank, have had and may have significant effects on the Brazilian economy and our business.&nbsp; Tight monetary policies with high interest rates may restrict Brazil&#8217;s growth and the availability of credit.&nbsp; Conversely, more lenient government and Central Bank policies and interest rate decreases may trigger increases in inflation, and, consequently, growth volatility and the need for sudden and significant interest rate increases, which could negatively affect our business.&nbsp; In addition, we may not be able to adjust the price of our products in the export markets to offset the effects of inflation in Brazil on our cost structure, given that most of our costs are incurred in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp;</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>8</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Developments and perception of risk in other countries, especially in the United States, China and other emerging market countries, may adversely affect the trading price of Brazilian securities, including our common shares and ADSs.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The market value of securities of Brazilian companies is affected to varying degrees by economic and market conditions in other countries, including the United States, China, other Latin American and emerging market countries.&nbsp; Although economic conditions in these countries may differ significantly from economic conditions in Brazil, investors&#8217; reactions to developments in these other countries may have an adverse effect on the market value of securities of Brazilian issuers.&nbsp; Crisis in other emerging market countries or economic policies of other countries may diminish investor interest in securities of Brazilian issuers, including ours.&nbsp; This could adversely affect the trading price of our common shares and/or ADSs, and could also make it more difficult or impossible for us to access the capital markets and finance our operations in the future, on acceptable terms.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Risks Relating to Us and the Industries in Which We Operate</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>We are exposed to substantial changes in the demand for steel and iron ore, which has a substantial impact in the prices for our products.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The steel and mining industries are highly cyclical, both in Brazil and abroad.&nbsp; To the extent the Brazilian economy cannot absorb our entire steel production capacity, we are dependent on exporting our steel products, as in 2005 and 2006, for example.&nbsp; The demand for our steel and mining products (international commodities) and, thus, the financial condition and results of operations of companies in the steel and mining industries, including us, are generally affected by macroeconomic fluctuations in the world economy and the economies of steel-producing countries, including trends in the automotive, construction, home appliances, packaging and distribution industries.&nbsp; In recent years, the price of steel and iron ore in world markets has been at historically high levels, with the exception of 2009, when these prices decreased as a result of lower domestic and international demand and the effects of the 2008 worldwide financial crisis, but with consistent recovery over 2010 due to product mix and recovery of international economy and prices.&nbsp; Reduced demand can lead to overcapacity and excessive downtime, lower utilization of our significant fixed assets and therefore reduced operating profitability. Any material decrease in demand for steel and iron ore in the domestic or export markets served by us could have a material adverse effect. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>The availability and the price of raw materials that we need to produce steel, particularly coal and coke, may adversely affect our results of operations.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010 and 2009, raw material costs accounted for 56.4% and 53.6% , respectively, of total production costs.&nbsp; Our principal raw materials include iron ore, coal, coke (a portion of which we produce from coal), limestone, dolomite, manganese, zinc, tin and aluminum.&nbsp; We depend on third parties for some of our raw material requirements.&nbsp; In addition, we import all of the coal required to produce coke and approximately 28% of our coke requirements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Global developments, for example the dramatic increase in 2008 in Chinese and Indian demand for raw materials used in steel manufacturing, may cause severe shortages and/or substantial price increases in key raw materials and ocean transportation capacity.&nbsp; Our inability to pass those cost increases on to our customers or to meet our customers&#8217; demands because of non-availability of key raw materials may cause a material adverse effect on us.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition, we require significant amounts of energy, both in the form of natural gas ad electricity, to power our plant and equipment.&nbsp; Any prolonged interruption in the supply of raw materials, natural gas or energy, or substantial increases in their costs, could also materially and adversely affect us.&nbsp; These interruptions in the supply of raw materials, natural gas or energy may be a result of changes in laws or trade regulations, the availability and cost of transportation, suppliers&#8217; allocations to other purchasers, interruptions in production by suppliers or accidents or similar events on suppliers&#8217; premises or along the supply chain.</FONT></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>9</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>We face significant competition, including price competition and competition from other domestic or foreign producers, which may adversely affect our profitability and market share.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The global steel industry is highly competitive with respect to price.&nbsp; Brazil exports steel products and is influenced by several factors:&nbsp; the protectionist policies of other countries, questioning of WTO (World Trade Organization), the Brazilian government&#8217;s exchange rate policy and the growth rate of world economy.&nbsp; Further, continuous advances in materials sciences and resulting technologies have given rise to improvements in products such as plastics, aluminum, ceramics and glass that permit them to substitute steel.&nbsp; Due to high start-up costs, the economics of operating a steelworks facility on a continuous basis may encourage mill operators to maintain high levels of output, even in times of low demand, which increases the pressure on industry profit margins.&nbsp; In addition, downward pressure on steel prices by our competitors may affect our profitability.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The steel industry is also highly competitive with respect to product quality and customer service, as well as technological advances that enable the steel manufacturer to reduce its production costs.&nbsp; In 2010 the steel companies in Brazil have faced strong competition of imported products. <FONT style="FONT-SIZE: 10pt" face="Times New Roman">S</FONT>ome of the factors that facilitated this scenario were the reduction of steel products demand in mature markets, the exchange rate appreciation and some state tax incentives.&nbsp; The necessary measures were taken to contain imported products and domestic and imported prices were equated.</FONT></FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Over the past years, China has become a major steel producer. If we are not able to remain competitive in relation to China or other steel-producing countries, in the future we may be materially and adversely affected. Recently steel imports in Brazil have increased in light of idle installed capacity in foreign markets, then if the Brazilian Government were to remove current protective measures or fails to act against cheap subsidized steel imports, our results of operation may be adversely affected.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Protectionist and other measures adopted by foreign government could adversely affect our export sales.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In response to the increased production and export of steel by many countries, anti-dumping, countervailing duties and safeguard measures were imposed in the late 1990s and early 2000s by foreign governments representing the main markets for our exports which are in force until nowadays.&nbsp; Foreign countries continue to impose restrictions on the exports to certain countries, such as the restrictions on exports of hot-rolled products from Brazil to the United States, Canada and Argentina.&nbsp; The imposition of these and other protectionist measures by foreign countries may materially and adversely affect our export sales.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Changes of laws and regulation and government measures could adversely affect us.</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our activities depend on authorizations from and concessions by governmental regulatory agencies of the countries in which we operate.&nbsp; If related laws and regulations change, modifications to our technologies and operations could be required, and we could be required to make unexpected capital expenditures.&nbsp; The loss of any such authorization or changes in the regulatory framework we operate in may materially and adversely affect us.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Mining is subject to government regulation in the form of taxes and royalties, which can have an important financial impact on our operations.&nbsp; In the countries where we operate, governments may impose new taxes, raise existing taxes and royalties, or change the basis on which they are calculated in a manner unfavorable to us.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Furthermore, in response to the increased production and export of steel by many countries, anti-dumping, countervailing duties and safeguard measures were imposed in the late 1990s and early 2000s by governments of the principal foreign markets for our steel exports in that period.&nbsp; Some of these restrictions are still in force, such as the restrictions on exports of hot-rolled products from Brazil to the United States, Canada and Argentina and the restrictions imposed by the European Union on exports of certain chemical substances contained either in products used to protect the steel products or in products used to pack them, effective as of January&nbsp;2009.&nbsp; These and other restrictions could materially and adversely affect us, especially to the extent we rely on exporting our iron ore and steel production.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>10</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Malfunctioning equipment or accidents on our premises, railways or ports may decrease or interrupt production, internal logistics or distribution of our products.&nbsp; Our insurance policies may not be sufficient to cover all our losses.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The steel and iron ore production processes depend on certain critical equipment, such as blast furnaces, steel converters, continuous casting machines, drillers, crushing and screening equipments and shiploaders, internal logistics and distribution channels, such as railways and seaports.&nbsp; This equipment and infrastructure may be affected in the case of malfunction or damage.&nbsp; In 2006, there was an accident involving the gas cleaning system adjacent to Blast Furnace No. 3 at the Presidente Vargas steelworks, which prevented us from operating this blast furnace for approximately six months and resulted in losses of approximately US$520&nbsp;million, all of which was reimbursed by our insurers.&nbsp; Similar or any other significant interruptions in our production process, internal logistics or distribution channels (including our ports and railways) could materially and adversely affect us.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US>We maintain several types of insurance policies in line with our view to managing&nbsp;risk, but the coverage obtained in these may not be sufficient to cover all our risks which may adversely affect our financial position. We have an operational risks policy for the Presidente Vargas Steelworks and some other branches and subsidiaries, but for an insured value of R$ 850 million out of a total risk amount of R$ 25.1 billion. Despite this coverage, CSN remains responsible for the first tranche of R$ 170 million in losses (material damages and loss of profits), in excess to the deductibles, and shall be responsible for 64% of the losses above this first tranche. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US>We may not be able to successfully contract or renew our insurance policies in terms satisfactory to us, which may adversely affect our financial position.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Our projects are subject to risks that may result in increased costs or delay or prevent their successful implementation.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are investing to further increase our steel, mining and cement production capacity, as well as our logistics capabilities.&nbsp; Our expansion and projects are subject to a number of risks that may adversely affect our growth prospects and profitability, including the following:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>we may encounter delays or higher than expected costs in obtaining the necessary equipment or services to build and operate a project;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>our efforts to develop projects according to schedule may be hampered by a lack of infrastructure, including a reliable power supply;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>we may fail to obtain, or experience delays or higher than expected costs in obtaining the required permits and/or regulatory approvals to build a project; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>changes in market conditions or regulations may make a project less profitable than expected at the time we initiated work on it.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Any one or a combination of factors described above may materially and adversely affect us. &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>New or more stringent environmental and health regulations imposed on us may result in increased liabilities and increased capital expenditures.</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our steel making, mining, cement and logistics facilities are subject to a broad range of laws, regulations and permit requirements in Brazil relating mainly to the protection of health and the environment.&nbsp; Brazilian pollution standards are expected to continue to change, including new effluent and air emission standards and solid waste-handling regulations.&nbsp; New or more stringent environmental (including measures seeking to address global warming) and health standards imposed on us can require us to make increased capital expenditures.&nbsp; We could be exposed to civil penalties, criminal sanctions and closure orders for non-compliance with these regulations.&nbsp; Waste disposal and emission practices may result in the need for us to clean up or retrofit our facilities at substantial costs and/or could result in substantial liabilities.&nbsp; Environmental legislation restrictions imposed by foreign markets to which we export our products, may also materially and adversely affect our export sales and us. </FONT></FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Our governance and compliance processes may fail to prevent regulatory penalties and reputational harm.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We operate in a global environment, and our activities straddle multiple jurisdictions and complex regulatory frameworks with increased enforcement activities worldwide.&nbsp; Our governance and compliance processes may not </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>prevent future breaches of law, accounting or governance standards.&nbsp; We may be subject to breaches of our Code of Ethics, business conduct protocols and instances of fraudulent behavior and dishonesty by our employees, contractors or other agents.&nbsp; Our failure to comply with applicable laws and other standards could subject us to fines, loss of operating licenses and reputational harm, which may materially and adversely affect us.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>11</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Some of our operations depend on joint ventures, consortia and other forms of cooperation, and our business could be adversely affected if our partners fail to observe their commitments.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We currently operate parts of our business through joint-ventures with other companies.&nbsp; We have established a joint-venture with an Asian consortium at our 60% consolidated investee Nacional Min&#233;rios S.A., or Namisa, to mine iron ore; a joint-venture with other Brazilian steel and mining companies at MRS Log&#237;stica S.A., or MRS, to explore railway transportation in the Southeastern region of Brazil<FONT style="FONT-SIZE: 10pt" face="Times New Roman">,</FONT> a joint-venture with Tractebel and Itambe at It&#225; Energ&#233;tica S.A., or ITASA and a consortium with Vale, Votorantim Metais, CEMIG and Anglo Gold Ashant at Igarapava Hydroelectric Power Plant to produce electricity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our forecasts and plans for these joint-ventures and consortia assume that our partners will observe their obligations to make capital contributions, purchase products and, in some cases, provide managerial personnel or financing.&nbsp; In addition, many of the projects contemplated by our joint-ventures or consortia rely on financing commitments, which contain certain preconditions for each disbursement.&nbsp; If any of our partners fails to observe their commitments or we fail to comply with all preconditions required under our financing commitments, the affected joint-venture, consortium or other project may not be able to operate in accordance with its business plans, or we may have to increase the level of our investment to implement these plans.&nbsp; Any of these events may have a material adverse effect on us.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Our mineral reserve estimates may materially differ from mineral quantities that we may be able to actually recover; our estimates of mine life may prove inaccurate; and market price fluctuations and changes in operating and capital costs may render certain ore reserves uneconomical to mine.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our reported ore reserves are estimated quantities of ore and minerals that we have determined can be economically mined and processed under present and anticipated conditions to extract their mineral content.&nbsp; There are numerous uncertainties inherent in estimating quantities of reserves and in projecting potential future rates of mineral production, including many factors beyond our control.&nbsp; Reserve engineering involves estimating deposits of minerals that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of the quality of available data and engineering and geological interpretation and judgment.&nbsp; As a result, no assurance can be given that the indicated amount of ore will be recovered or that it will be recovered at the rates we anticipate.&nbsp; Estimates of different engineers may vary, and results of our mining and production subsequent to the date of an estimate may lead to revision of estimates.&nbsp; Reserve estimates and estimates of mine life may require revision based on actual production experience and other factors.&nbsp; For example, fluctuations in the market prices of minerals and metals, reduced recovery rates or increased operating and capital costs due to inflation, exchange rates or other factors may render proven and probable reserves uneconomic to exploit and may ultimately result in a restatement of reserves.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>We may not be able to adjust our mining production volume in a timely or cost-efficient manner in response to changes in demand.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Revenues from our mining business represented in 2009 and 2010, respectively, 17% and 24% of our total net revenues.&nbsp; Our ability to rapidly increase production capacity is limited, which could render us unable to fully satisfy demand for our products.&nbsp; When demand exceeds our production capacity, we may meet excess customer demand by purchasing iron ore from unrelated parties and reselling it, which would increase our costs and narrow our operating margins.&nbsp; If we are unable to satisfy excess customer demand in this way, we may lose customers.&nbsp; In addition, operating close to full capacity may expose us to higher costs, including demurrage fees due to capacity restraints in our logistics systems.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Conversely, operating at significant idle capacity during periods of weak demand may expose us to higher unit production costs since a significant portion of our cost structure is fixed in the short-term due to the high capital intensity of mining operations.&nbsp; In addition, efforts to reduce costs during periods of weak demand could be limited by labor regulations or existing labor or government agreements.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>12</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Adverse economic developments in China could have a negative impact on our revenues, cash flow and profitability.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>China has been the main driver of global demand for minerals and metals over the last few years.&nbsp; In 2010, Chinese demand represented 60% of global demand for seaborne iron ore.&nbsp; The percentage of our mining operating revenues attributable to sales to consumers in China was 47% in 2010. A contraction of China&#8217;s economic growth could result in lower demand for our products, leading to lower revenues, cash flow and profitability.&nbsp; Poor performance in the Chinese real estate sector, one of the largest consumers of carbon steel in China, could also negatively impact our results.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Drilling and production risks could adversely affect the mining process.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Once mineral deposits are discovered, it can take a number of years from the initial phases of drilling until production is possible, during which the economic feasibility of production may change.&nbsp; Substantial time and expenditures are required to:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>establish mineral reserves through drilling;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>determine appropriate mining and metallurgical processes for optimizing the recovery of metal contained in ore;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>obtain environmental and other licenses;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>construct mining, processing facilities and infrastructure required for greenfield properties; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>obtain the ore or extract the minerals from the ore.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>If a project proves not to be economically feasible by the time we are able to exploit it, we may incur substantial write-offs.&nbsp; In addition, potential changes or complications involving metallurgical and other technological processes arising during the life of a project may result in cost overruns that may render the project not economically feasible.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>We may not be able to consummate proposed acquisitions successfully or integrate acquired businesses successfully.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>From time to time, we may evaluate acquisition opportunities that would strategically fit our business objectives.&nbsp; If we are unable to complete acquisitions, or integrate successfully and develop these businesses to realize revenue growth and cost savings, our financial results could be adversely affected.&nbsp; In addition, we may incur asset impairment charges related to acquisitions, which may reduce our profitability.&nbsp; Finally, our acquisition activities may present financial, managerial and operational risks, including diversion of management attention from existing core businesses, difficulties integrating or separating personnel and financial and other systems, adverse effects on existing business relationships with suppliers and customers, inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings, potential loss of customers or key employees of acquired businesses, and indemnities and potential disputes with the buyers or sellers.&nbsp; Any of these activities could affect our product sales, financial condition and results of operations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>We have experienced labor disputes in the past that have disrupted our operations, and such disputes may recur.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A substantial number of our employees and some of the employees of our subcontractors are represented by labor unions and are covered by collective bargaining or other labor agreements, which are subject to periodic renegotiation.&nbsp; Strikes and other labor disruptions at any of our facilities or labor disruptions involving third parties who may provide us with goods or services, have in the past and may in the future materially and adversely affect the operation of facilities, or the timing of completion and the cost of our projects.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Our controlling shareholder has the ability to direct our business and affairs and its interests could conflict with yours.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our controlling shareholder has the power to, among other things, elect a majority of our directors and determine the outcome of any action requiring shareholder approval, including transactions with related parties, corporate reorganizations, dispositions, and the timing and payment of any future dividends, subject to minimum dividend payment requirements imposed under the Brazilian corporation law.&nbsp; Our controlling shareholder may have an interest in pursuing acquisitions, dispositions, financings or similar transactions that could conflict with your interests as a holder of our common shares and ADSs.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>If you surrender your ADSs and withdraw common shares, you risk losing the ability to remit foreign currency abroad and certain Brazilian tax advantages.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As an ADS holder, you benefit from the electronic certificate of foreign capital registration obtained by the custodian for our common shares underlying the ADSs in Brazil, which permits the custodian to convert dividends and other distributions with respect to the common shares into non-Brazilian currency and remit the proceeds abroad.&nbsp; If you surrender your ADSs and withdraw common shares, you will be entitled to continue to rely on the custodian&#8217;s electronic certificate of foreign capital registration for only five business days from the date of withdrawal.&nbsp; Thereafter, upon the disposition of or distributions relating to the common shares, you will not be able to remit abroad non-Brazilian currency unless you obtain your own electronic certificate of foreign capital registration or you qualify under Brazilian foreign investment regulations that entitle some foreign investors to buy and sell shares on Brazilian stock exchanges without obtaining separate electronic certificates of foreign capital registration.&nbsp; If you do not qualify under the foreign investment regulations you will generally be subject to less favorable tax treatment of dividends and distributions on, and the proceeds from any sale of, our common shares.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>If you seek to obtain your own electronic certificate of foreign capital registration, you may incur expenses or suffer delays in the application process, which could delay your ability to receive dividends or distributions relating to our common shares or the return of your capital in a timely manner.&nbsp; The depositary&#8217;s electronic certificate of foreign capital registration may also be adversely affected by future legislative changes.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Holders of ADSs may not be able to exercise their voting rights.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Holder of ADSs may only exercise their voting rights with respect to the underlying common shares in accordance with the provisions of the deposit agreement.&nbsp; Under the deposit agreement, ADS holders must vote by giving voting instructions to the depositary.&nbsp; Upon receipt of the voting instructions of the ADS holder, the depositary will vote the underlying common shares in accordance with these instructions.&nbsp; Otherwise, ADS holders will not be able to exercise their right to vote unless they surrender the ADS for cancellation in exchange for our common shares.&nbsp; Pursuant to our bylaws, the first call for a shareholders&#8217; meeting must be published at least 15&nbsp;days in advance of the meeting, the second call must be published at least eight days in advance of the meeting.&nbsp; When a shareholders&#8217; meeting is convened, holders of ADSs may not receive sufficient advance notice to surrender the ADS in exchange for the underlying common shares to allow them to vote with respect to any specific matter.&nbsp; If we ask for voting instructions, the depositary will notify ADS holders of the upcoming vote and will arrange to deliver the proxy card.&nbsp; We cannot assure that ADS holders will receive the proxy card in time to ensure that they can instruct the depositary to vote the shares.&nbsp; In addition, the depositary and its agents are not liable for failing to carry out voting instructions or for the manner of carrying out voting instructions.&nbsp; As a result, holders of ADSs may not be able to exercise their voting rights.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>The relative volatility and illiquidity of the Brazilian securities markets may substantially limit your ability to sell the common shares underlying the ADSs at the price and time you desire.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Investing in securities that trade in emerging markets, such as Brazil, often involves greater risk than investing in securities of issuers in the United States, and such investments are generally considered to be more speculative in nature.&nbsp; The Brazilian securities market is substantially smaller, less liquid, more concentrated and can be more volatile than major securities markets in the United States.&nbsp; Accordingly, although you are entitled to withdraw the common shares underlying the ADSs from the depositary at any time, your ability to sell the common shares underlying the ADSs at a price and time at which you wish to do so may be substantially limited.&nbsp; There is also significantly greater concentration in the Brazilian securities market than in major securities markets in the United </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>States.&nbsp; The ten largest companies in terms of market capitalization represented 55.3% of the aggregate market capitalization of the BM&amp;FBOVESPA as of December&nbsp;31, 2010.&nbsp; The top ten stocks in terms of trading volume accounted for 43.4% and 49.7% and 53.2% &nbsp;of all shares traded on the BM&amp;FBOVESPA in 2010, 2009 and 2008, respectively.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>14</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Holders of ADSs may be unable to exercise preemptive rights with respect to our common shares.</FONT></I></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We may not be able to offer our common shares to U.S. holders of ADSs pursuant to preemptive rights granted to holders of our common shares in connection with any future issuance of our common shares unless a registration statement under the Securities Act is effective with respect to such common shares and preemptive rights, or an exemption from the registration requirements of the Securities Act is available.&nbsp; We are not obligated to file a registration statement relating to preemptive rights with respect to our common shares, and we cannot assure you that we will file any such registration statement.&nbsp; If such a registration statement is not filed and an exemption from registration does not exist, The JP Morgan Chase Bank, N.A., as depositary, will attempt to sell the preemptive rights, and you will be entitled to receive the proceeds of such sale.&nbsp; However, these preemptive rights will expire if the depositary does not sell them, and U.S. holders of ADSs will not realize any value from the granting of such preemptive rights.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Substantial sales of our ADSs could cause the price of our ADSs to decrease significantly.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The sale of a substantial number of common shares, or the belief that this may occur, could decrease the trading price of our common shares and our ADSs.&nbsp; Holders of our common shares and/or ADSs may not be able to sell their securities at or above the price they paid for them.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 4. Information on the Company</FONT></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>4A.&nbsp; History and Development of the Company</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif"><B><FONT lang=EN-US>History </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&#250;rgica Nacional is a Brazilian corporation (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>sociedade por a&#231;&#245;es</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>) incorporated in 1941 pursuant to a decree of Brazilian President at the time, Get&#250;lio Vargas. The Presidente Vargas steelworks, located in the city of Volta Redonda, in the State of Rio de Janeiro, started production of coke, pig iron castings and long products in 1946. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three major expansions were undertaken at the Presidente Vargas steelworks during the 1970s and 1980s. The first, completed in 1974, increased installed annual production capacity to 1.6 million tons of crude steel. The second, completed in 1977, increased annual production capacity to 2.4 million tons of crude steel. The third, completed in 1989, increased annual production capacity to 4.5 million tons of crude steel. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were privatized through a series of auctions held in 1993 and early 1994, through which the Brazilian government sold its 91% ownership interest in us. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 1993 through 2002, we implemented a capital improvement program aimed at increasing our annual production of crude steel, improving the quality of our products and enhancing our environmental protection and cleanup programs. As part of the investments, since February 1996, all our production has been based on the continuous casting process, rather than ingot casting, an alternative method that results in higher energy use and metal loss. From 1996 through 2002, we spent the equivalent of US$2.4 billion under the capital improvement program and on maintaining our operational capacity, culminating with the renovation in 2001 of Blast Furnace No. 3 and Hot Strip Mill No. 2 at the Presidente Vargas steelworks. These measures resulted in the increase of our annual production capacity to 5.6 million tons of crude steel and 5.1 million tons of rolled products. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>General</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; We are one of the largest fully integrated steel producers in Brazil and in Latin America in terms of crude steel production. Our current annual crude steel capacity and rolled product capacity is 5.6 million and 5.1 million tons, respectively. Production of crude steel and rolled steel products, increased in 2010 by 12% to 4.9 million tons and finished steel production increased in 2010 by 14% to 4.7 million tons, as compared to 2009, due to a recovery from </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the global economic and financial crisis in 2008 and 2009. In addition to our steel business, we operate in the mining and cement businesses, which have become increasingly important to our operations and growth. </FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>15</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Steel</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; Our fully integrated manufacturing facilities produce a broad line of steel products, including slabs, hot- and cold-rolled, galvanized and tin mill products for the distribution, packaging, automotive, home appliance and construction industries. In 2010, we accounted for approximately 46% of the coated steel products market share in Brazil. We are also one of the world&#8217;s leading producers of tin mill products for packaging containers. In 2010, we accounted for approximately 98% of the tin mill products market share in Brazil. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our production process is based on the integrated steelworks concept. Below is a brief summary of the steel making process at our Presidente Vargas steelworks, located in the city of Volta Redonda, in the State of Rio de Janeiro: </FONT></FONT></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>iron ore produced from our own mines is processed in continuous sintering machines to produce sinter; </FONT></FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>sinter and lump ore direct charges are smelted with lump coke and injected powdered coal in blast furnaces to produce pig iron; </FONT></FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>pig iron is then refined into steel by means of basic oxygen converters; </FONT></FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>steel is continuously cast in slabs; and</FONT></FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>slabs are then hot rolled, producing hot bands that are coiled and sent to finishing facilities. </FONT></FONT></LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently produce all of our requirements of iron ore, limestone and dolomite, and a portion of our tin requirements from our own mines. Using imported coal, we produce approximately 75% of our coke requirements, at current production levels, in our own coke batteries at Volta Redonda. Imported coal is also pulverized and used directly in the pig iron production process. Zinc, manganese ore, aluminum and a portion of our tin requirements are purchased in local markets. Our steel production and distribution also require water, industrial gases, electricity, rail and road transportation, and port facilities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Mining</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first step to our entry into the international iron ore market was taken in February 2007, with the completion of the first phase of the expansion of our solid bulks seaport terminal in the city of Itagua&#237;, in the State of Rio de Janeiro, which enabled the terminal to also handle and export iron ore and to load from its facilities the first shipment of our iron ore products.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;CSN owns a number of high quality iron ore mines, all located within the Quadril&#225;tero Ferr&#237;fero, in the State of Minas Gerais. Casa de Pedra Mining, located in Congonhas &#8211; MG, produces high quality iron ore. As far as it concerns quality, the previous statement is also applicable to Namisa &#8211; Nacional Min&#233;rios S.A. In addition to that, the company&#8217;s mining assets also include TECAR (two deep-sea water terminals), located in Porto de Itaguai (RJ), Minera&#231;&#227;o Bocaina, located in Arcos (MG), which produces dolomite and limestone, and Estanho de Rond&#244;nia SA - ERSA, which mines and casts tin. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Logistics</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; The verticalization strategy and intense synergies among the Company's business units are strongly dependent on the logistics created to guarantee the transportation of the inputs at a low operating cost. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; A number of railroads and port terminals make up the logistics system integrating CSN's mining and steelmaking units. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; CSN manages two port terminals at Itagua&#237;, in Rio de Janeiro &#8212; bulk solids (Tecar) and Containers (Sepetiba Tecon).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; CSN has interests in two railroad companies: MRS Log&#237;stica, which operates the former Southeast Network of the Federal Railroad Network, along the Rio de Janeiro-S&#227;o Paulo-Belo Horizonte axis, and the Transnordestina Log&#237;stica S/A. With 1,728km of track, Nova Transnordestina railway, when completed, will connect the northeastern cerrado to Pec&#233;m and Suape Ports.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>16</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Cement</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; In May 2009, CSN entered the cement market driven by the high synergy between this new activity and its current business. This project takes advantage of the slag generated by our blast furnaces and of our limestone reserves, located in the city of Arcos, in the State of Minas Gerais. The limestone, which is transformed into clinker, and the slag, account for approximately 95% of the production cost to produce cement. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; CSN plans to increase its share of the segment in Brazil aiming to diversify its products and markets and help reduce risk and adding value for its shareholders.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Energy</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; CSN is one of Brazil&#8217;s largest industrial electric power consumers only behind the aluminum producers. Since 1999, we have been investing in power generation projects in order to ensure self-sufficiency. Its electrical assets are the It&#225; Hydroelectric Power Plant, in Santa Catarina (CSN holding a 29.5% stake), corresponding to 167 MW, the 210-MW Igarapava Hydroelectric Power Plant in Minas Gerais (holding a 17.9% interest) and the 238-MW cogeneration thermoelectric power plant in Presidente Vargas Steelworks, in Volta Redonda, which is fueled by the waste gases from the steel production process. These three plants give CSN an average generation capacity of 430 MW, supplying the group&#8217;s total need for power</FONT></FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif"><FONT lang=EN-US>. &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Other Information</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; CSN&#8217;s legal and commercial name is Companhia Sider&#250;rgica Nacional.&nbsp; CSN is organized for an unlimited period of time under the laws of the Federative Republic of Brazil.&nbsp; Our head offices are located at Av. Brigadeiro Faria Lima, 3400, 20&#186; floor, Itaim Bibi, Sao Paulo, Brazil, CEP04538-132 our telephone number is +55-11-3049-7100.&nbsp; CSN&#8217;s agent for service of process in the United States is CT Corporation, with offices at 111 Eighth Avenue, New York, New York 10011. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>4B.&nbsp; Business Overview</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Competitive Strengths</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><FONT lang=EN-US>We believe that we have the following competitive strengths:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fully integrated business model. </FONT></I></B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">We believe we are one of the most fully integrated steelmakers in the world. We have captive iron ore reserves, which differentiate us from our main competitors in Brazil that purchase their iron ore from mining companies such as Vale S.A., or Vale. In 2006, we hired Golder Associates S.A., or Golder, to evaluate the Casa de Pedra iron ore reserves. The results confirmed proven and probable mineral resources of 1.6 billion tons with a grade of approximately 48.0%. In addition to our iron ore reserves, we have captive dolomite and limestone mines that supply our Presidente Vargas steelworks. Our steelworks are close to the main steel consumer centers in Brazil, with easy access to port facilities and railroads. Our operations are strongly integrated as a result of our captive sources of raw materials, such as iron ore, and our access to owned infrastructure, such as railroads and deep-sea water port facilities.</FONT></P><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: times new roman">

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp; Profitable mining business </I></B>The Mining business has received investments in recent years, lifting CSN into a prominent position among the country&#8217;s leading mining firms. Additional investments will increase capacity to approximately 89 mtpy<FONT style="FONT-SIZE: 10pt" face="Times New Roman">,</FONT> including third parts purchases in the next years, thereby strengthening CSN&#8217;s position as an important player in the iron ore worldwide market. The Company has reserves of high-quality iron ore in Casa de Pedra mine and Namisa, both located in Minas Gerais. Our mining activities provide us with strong revenue generation and have significantly increased production of iron ore in the last four years. In 2007 we sold 10.5&nbsp;million tons, 18.4&nbsp;million tons in 2008, 22.4&nbsp;million tons in 2009 and 25.3 million tons in 2010 (considering a 100% stake in Namisa throughout this period).&nbsp; All these factors contribute to the high EBITDA margins of this segment.&nbsp; The company&#8217;s mining assets also include TECAR (two deep-sea water terminals) with 30Mtpy capacity, located in Porto de Itaguai (RJ), Minera&#231;&#227;o Bocaina, located in Arcos (MG), which produces dolomite and limestone, and Estanho de Rond&#244;nia SA - ERSA, which mines and casts tin.</P></FONT></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Thoroughly developed transport infrastructure. </FONT></I></B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">We have a thoroughly developed transport infrastructure, from our iron ore mine to our steel mill to our ports. The location of our steelworks facility is next to railroad systems and port facilities, facilitating the supply of raw material, the shipment of our production and easy access to our principal clients. The concession for the main railroad used and operated by us is owned by MRS, a company in which we hold, directly and indirectly, a 33.27% ownership interest. The railway connects the Presidente Vargas steelworks to the container terminal at Itagua&#237; Port, which handles most of our steel exports. Since we obtained the concession to operate MRS&#8217; railway in 1996, we have significantly improved its tracks and developed its business, with strong cash generation. We also own concessions to operate two deep-sea water terminals from which we export our products and also import coal and small amounts of coke, which are the only important raw materials that we need to purchase from third-parties.</FONT></P><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: times new roman">

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp; Self-sufficiency in energy generation. </I></B>We are self-sufficient in energy, through our interests in the hydroelectric plants of It&#225; and Igarapava, and our own thermoelectric plant inside the Presidente Vargas steelworks. We also sell excess energy we generate into the energy market. Our 238 MW thermoelectric cogeneration plant provides the Presidente Vargas steelworks with approximately 60% of its energy needs for its steel mills, using as its primary fuel the waste gases generated by our coke ovens, blast furnaces and steel processing facilities. We indirectly hold 29.5% of the It&#225; hydroelectric plant that has installed capacity of 1,450 MW, with a guaranteed output of 668 MW to us and to the other shareholders of It&#225; Energ&#233;tica S.A., or ITASA, proportionally to our interests in the project, pursuant to 30-year power purchase agreements at a fixed price per megawatt hour, adjusted annually for inflation. In addition, we hold 17.9% of the Igarapava hydroelectric, with 210 MW fully installed capacity. We have been using part of our 22 MW take from Igarapava to supply energy to the Casa de Pedra and Arcos mines.</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp; Low cost structure. </I></B>As a result of our fully integrated business model, our thoroughly developed transportation infrastructure and our self-sufficiency in energy generation, we have been consistently generating high margins. Other factors that lead to these margins are the strategic location of our steelworks facility, the use of state of the art technology and our qualified work force.</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp; Diverse product portfolio and product mix. </I></B>We have a diversified product mix that includes: hot-rolled, cold-rolled, galvanized and steel tin mill products. We offer many kinds of steel packaging produced in Brazil, accounting for approximately 98.0% of the steel tin mill products and 46.0% of coated flat steel produced in Brazil. We also produce a diversified portfolio of products to meet a wide range of customer needs across all steel consuming industries. We focus on selling high margin products, such as tin plate, pre-painted, galvalume and galvanized products, in our product mix. Our galvanized product provides material for exposed auto parts, using hot-dip galvanized steel and laser-welded blanks. Our branch CSN Paran&#225; provides us additional capacity to produce high-quality galvanized, galvalume and pre-painted steel products for the construction and home appliance industries. In addition, our subsidiary, Prada, the largest flat steel distributor in Brazil, is a strong sales channel in the domestic market, enabling us to meet demands from smaller customer, and therefore to have a strong presence in this market.</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp; Strong presence in domestic market and strategic international exposure. </I></B>We have a strong presence in the domestic market for steel products, with approximately 98.0% market share of the steel tin mill product industry in Brazil and a large market share for galvanized flat steel. In addition, our subsidiaries CSN LLC and Lusosider constitute sales channels for our products, selling in the United States and in Europe kept stable in 5.0% of our total sales in 2010 and 2009.&nbsp;&nbsp;</P></FONT></FONT>&nbsp; </DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>18</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Strategies</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our goal is to increase value for our shareholders by further benefiting from our competitive cost advantages, maintaining our position as one of the world&#8217;s lowest-cost steel producers, becoming an important iron ore global player, growing our cement business and optimizing our infrastructure assets (including ports, railways and power generating plants). To achieve this goal we have developed specific strategies for each of our business segments as described below.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Steel</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our strategy for our steel business involves:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0cm; TEXT-INDENT: 1.9cm; MARGIN-LEFT: 1.27cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 13pt" face=Wingdings><FONT lang=PT-BR>&#252; </FONT></FONT><FONT lang=EN-US>focus on domestic markets, in which we have historically recorded higher profit margins and better competitiveness, by expanding our market-share in flat steel and by entering in the long steel market as a relevant player;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0cm; TEXT-INDENT: 1.9cm; MARGIN-LEFT: 1.27cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 13pt" face=Wingdings><FONT lang=PT-BR>&#252; </FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>constant pursuit of operational excellence, by implementing cost reduction projects (eg. pellet plant, coque battery revamp, energy efficiency) and programs (eg, internal logistic optimization, inventories reduction, project development and implementation disciplines);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0cm; TEXT-INDENT: 1.9cm; MARGIN-LEFT: 1.27cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 13pt" face=Wingdings><FONT lang=PT-BR>&#252; </FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>emphasis on high value-added steel products, such as galvanized, pre-painted and tin-coated, in addition to enhancing service centers and finished goods offering;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0cm; TEXT-INDENT: 1.9cm; MARGIN-LEFT: 1.27cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 13pt" face=Wingdings><FONT lang=PT-BR>&#252; </FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>explore synergic markets and profitability, by employing flat steel distribution units and portfolio complementarily to accelerate entrance in longs market, capturing synergies with cement and others products; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0cm; TEXT-INDENT: 1.9cm; MARGIN-LEFT: 1.27cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 13pt" face=Wingdings><FONT lang=PT-BR>&#252; </FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>gain market-share in services and distribution network, via new deposits and service centers regions.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For information on our planned investments relating to our steel activities, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;. &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Mining</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In order to strengthen our position as a player in the iron ore market, we plan to expand our mining assets, Casa de Pedra and Namisa, and search for investment opportunities, primarily in mining operations and advanced projects.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We expect to reach an annual production level of approximately 89 mtpy of iron ore products in the next years, including third parts purchases, which represents roughly 3 times the volume observed in 2010, by increasing capacity to 50 mtpy in Casa de Pedra and 33 mtpy in Namisa<FONT style="FONT-SIZE: 10pt" face="Times New Roman">,</FONT> thereby strengthening CSN&#8217;s position as an important player in the iron ore worldwide market.</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><FONT lang=EN-US> &nbsp;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In order to maximize the profitability of our product portfolio and resources, we will also focus on pellet and pellet-feed, by using Itabiritos resources, investing with strategic partners and clients in pellet capacity and seeking strategic partnerships towards captive consumption of pellet feed.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Regarding our infrastructure to sustain this growth, we will increase capacity in TECAR (our private port in the State of Rio de Janeiro) from 30 mtpy to 84 mtpy in the next years, and we are analyzing other capacity additions. In addition to the port expansion, we are also studying seaborne shipping opportunities, focused on gaining competitiveness in the Asian market.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For information on our planned investments relating to our mining activities,&nbsp;see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;. &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Logistics&nbsp;</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We expect to take advantage of and expand our logistics capabilities, including our integrated infrastructure operations of railways and ports.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>19</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have substantially improved the infrastructure that supports the Presidente Vargas steelworks by investing in projects such as railways and port facilities in order to increase our ability to control production costs and delivery services.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition to investments in TECAR (iron ore and coal), we will strengthen STSA (container terminal) in order to operate larger ships, increasing its capacity and competitiveness by aggregating services to facilitate client loyalty.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In railways, we plan to accelerate implementation of our Transnordestina project and explore its logistic potential through terminals and regional cargo, focusing on iron ore, agricultural, gypsum and fuel volumes. We also plan to invest in increasing our efficiency and capacity in the southern region of Brazil, through our interest in MRS.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Cement</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our strategy for cement business includes greater utilization of by-products by continuing construction of our cement grinding and the clinker facility that we expect will produce 2.4 million tons per year of cement in the next years. We are evaluating other organic growth initiatives to expand our capacity in additional 3&nbsp;million tons per year, in order to capture the strong growth expected with the Soccer World Cup of 2014 and the Olympic Games in 2016, besides the strong pace of construction of new housing units, commercial and infrastructure projects. For information on our planned investments relating to our cement activities, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;. &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Additional Investments</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition to the currently planned investments and capital expenditures, we continue to consider possible acquisitions, joint ventures and brownfield or greenfield projects to increase or complement our steel, cement, mining producing and logistics capabilities, in addition to logistics infrastructure and energy generation.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Our Steel Segment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We produce carbon steel, which is the world&#8217;s most widely produced type of steel, representing the vast bulk of global steel consumption.&nbsp; From carbon steel, we sell a variety of steel products, both domestically and abroad, to manufacturers in several industries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following chart reflects our production cycle in general terms.</FONT></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>20</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our Presidente Vargas steelworks produces flat steel products &#8212; slabs, hot-rolled, cold-rolled, galvanized and tin mill products.&nbsp; For further information on our production process, see &#8220;&#8212;Product Process.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Slabs</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Slabs are semi-finished products used for processing hot-rolled, cold-rolled or coated coils and sheet products.&nbsp; We are able to produce continuously cast slabs with a standard thickness of 250 millimeters, widths ranging from 830 to 1,600 millimeters and lengths ranging from 5,250 to 10,500 millimeters.&nbsp; We produce high, medium and low carbon slabs, as well as micro-alloyed, ultra-low-carbon and interstitial free slabs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Hot-Rolled Products</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Hot-rolled products comprise heavy-gauge hot-rolled coils and sheets, and light-gauge hot-rolled coils and sheets.&nbsp; A heavy gauge hot-rolled product, as defined by Brazilian standards, is a flat-rolled steel coil or sheet with a minimum thickness of 5.01 millimeters.&nbsp; We are able to provide coils of heavy gauge hot-rolled sheet having a maximum thickness of 12.70 millimeters.&nbsp; Heavy gauge sheet steel is used to manufacture automobile parts, pipes, mechanical construction and other products.&nbsp; Light gauge hot-rolled coils and sheets produced by us have a minimum thickness of 1.20 millimeters and are used for welded pipe and tubing, automobile parts, gas containers, compressor bodies and light cold-formed shapes, channels and profiles for the construction industry.</FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Cold-Rolled Products</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Cold-rolled products comprise cold-rolled coils and sheets.&nbsp; A cold-rolled product, as defined by Brazilian standards, is a flat cold-rolled steel coil or sheet with thickness ranging from 0.30 millimeters to 3.00 millimeters.&nbsp; Compared to hot-rolled products, cold-rolled products have more uniform thickness and better surface quality and are used in applications such as automotive bodies, home appliances and construction.&nbsp; In addition, cold-rolled products serve as the base steel for our galvanized and tin mill products.&nbsp; We supply cold-rolled coils in thicknesses of 0.30 millimeters to 2.99 millimeters.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Galvanized Products</FONT></I></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Galvanized products comprise flat-rolled steel coated on one or both sides with zinc or a zinc-based alloy applied by either a hot-dip or an electrolytic process.&nbsp; We use the hot-dip process, which is approximately 20% less expensive than the electrolytic process.&nbsp; Galvanizing is one of the most effective and low-cost processes used to protect steel against corrosion caused by exposure to water and the atmosphere.&nbsp; Galvanized products are highly versatile and can be used to manufacture a broad range of products, such as:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>bodies for automobiles, trucks and buses;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>manufactured products for the construction industry, such as panels for roofing and siding, dry wall and roofing support frames, doors, windows, fences and light structural components;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>air ducts and parts for hot air, ventilation and cooling systems;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>culverts, garbage containers and other receptacles;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>storage tanks, grain bins and agricultural equipment;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>panels and sign panels; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>pre-painted parts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Galvanized sheets, both painted and bare, are also frequently used for gutters and downspouts, outdoor and indoor cabinets, all kinds of home appliances and similar applications.&nbsp; We produce galvanized sheets and coils in continuous hot-dip processing lines, with thickness ranging from 0.30 millimeters to 3.00 millimeters.&nbsp; The continuous process results in products with highly adherent and uniform zinc coatings capable of being processed in nearly all kinds of bending and heavy machinery.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition to standard galvanized products, we produce </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Galvanew</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#174;, galvanized steel that is subject to a special annealing process following the hot-dip coating process.&nbsp; This annealing process causes iron to diffuse from the base steel into the zinc coating.&nbsp; The resulting iron-zinc alloy coating allows better welding and paint performance.&nbsp; The combination of these qualities makes our </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Galvanew</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#174; product particularly well suited for manufacturing automobile and home appliance parts including high gloss exposed parts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>At CSN Paran&#225;, one of our branches, we produce galvalume, a cold-rolled material coated with a zinc-aluminum alloy.&nbsp; The production process is similar to hot-dip galvanized coating, and galvalume has at least twice the corrosion resistance of standard galvanized steel.&nbsp; Galvalume is primarily used in outdoor construction applications that may be exposed to severe acid corrosion environments like marine uses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The added value from the galvanizing process permits us to price our galvanized products with a higher profit margin.&nbsp; Our management believes that our value-added galvanized products present one of our best opportunities for profitable growth because of the anticipated increase in Brazilian demand for such high margin products.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Through our branch CSN Paran&#225;, we also produce pre-painted flat steel, which is manufactured in a continuous coating line.&nbsp; In this production line, a layer of resin-based paint in a choice of colors is deposited over either cold-rolled or galvanized base materials.&nbsp; Pre-painted material is a higher value-added product used primarily in the construction and home appliance markets.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Tin Mill Products</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Tin mill products comprise flat-rolled low-carbon steel coils or sheets with, as defined by Brazilian standards, a maximum thickness of 0.45 millimeters, coated or uncoated.&nbsp; Coatings of tin or chromium are applied by electrolytic process.&nbsp; Coating costs place tin mill products among the highest priced products that we sell.&nbsp; The added value from the coating process permits us to price our tin mill products with a higher profit margin.&nbsp; There are four types of tin mill products, all produced by us in coil and sheet forms:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>tin plate - coated on one or both faces with a thin metallic tin layer plus a chromium oxide layer, covered with a protective oil film;</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>22</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>tin free steel - coated on both faces with a very thin metallic chromium layer plus a chromium oxide layer, covered with a protective oil film;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>low tin coated steel - coated on both faces with a thin metallic tin layer plus a thicker chromium oxide layer, covered with a protective oil film; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>black plate - uncoated product used as the starting material for the coated tin mill products.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Tin mill products are primarily used to make cans and other containers.&nbsp; With six electrolytic coating lines, we are one of the biggest producers of tin mill products in the world and the sole producer of coated tin mill products in Brazil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Production</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Production Process</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The principal raw materials for steel production in an integrated steelworks are iron ore, coal, coke, and fluxes like limestone and dolomite.&nbsp; The iron ore consumed at the Presidente Vargas steelworks is extracted, crushed, screened and transported by railway from our Casa de Pedra mine located in the city of Congonhas, in the State of Minas Gerais, 328 km from the Presidente Vargas steelworks.&nbsp; The high quality ores mined and sized at Casa de Pedra, with iron content of approximately 60%, and their low extraction costs are major contributors to our low steel production costs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Because Brazil lacks quality coking coals, we import all the coal required for coke production.&nbsp; The coal is then charged in coke batteries to produce coke through a distillation process.&nbsp; See &#8220;&#8212;Raw Materials and Suppliers&#8212;Raw Materials and Energy Requirements.&#8221;&nbsp; This coal distillation process also produces coke oven gas as a byproduct, which we use as a main source of fuel for our thermoelectric co-generation power plant.&nbsp; After being screened, coke is transported to blast furnaces, where it is used as a combustion source and as a component for transforming iron ore into pig iron.&nbsp; In 2010, we produced approximately 75% of our coke needs and imported the balance.&nbsp; At sintering plants, fine-sized iron ore and coke or other fine-sized solid fuels are mixed with fluxes (limestone and dolomite) to produce sinter.&nbsp; The sinter, lump iron ore, fluxing materials and coke are then loaded into our two operational blast furnaces for smelting.&nbsp; We operate a pulverized coal injection, or PCI, facility, which injects low-cost pulverized coal directly into the blast furnaces as a substitute for approximately one-third of the coke otherwise required.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The iron ore is reduced to pig iron through successive chemical reactions with carbon monoxide (from the coke and PCI) in two blast furnaces that operate 24 hours a day.&nbsp; The ore is gradually reduced, then melts and flows downward.&nbsp; Impurities are separated from the iron to form a liquid slag with the loaded fluxes (limestone and dolomite).&nbsp; From time to time, white-hot liquid iron and slag are drawn off from the bottom of the furnace.&nbsp; Slag (containing melted impurities) is granulated and now is being used to produce cement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The molten pig iron is transported to the steelmaking shop by 350-ton capacity torpedo cars and charged in basic oxygen furnaces together with scrap and fluxes.&nbsp; In the basic oxygen furnaces, oxygen is blown onto the liquid burden to oxidize its remaining impurities and to lower its carbon content, thus producing liquid steel.&nbsp; The molten steel is conveyed from the basic oxygen furnaces to the secondary refining equipment (degasser, ladle furnace and Argon Stirring Station).&nbsp; After adjusting the chemical composition, the molten steel is transferred to the continuous casting machines from which crude steel (i.e., rectangular shaped slabs) is produced.&nbsp; A portion of the slab products is sold directly in the export market.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The hot-rolling, reheated slabs from the continuous casting machines are fed into hot strip mills to reduce the thickness of the slabs from 250 millimeters to a range between 1.2 and 12.7 millimeters.&nbsp; At the end of the hot strip mill, the long, thin steel strip from each slab is coiled and conveyed to a cooling yard.&nbsp; Some hot-rolled coils are dispatched directly to customers in the as-rolled condition.&nbsp; Others are further processed in the pickling line, in a hydrochloric bath, to remove surface oxides and improve surface quality.&nbsp; After pickling, the hot-rolled coils selected to produce thinner materials are sent to be rolled in cold strip mills.&nbsp; The better surface characteristics of cold-rolled products enhance their value to customers as compared to hot-rolled products.&nbsp; Additional processing related to cold-rolling may further improve surface quality.&nbsp; Following cold-rolling, coils may be annealed, coated </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>(by a hot dip or electrolytic tinning process) and painted, to enhance medium-and long-term anti-corrosion performance and to add characteristics that will broaden the range of steel utilization.&nbsp; Coated steel products have higher profit margins than bare steel products.&nbsp; Of our coated steel products, tin mill and galvanized products are our highest margin products.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>23</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Steel plant equipment regularly undergoes scheduled maintenance shutdowns.&nbsp; Typically the rolling mills and coating lines are maintained on a weekly or monthly basis whereas the blast furnaces and other special equipment are scheduled for routine maintenance on a semi-annual or annual basis.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our business encompasses operations and commercial activities.&nbsp; Our operations activities are undertaken by our production sector, which is composed of the following two units:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the operations unit is responsible for steel production operations, repair shops, in-plant railroad, and process development at Volta Redonda;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the support unit is responsible for production planning, management of product stockyards, energy and utility facilities and work force safety assistance at the Presidente Vargas steelworks.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The production sector is also responsible for environment and quality consultancy, new products development, capital investment implementation for steel production and processing, as well as the supervision of <FONT style="FONT-SIZE: 10pt" face="Times New Roman">CSN <FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Porto Real&#8217;s&nbsp;</FONT></FONT>and CSN Paran&#225;&#8217;s operations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Quality Management Program</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We practice Total Quality Management, a set of techniques that have been adopted by many leading companies in our industry.&nbsp; We also maintain a Quality Management System that has been certified to be in compliance with the ISO 9001 standards set forth by the International Standardization Organization, or ISO.&nbsp; In October&nbsp;2003, we were awarded the ISO 9000:&nbsp; 2000 certificate for the design and manufacture of hot-rolled, pickled and oiled products, cold-rolled, galvanized and tin mill products, which replaced the ISO 9001 Certificate that we were awarded in December&nbsp;1994.&nbsp; In October&nbsp;2003, we were also awarded the automotive industry&#8217;s Technical Specification - 16949:&nbsp; 2002, for the design and manufacture of hot-rolled, pickled and oiled, cold-rolled and galvanized products, which replaced the QS 9000 standards that we were awarded in 1997.&nbsp; Some important automotive companies, like Volkswagen, General Motors and Ford, require their suppliers to satisfy the QS 9000 standards.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Production Output</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth, for the periods indicated, the annual production of crude steel within Brazil and by us and the percentage of Brazilian production attributable to us.</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>(In millions of tons)</I></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">32.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">14.9%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2009&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">26.5&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4.4&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">16.6%&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2008&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">33.7&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5.0&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">14.8%&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2007&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">33.8&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5.3&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">15.7%&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2006&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">30.9&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3.5 *&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">11.3%&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">_______________</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Source:&nbsp; Brazilian Steel Institute (</FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><I>Instituto <FONT style="FONT-SIZE: 8pt" face="Times New Roman">A&#231;o </FONT>Brasil</I></FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">), or I<FONT style="FONT-SIZE: 8pt" face="Times New Roman">A</FONT>Br.. &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>*&nbsp;Lower production due to accident at Blast Furnace No. 3 on January&nbsp;22, 2006. &nbsp;</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table contains some of our operating statistics for the periods indicated.</FONT></FONT></P>

<DIV align=left>

<TABLE style="MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>Certain Operating Statistics</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2010</B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2009</B></FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2008</B></FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=center width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><I>(In millions of tons)</I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=center width="2%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=center width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><I>(In millions of tons)</I></FONT></P></TD>

   <TD vAlign=center width="2%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=center width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><I>(In millions of tons)</I></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Production of: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Iron Ore&nbsp;*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>21.6&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>17.1&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>17.0</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Molten Steel&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>5.0</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>4.5</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>5.1</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Crude Steel&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>4.9</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>4.4&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>5.0</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Hot-Rolled Coils and Sheets&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>5.0&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>4.1&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>4.7</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Cold-Rolled Coils and Sheets&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2.5&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2.4&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif">2.6</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Galvanized Products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">1.1&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">0.7&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif">1.1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Tin Mill Products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">0.7&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">0.6&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif">0.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Consumption of Coal for Coke Batteries&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2.2&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2.1&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif">2.3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Consumption of Coal for PCI&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">0.7&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">0.6&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <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: 8pt" face="Times New Roman,serif">0.8</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>*Casa de Pedra</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>24</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_29"></A></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Raw Materials and Suppliers</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The principal raw materials we use in our integrated steel mill include iron ore, coke, coal (from which we make coke), limestone, dolomite, aluminum, tin and zinc.&nbsp; In addition, our production operations consume water, gases, electricity and ancillary materials.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Raw Materials and Energy Requirements</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In light of the global economic and financial crisis, which resulted in lower economic activity in 2009 as compared to 2008 and decrease demand for various commodity type industrial segments, coal and iron ore miners, and coke producers charged customers lower prices.&nbsp; At the end of 2009 we noticed a recovery in the economy of certain countries, including Brazil.&nbsp; Consequently, there was a pressure for increase in prices of certain raw materials.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, prices of main raw materials increased due to increased post crisis demand and a strengthening of steel industry worldwide. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>These commodity segments are highly concentrated in the hands of a few global players and there can be no assurance that price increases will not be imposed on steel producers in the future.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>&nbsp;Iron Ore</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are able to obtain all of our iron ore requirements from our Casa de Pedra mine located in the State of Minas Gerais.&nbsp; For a description of our iron ore segment see &#8220;&#8211; Our Mining Segment.&#8221;</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Coal</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, our coal consumption totaled 2.9&nbsp;million tons and accounted for 22% of our production cost.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>After the post-crisis demand recovery in the end of 2009, 2010 was a year of consolidation in terms of coal demand, especially from Asia.&nbsp; Because of the cyclical and volatile nature of the coal industry, price negotiation of coking coal and PCI coal switched from an annual to a quarterly basis, as of April&nbsp;2010.&nbsp; CSN&#8217;s coking coal and PCI coal costs during 2010 increased significantly compared with previous year due to a demand recovery.&nbsp; The prices in 2010 varied from quarter to quarter, following the benchmark price settled between BHP Billiton and Japanese Steel producers prior to the beginning of each quarter.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>25</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US>In addition t</FONT></FONT><FONT lang=EN-US>he 2010 average spot prices of coking coal and PCI Coal increased significantly compared to 2009, affected by demand fluctuation and unexpected heavy rains in Australia during fourth quarter, when some major exporters started to face serious operational issues at their mines as well as logistics constraints.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CSN uses a PCI system that allows its production area to use less coke in the blast furnaces during the process, substituting a portion of the coke with lower grade coal.&nbsp; The PCI system has reduced our need for imported coking coal and imported coke, thereby reducing production costs.&nbsp; In 2010, we used 710,940 tons of imported PCI coal.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Coke</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, in addition to the approximately 1.6&nbsp;million tons of coke we produced, we also consumed 440,696 tons of coke bought from third parties in China, India, Colombia and in the domestic market.&nbsp; This figure represents an increase of 47% as compared to our consumption in 2009 and&nbsp;is similar to&nbsp;our historical level of consumption.&nbsp; The market for coke has been very competitive since 2002, because China, a major player in the sea-borne trade, has increased its internal consumption and adopted restrictive export quotas.&nbsp; In addition, India has become a major consumer of coke, considerably increasing its consumption in the past years.&nbsp; Due to logistical reasons, China supplies most of India&#8217;s coke and this increase in consumption tightened even more the worldwide supply-demand balance of metallurgical coke.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Limestone and Dolomite</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our Bocaina mine is located in the town of Arcos in the State of Minas Gerais and it has been suppling, since the early '70s, limestone (calcium carbonate) and dolomite (dolomitic limestone) to&nbsp; our Presidente Vargas Steelworks in Volta Redonda.&nbsp; These products are used in the process of sintering and calcination.&nbsp; Arcos has one of the biggest and best world&#8217;s reserves of limestone, and it&#8217;s used for the production of various products, including cement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The annual production of limestone and dolomite to our steelworks is approximately 2&nbsp;million tons.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The main products obtained from limestone and dolomite that are transferred to our steelworks in Volta Redonda are:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>limestone and dolomite calcination:&nbsp; they have&nbsp; granulometry between 32 and 76 mm, and they are used in the lime plant in Volta Redonda to produce calcitic and dolomitic lime, for further use, in the steelmaking process and sintering.&nbsp; At the steelworks, lime is used for chemical controlling of liquid slag, in order to preserve the refractory of the converters and assist in the stabilization of the chemical reactions that occur during the manufacturing process of steel. &nbsp;In the sintering, the purpose of lime is to increase the performance of this process and final quality of the sinter that is produced.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>limestone and dolomite sintering:&nbsp; used in the production of &#8220;sinter&#8221;, in our steelworks.&nbsp; The sinter is composed by fine ores, solid fuel and flux, which enable the semi-melting and sintering ore.&nbsp; The sinter is used in blast furnace as a source of Fe for the production of pig iron.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>From 2009 on, with our entry in the cement market, Arcos&#8217;mine also became responsible for supplying limestone for the cement manufacturing process in Volta Redonda.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>With the startup of clinker production in 2011, our Bocaina mining will also be in charge of providing non steel limestone (limestone with high silica content), in approximately 1.3&nbsp;million tons / year for clinker production, the main raw material for cement production.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Aluminum, Zinc and Tin</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Aluminum is mostly used for steelmaking.&nbsp; Zinc and tin are important raw materials used in the production of certain higher-value steel products, such as galvanized and tin plate, respectively.&nbsp; We purchase aluminum, zinc and tin typically from third-party domestic suppliers under one or two-year contracts.&nbsp; We maintain approximately a 50-day reserve of such materials at the Presidente Vargas steelworks.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>26</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Other Raw Materials</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In our production of steel, we also consume, on an annual basis, significant amounts of spare parts, refractory bricks and lubricants, which are generally purchased from domestic suppliers.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We also consume significant amounts of oxygen, nitrogen, hydrogen, argon and other gases at the Presidente Vargas steelworks.&nbsp; These gases are supplied by a third-party under long-term contracts from its gas production facilities located on the Presidente Vargas steelworks site.&nbsp; In 2010, we used 786,746 tons of oxygen to produce 4.9&nbsp;million tons of crude steel.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Water</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Large amounts of water are also required in the production of steel.&nbsp; Water serves as a solvent, a catalyst and a cleaning agent.&nbsp; It is also used to cool, to carry away waste, to help produce and distribute heat and power, and to dilute liquids.&nbsp; Our source of water is the Para&#237;ba do Sul River, which runs through the city of Volta Redonda.&nbsp; Over 80% of the water used in the steelmaking process is recirculated and the balance, after processing, is returned to the Para&#237;ba do Sul River.&nbsp; Since March&nbsp;2003, the Brazilian government has imposed a monthly tax for our use of water from the Para&#237;ba do Sul River, based on an annual fee of approximately US$1.6&nbsp;million.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Electricity</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Steelmaking also requires significant amounts of electricity to power rolling mills, production lines, hot metal processing, coking plants and auxiliary units.&nbsp; In 2010, the Presidente Vargas steelworks consumed approximately 2.97&nbsp;million MWh of electric energy or 664 kilowatt hours per ton of crude steel.&nbsp; This consumption made us one of the largest consumers of electricity in Brazil, accounting for approximately 12% of the overall consumption of electricity in the State of Rio de Janeiro.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our main current source of electricity is our 238 MW thermoelectric co-generation power plant at the Presidente Vargas steelworks, besides the It&#225; and Igarapava hydroelectric facilities held by us, from which we have a take capacity available of 167 MW and 22 MW, respectively.&nbsp; In addition, we have approved the construction of a new turbine generator at the Presidente Vargas steelworks, which will increase 20 MW to our existing installed capacity.&nbsp; This turbine will be allocated near to our Blast Furnace No. 3, using the outlet gases from the iron making process to generate energy.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Natural Gas</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition to electricity, we consume natural gas, mainly in our hot strip mill.&nbsp; Companhia Estadual de G&#225;s do Rio de Janeiro S.A., or CEG Rio, which was privatized in 1997, is currently our major source of natural gas.&nbsp; Variations in the supply of gas can affect the level of steel production.&nbsp; We have not experienced any significant stoppages of production due to a shortage of natural gas.&nbsp; We also purchase fuel oil from Petrobras.&nbsp; See &#8220;Item 3D.&nbsp; Risk Factors&#8212;Risks Relating to the Steel Industry and CSN&#8212;Interruptions in the supply of natural gas and power transmission over the government power grid may adversely affect our business, financial condition and results of operations.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Diesel Oil</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In mid-October&nbsp;2006 and July of 2008, we entered into an agreement to receive diesel oil from the Companhia Brasileira de Petr&#243;leo Ipiranga, or Ipiranga, in order to supply our equipment in Casa de Pedra, Arcos and Namisa in the State of Minas Gerais, which are the plants responsible for our mining activity.&nbsp; In 2009 and 2010, we had a consumption of 57,177 kiloliters and 66,237 kiloliters of diesel oil, respectively.&nbsp; This increase was mainly due to the growth of our mining activity to support our growing iron ore production, which required us to enlarge our mining equipment fleet.&nbsp; In 2009 and 2010, we paid US$60.4&nbsp;million and US$37.8&nbsp;million, respectively, for the diesel oil we consumed.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>27</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Clinker</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are importing Clinker&nbsp; in order to supply our cement mill in Presidente Vargas steelworks in the state of Rio de Janeiro. Addionally, as from Abril 2011, we started producing our own clinker in our plant in Arcos, Minas Gerais. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Suppliers</FONT></I></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We acquire the inputs necessary for the production of our products in Brazil and abroad, with aluminum, zinc, tin, spare parts, refractory bricks, lubricants, oxygen, nitrogen, hydrogen and argon being the main inputs acquired in Brazil.&nbsp; Coal and coke are the only inputs acquired abroad.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our main raw materials suppliers are set forth below:</FONT></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Main Suppliers</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;BHP Billiton, Jim Walter Resources, Alpha Natural Resources, Rio Tinto, Marubeni and Jellinbah&nbsp;</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Coal&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;Noble, Glencore&nbsp;and CI Milpa</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Coke&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;Reciclagem Brasileira de Metais Ltda.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Aluminum&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;Votorantim Metais<SUP>(1)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Zinc&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;White Solder and Melt&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Tin&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;Sotreq, P &amp; H Minepro and MTU do Brasil&nbsp;. &nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Spare parts&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;Magnesita, RHI and Saint Gobain&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Refractory bricks&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Petrobras,Ipiranga and Quaker&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Lubricants&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">___________</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>(1) We depend on Votorantim Metais as they are the only suppliers of zinc in Brazil</FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Facilities</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Steel Mill</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Presidente Vargas steelworks, located in the city of Volta Redonda, in the State of Rio de Janeiro, began operating in 1946.&nbsp; It is an integrated facility covering approximately 4.0 square km and containing five coke batteries (three of which are currently in operation), three sinter plants, two blast furnaces, a basic oxygen furnace steel shop, or BOF shop, with three converters, three continuous casting units, one hot strip mill, three cold strip mills, two continuous pickling lines, one continuous annealing line, three continuous galvanizing lines, four continuous annealing lines exclusively for tin mill products and six electrolytic tinning lines.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our major operational units and corresponding effective capacities as of December&nbsp;31, 2010, including CSN LLC and Lusosider, are set forth in the following chart:</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=PT-BR>Effective Capacity</FONT></B></FONT></P>

<DIV align=left>

<TABLE style="MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Tons</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;<BR></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>per year</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Equipment</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;<BR></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>in operation</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Process: </B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;Coking plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,680,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3 batteries&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;Sintering plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">6,930,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3 machines&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;Blast furnace&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5,380,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2 furnaces&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;BOF shop&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5,750,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3 converters&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;Continuous casting&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5,600,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3 casters&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Finished Products: </B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;Hot strip mill&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5,100,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1 mill&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;Cold strip mill&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,550,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">6 mills&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;Galvanizing line&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,095,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">7 lines&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp;Electrolytic tinning line&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,190,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">7 lines&nbsp;</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>28</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Downstream Facilities</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>CSN Paran&#225;</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our branch CSN Paran&#225; produces and supplies plain regular galvanized, </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Galvalume</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#174; and pre-painted steel products for the construction and home appliance industries.&nbsp; The plant has an annual capacity of 330,000 tons of galvanized products and </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Galvalume</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#174; products, 100,000 tons of pre-painted products, which can use cold-rolled or galvanized steel as substrate, and 220,000 tons of pickled hot-rolled coils in excess of the coils required for the coating process.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Metalic</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have a 99.99% ownership interest in Cia.&nbsp; Metalic Nordeste, or Metalic.&nbsp; Metalic is one of the few two-piece steel can producer in all the Americas.&nbsp; It has approximately 48% of the packaging market for carbonated drinks in the Northeastern regions of Brazil.&nbsp; Currently, we are the only supplier to Metalic of the steel used to make two-piece cans.&nbsp; The development of drawn-and-wall-ironed steel for the production of two-piece cans is an important achievement in the production process at the Presidente Vargas steelworks.&nbsp; In 2010, the company sold 831&nbsp;million cans of 350 ml, 60&nbsp;million cans of 250 ml and 1,284&nbsp;million ends, and of these 13% were exported to Latin America.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Prada</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have a 99.99% ownership interest in Cia.&nbsp; Matel&#250;rgica Prada, or Prada.&nbsp; Established in 1936, Prada is the largest Brazilian steel can manufacturer and has an annual production capacity of over one billion cans in its three industrial facilities located in the states of S&#227;o Paulo, Rio Grande do Sul and Minas Gerais.&nbsp; Currently, we are the only Brazilian producer of tin plate, Prada&#8217;s main raw material, which makes Prada one of our major customers of tin plate products.&nbsp; Prada has important clients in the food and chemical industries, including packages of vegetables, fishes, dairy products, meat, aerosols, paints and varnishes, and other business activities.&nbsp; On December&nbsp;30, 2008, we merged one of our subsidiaries, Ind&#250;stria Nacional de A&#231;os Laminados S.A., or INAL, into Prada.&nbsp; INAL was a distributor of laminated steel founded in 1957 and, after the merger, <FONT style="FONT-SIZE: 10pt" face="Times New Roman">it </FONT>became a branch of Prada responsible for distribution of Prada&#8217;s products, or Prada Distribui&#231;&#227;o.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Prada Distribui&#231;&#227;o is also the leader in the Brazilian distribution market, with 460,000 tons per year of installed processing capacity.&nbsp; Prada Distribui&#231;&#227;o has two steel service centers and five distribution centers strategically located in Brazil.&nbsp; Its main service center is located in the city of Mogi das Cruzes between the cities of S&#227;o Paulo and Rio de Janeiro.&nbsp; Its product mix also includes sheets, slit coils, sections, tubes, and roofing in standard or customized format, according to client&#8217;s specifications.&nbsp; Prada Distribui&#231;&#227;o processes all range of products produced by us and services 4,000 customers annually from the civil construction, automotive and home appliances sectors, among others.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Inal Nordeste</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Inal Nordeste, or INOR, is our subsidiary and a distributor of laminates located in Northeastern Region.&nbsp; INOR has a service center located in the city of Cama&#231;ari, in the State of Bahia, to support sales in the Northeastern and North regions of Brazil, with 155,000 tons per year of installed processing capacity.&nbsp; On May 30, 2011, INOR was merged into the Company, then allowing the optimization of processes and operations as well as reduction of costs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Companhia Siderurgica Nacional, LLC</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CSN LLC holds the assets of former Heartland Steel, a flat-rolled steel processing facility in Terre Haute, Indiana.&nbsp; This facility has an annual production capacity of 180,000 tons of cold-rolled products and 315,000 tons of galvanized products.&nbsp; Currently, CSN LLC is obtaining hot coils by buying slabs from CSN and then having them converted into hot coils by local steel companies or buying hot rolled coils directly from mills in the United States.&nbsp; See &#8220;Item 4B.&nbsp; Government Regulation and Other Legal Matters&#8212;Anti-Dumping Proceedings&#8212;United States&#8221; for a discussion about anti-dumping issues on Brazilian hot coils exports to the United States.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>29</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=PT-BR>Lusosider, A&#231;os Planos, S.A.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We own 99.94% of Lusosider, a producer of hot-dip galvanized products and cold-rolled located in Seixal, near Lisbon, Portugal.&nbsp; Lusosider produces approximately 240,000 tons of galvanized products and 50,000 tons of cold-rolled annually.&nbsp; Its main customers include service centers and tube making industries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Our Mining Segment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our mining activities are one of the largest in Brazil and are mainly driven by exploration of one of the richest Brazilian iron ore reserves, Casa de Pedra, in the State of Minas Gerais.&nbsp; We sell our iron ore products mainly in Asia, Europe and Brazil with sales and marketing taking place through our principal hubs of Minas Gerais, in Brazil, Madeira Islands, in Portugal, and Hong Kong.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Our Mines</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Location, Access and Operation</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Casa de Pedra</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Casa de Pedra mine is an open pit mine located next to the city of Congonhas in the State of Minas Gerais, Brazil, approximately 80 km South of the city of Belo Horizonte and 360 km North of the city of Rio de Janeiro.&nbsp; The site is approximately 1,000 meters above sea level and accessible from the cities of Belo Horizonte or Congonhas through mostly paved roads.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Casa de Pedra mine is a hematite-rich iron deposit of an early proterozoic banded iron formation in Brazil&#8217;s Iron Ore Quadrangle region (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Quadril&#225;tero Ferr&#237;fero</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), which is located in the central part of the State of Minas Gerais in the Southeastern region of Brazil and has been one of the most important iron producing regions for the last 50 years.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our iron ore at Casa de Pedra is currently excavated by a fleet composed of Marion 191M electric shovels, P&amp;H 1900AL electric shovels, PC 5500 Demag hydraulic shovels, wheel loaders (different brands) and then hauled by a fleet of Terex MT3300AC (150 tons), Caterpillar CAT793 (240 tons) and Terex Unit Rig&nbsp; MT4400 (240 tons).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Casa de Pedra mine is wholly-owned by us and accounts for all our iron ore supply, producing lump ore, sinter feed and pellet feed fines with high iron content.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The maps below illustrate the location of our Casa de Pedra mine:</FONT></FONT></P>

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<IMG id="Imagem 85" alt=fp50a src="x11061717313800.gif" width=470 height=227> &nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>30</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<IMG id="Imagem 86" alt=fp50b src="x11061717313801.jpg" width=320 height=302> </P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Namisa</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We own additional iron ore assets through Namisa, our 60% consolidated investee, which acquired CFM in July, 2007.&nbsp; CFM was incorporated in 1996 with the purpose of utilizing and enhancing the ore treatment facilities of the Itacolomy mines, for the beneficiation of crude ore extracted from its deposit, the Engenho mine.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Engenho mine is located at the Southwestern region of the Iron Ore Quadrangle, 60 km South of the city of Belo Horizonte.</FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The maps below illustrate the location of our Engenho mine:</FONT></FONT></P>

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<IMG id="Imagem 89" alt=fp52a src="x11061717313802.jpg" width=285 height=353> &nbsp;</P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>31</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Fernandinho mine, an asset that we also hold through Namisa, is located in the city of Itabirito, in the State of Minas Gerais.&nbsp; This town is located in the Middle-East region of the State of Minas Gerais and approximately 43 km from the city of Belo Horizonte.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The maps below illustrate the location of our Fernandinho mine:</FONT></FONT></P>

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<IMG id="Imagem 91" alt=fp53a src="x11061717313803.jpg" width=327 height=315> &nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Limestone and Dolomite Mine</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our extraction and preparation of limestone and dolomite is done at our Boca&#237;na mining facility located in the city of Arcos, in the State of Minas Gerais.&nbsp; This mining facility has an installed annual production capacity of approximately 4.0&nbsp;million tons.&nbsp; We believe this mining facility has sufficient limestone and dolomite reserves to adequately supply our steel production, at current levels, for more than 45 years.&nbsp; The mining facility is located 455 km from the Presidente Vargas steelworks.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Tin</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We own a tin mine and a smelter located in the State of Rond&#244;nia.&nbsp; The inventory of the geological reserves has been prepared from a review of the major reports from the Santa Barbara Mine Document Center.&nbsp; The majority of the deposits and/or target areas are within Mining Leases that have been consolidated into Mining Group (Grupamento Mineiro No. 131/92).&nbsp; The reserves provided were recognized by the DNPM.&nbsp; The reserves and resources presented are &#8220;in situ.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Mineral Rights and Ownership</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Mining Code and the Brazilian Federal Constitution impose requirements on mining companies relating to, among other things, the manner in which mineral deposits are exploited, the health and safety of workers, the protection and restoration of the environment, the prevention of pollution and the promotion of the health and safety of local communities where the mines are located.&nbsp; The Mining Code also imposes certain notification<FONT style="FONT-SIZE: 10pt" face="Times New Roman">s</FONT> and reporting requirements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We hold concessions to mine iron ore, limestone and dolomite.&nbsp; We purchase manganese in the local market.&nbsp; Except for Namisa&#8217;s mines, in which we have a 60% ownership interest, we own 100% of each of our mines.&nbsp; In addition, each mine is an &#8220;open pit&#8221; mine.&nbsp; Iron ore extraction, crushing, screening and concentration are done in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>three different sites:&nbsp; Casa de Pedra (CSN&#8217;s property), Pires Beneficiation Plant and Fernandinho Mine (both Namisa&#8217;s property).</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>32</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Casa de Pedra</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our mining rights for Casa de Pedra mine include the mine, beneficiation plant, roads, loading yard and railway branch and are duly registered with the Brazilian Department of Mineral Production (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Departamento Nacional de Produ&#231;&#227;o Mineral</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), or DNPM.&nbsp; We have also been granted by DNPM easements in 15 mine areas located in the surrounding region, which are not currently part of Casa de Pedra mine, and hold title to all our proved and probable reserves.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We believe we have obtained and are in compliance with all licenses and authorizations for our operations and projects at Casa de Pedra mine.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The exploitation in Casa de Pedra mine is subject to mining lease restrictions, which were duly addressed in our iron ore reserve calculations.&nbsp; Quality requirements (chemical and physical) are the key &#8220;modifying factors&#8221; in the definition of ore reserves at Casa de Pedra and were properly accounted for by the CSN mine planning department.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Mineral Reserves</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth the type of each of our mines, period of operation, projected exhaustion dates and percentage of our interest:</FONT></FONT></P>

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   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Mine</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

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   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Type</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Operating Since</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Projected exhaustion date</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>CSN % interest</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Iron: </B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Casa de Pedra (Congonhas, Minas&nbsp;Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Open pit&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1913&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2041&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">100&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Engenho (Congonhas, Minas&nbsp;Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Open pit&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2007 (Start of operation by Namisa)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2041&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">60&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Fernandinho (Itabirito, Minas&nbsp;Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Open pit&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2007 (Start of operation by Namisa)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2030&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">60&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=9>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Limestone and Dolomite: </B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Bocaina (Arcos, Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Open pit&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1946&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2052&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">100&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=9>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Tin: </B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">(Itapo&#227; do Oeste, Rond&#244;nia)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Open pit&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1950&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">100&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth our estimates of proven and probable reserves and other mineral deposits at our mines reflecting the results of reserve study.&nbsp; They have been calculated in accordance with the technical definitions contained in the SEC&#8217;s Industry Guide 7, and estimates of mine life described herein are derived from such reserve estimates.</FONT></FONT></P>

<DIV align=left>

<TABLE style="MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="80%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>MINERAL RESOURCES </FONT></B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8211; As of December&nbsp;31, 2010&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="63%" colSpan=9>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Proven and Probable Reserves(1)</B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Mineral Deposits Resources</B></FONT><SUP><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(2)</FONT></SUP></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="63%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Recoverable</B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Ore Tonnage</B></FONT><SUP><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(3)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Product</B></FONT><SUP><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(5)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Tonnage</B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Mine Name and Location</B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>(millions of tons)</B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Grade(4)</B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Rock Type</B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>(millions of tons)</B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>(millions of tons)</B></FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><SUP><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>)</B></FONT></SUP></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Probable<SUP>(7)</SUP></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Iron: </B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Casa de Pedra(Congonhas,&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Hematite (21%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">1,016&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">514&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">47.79% Fe&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Itabirite (79%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">891</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">8,285</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Engenho&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(Congonhas, Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">46.07%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Itabirite (100%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">857</FONT></P></TD></TR>

<TR style="HEIGHT: 3.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Fernandinho&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(Itabirito, Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">40.21%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Itabirite (100%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">582</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Total Iron: </B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>1,016</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>514</B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>891</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>9,72<FONT style="FONT-SIZE: 7pt" face="Times New Roman">4</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=13>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(Congonhas, Minas Gerais)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Limestone and Dolomite: </B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Proven<SUP>(6)</SUP></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Probable<SUP>(7)</SUP></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Bocaina&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">41.3%CaO&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Limestone (86%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(Arcos, Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">117.71</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">41.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">5.99%MgO&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Dolomite (14%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">156</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">1,187.5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Proven+Probable Reserves(Mm3)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Recove</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">rable Product<SUP>5</SUP>&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Resources (Mm<SUP>3</SUP>)&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>(in tons)</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>(in million cubic meters)</B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B>Tin</B></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Paleo valley and&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(Itapo&#227; do Oeste,&nbsp;</FONT>Rond&#244;nia)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">shallow&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">23,509&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">94,85</FONT></P></TD></TR>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=PT-BR>__________________</FONT></FONT></P>

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<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>(1)&nbsp; &nbsp; &nbsp; Reserves means that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.&nbsp; <BR>(2)&nbsp; &nbsp; &nbsp; Includes inferred tonnages.<BR>(3)&nbsp; &nbsp; &nbsp; Represents ROM material.&nbsp; <BR>(4)&nbsp; &nbsp; &nbsp; Grade is the proportion of metal or mineral present in ore or any other host material.&nbsp; <BR>(5)&nbsp; &nbsp; &nbsp; Represents total product tonnage after mining and processing losses.<BR>(6)&nbsp; &nbsp; &nbsp; Means reserves for which:&nbsp; (i) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling; and (ii)&nbsp;the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well- established.<BR>(7)&nbsp; &nbsp; &nbsp; Means reserves for which quantity and grade and/or quality are computed from information similar to that used for proven (measure) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced.&nbsp; The degree of assurance, although lower than that for proven (measure) reserves, is high enough to assume continuity between points of observation.</FONT></FONT></P>

<P align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>33</FONT></FONT></FONT> </P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Casa de Pedra</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have concluded an extensive, multi-year study of our iron ore reserves at Casa de Pedra.&nbsp; The study consisted of three phases.&nbsp; Phase one, which was completed in 1999, covered the ore bodies that are currently being mined or are close to the current operating open pits.&nbsp; Phase two, which was completed in early 2003, covered the other iron ore deposits at Casa de Pedra site.&nbsp; Phase three started in 2005 and involved a complete revaluation of our mineral reserves at Casa de Pedra.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We conducted extensive work throughout 2006 to document and classify all information related to both the current and future operations of the Casa de Pedra mine.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2006, we hired Golder Associates S.A., or Golder, to undertake an independent analysis of the Casa de Pedra iron ore reserves.&nbsp; Golder carried out a full analysis of all available information and has independently validated our reported reserves.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Golder accepts as appropriate the estimates regarding proven and probable reserves made by us, totaling 1,631&nbsp;million tons of iron ore (as of December&nbsp;31, 2006) at a grade of 47.79% Fe and 26.63% SiO2.&nbsp; This new estimate of our iron ore reserves at Casa de Pedra is significantly larger than our estimate of 444&nbsp;million tons, reported on an appraisal report prepared in 2003.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, we had a total drilling of 8,489 meters.&nbsp; We are extending our drilling campaign with additional 66,000 meters to increase and improve our knowledge about the iron ore deposits at Casa de Pedra. Of this total, we have already concluded 8,271 meters.&nbsp; When this drilling campaign is concluded, we intend to conduct a new ore reserve audit.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>34</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Namisa</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>An initial study was conducted at Fernandinho and Engenho mines to define the geological resources and final pits.&nbsp; In 2008 and 2009, we extended our drilling campaign with additional 5,179 meters at Engenho mine and 2,771 meters at Fernandinho mine (totalizing a campaign of 7,950 meters) to increase and improve our knowledge about the iron ore deposits at these mines.&nbsp; We expect that, as soon as a new model and final pit is finished, this reserve could be audited and incorporated&nbsp;in our mineral deposits.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Production</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Casa de Pedra</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Casa de Pedra facilities are located in the city of Congonhas, in the State of Minas Gerais.&nbsp; The Casa de Pedra mine is located 350 km from the Presidente Vargas steelworks and supplies iron ore products to our steel mill, as well as for export through the Itaguai Port.&nbsp; Casa de Pedra&#8217;s equipment fleet and treatment facilities have an installed annual ROM capacity of approximately 85.0&nbsp;million tons and 21.5&nbsp;million tons, respectively. In 2010 Casa de Pedra produced 21.6 million tons of iron ore. </FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Namisa</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The beneficiation plant at Pires also processed crude ore acquired from other companies, which along with its own ROM, generates final products such as: lump ore, small lump ore (hematitinha), sinter feed and concentrates.&nbsp; The beneficiation plant at the Fernandinho unit generated 0.5&nbsp;million tons of small lump ore and sinter feed products, in which the sinter feed practically corresponded to the total production. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Most of the ROM of the Pires Beneficiation Plant comes from Engenho mine (Namisa&#8217;s property), which is located at the northern border of the Casa de Pedra mine.&nbsp; Pires Beneficiation Plant has the capacity to process 10.3&nbsp;million tons per year.&nbsp; From this total, approximately 3&nbsp;million tons are currently provided by the Engenho mine and the balance is purchased from third parties.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Namisa complements our strategy to be a world leading producer of high quality iron ore.&nbsp; Namisa remains fully integrated with our railway and port logistics corridor, through long-term contracts, which provide sufficient railway and port logistics capacity for Namisa&#8217;s current and future production.&nbsp; Namisa is a leading company in iron ore mining and trading, with mining and processing operations in the State of Minas Gerais.&nbsp; Trading iron ore is obtained from small mining companies in the neighborhood and other trading companies.&nbsp; For information on the sale of 40% of our ownership interest in Namisa, see &#8220;Item 4. Information on the Company &#8212;A.&nbsp; History and Development of the Company&#8212;Acquisitions and Dispositions.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our steelmaking operations consumed 6.9&nbsp;million tons of iron ore during 2010, consisting of 5.1&nbsp;million tons of sinter-feed material and 1.8&nbsp;million tons of lump ore.&nbsp; As we do not have pelletizing plants, the total amount of pellets has been acquired in the Brazilian market.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Distribution</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Transportation costs are a significant component of our steel and iron ore production costs and are a factor in our price-competitiveness in the export market.&nbsp; Railway transportation is the principal means by which we transport raw materials from our mines to the Presidente Vargas steelworks and steel and iron ore products to ports for shipment overseas.&nbsp; Iron ore, limestone and dolomite from our two mines located in the State of Minas Gerais are transported by railroad to the Presidente Vargas steelworks for processing into steel.&nbsp; The distances from our mines to the Presidente Vargas steelworks are 328 km and 455 km.&nbsp; The distances from our mines to the ports are 440 km and 160 km.&nbsp; Imported coal and coke bought from foreign suppliers are unloaded at the port of Itagua&#237;, 90 km west of the city of Rio de Janeiro, and shipped 109 km by train to the Presidente Vargas steelworks.&nbsp; Our finished steel products are transported by train, truck and ships to our customers throughout Brazil and abroad.&nbsp; Our principal Brazilian markets are the cities of S&#227;o Paulo (335 km from the Presidente Vargas steelworks), Rio de Janeiro (120 km) and Belo Horizonte (429 km).</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>35</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Until recently, Brazil&#8217;s railway system (including railcars and tracks) was principally government-owned and in need of repair, but has now been largely privatized.&nbsp; In an attempt to increase the reliability of our rail transportation, we indirectly hold concessions for the main railway systems we use.&nbsp; For further information on our railway concessions, see &#8220;&#8212;Facilities&#8212;Railways.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We export mainly through the ports of Itagua&#237; and Rio de Janeiro, and import coal and coke through the Itagua&#237; Port, all in the State of Rio de Janeiro.&nbsp; The coal and container terminals have been operated by us since August&nbsp;1997 and 1998, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Our Logistics Segment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US>Our logistics segment is comprised of railway and port facilities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Railways</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Southeastern Railway System</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>MRS has a concession to operate, through the year 2026, Brazil&#8217;s Southeastern railway system.&nbsp; As of December&nbsp;31, 2010, we held directly and indirectly 33.27% of MRS&#8217; total capital.&nbsp; The Brazilian Southeastern railway system, with 1,674 km of track, serves the S&#227;o Paulo &#8211; Rio de Janeiro &#8211; Belo Horizonte industrial triangle in Southeast Brazil, and links our mines located in the State of Minas Gerais to the ports located in the states of S&#227;o Paulo and Rio de Janeiro and to the steel mills of CSN, Companhia Sider&#250;rgica Paulista, or Cosipa, and Gerdau A&#231;ominas.&nbsp; In addition to serving other customers, the line transports iron ore from our mines at Casa de Pedra in the State of Minas Gerais and coke and coal from the Itagua&#237; Port in the State of Rio de Janeiro to the Presidente Vargas steelworks and transports our exports to the ports of Itagua&#237; and Rio de Janeiro.&nbsp; The railway system connects the Presidente Vargas steelworks to the container terminal at Itagua&#237; Port, which handles most of our steel exports.&nbsp; Our transport volumes represent approximately 28% of the Brazilian Southeastern railway system&#8217;s total volume.&nbsp; While we are jointly and severally liable with the other principal MRS shareholders for the full payment of the outstanding amount (See &#8220;Item 5E.&nbsp; Off-Balance Sheet Arrangements&#8221;)&nbsp;, we expect that MRS will make the lease payments through internally generated funds and proceeds from financing.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Northeastern Railway System</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As of December&nbsp;31, 2010, we hold 76.45% of the capital stock of Transnordestina Log&#237;stica S.A. Transnordestina Log&#237;stica S.A. has a 30-year concession granted in 1998 to operate Brazil&#8217;s Northeastern railway system.&nbsp; The Northeastern railway system includes 4,238 km of track and operates in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.&nbsp; It also connects with the region&#8217;s leading ports, thereby offering an important competitive advantage through opportunities for intermodal transportation solutions and made-to-measure logistics projects.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For more information on the merger and financings for Transnordestina, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.&nbsp;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Port Facilities</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Solid Bulks Terminal</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We hold the concession to operate TECAR, a solid bulks terminal, one of four terminals that form the Itagua&#237; Port, located in the State of Rio de Janeiro, for a term expiring in 2022 and renewable for another 25 years.&nbsp; Itagua&#237; Port, in turn, is connected to the Presidente Vargas steelworks, Casa de Pedra and Namisa by the southeastern railway system.&nbsp; Our imports of coal and coke are made through this terminal.&nbsp; Under the terms of the concession, we undertook to load and unload at least 3.0&nbsp;million tons of bulk cargo annually.&nbsp; Among the approved investments that we announced is the development and expansion of the solid bulks terminal at Itagua&#237; to also handle up </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>to&nbsp;84&nbsp;million tons of iron ore per year.&nbsp; For further information, see &#8220;Item 4. Information on the Company &#8212;A.&nbsp; History and Development of the Company &#8212;Planned Investments&#8212;Iron Ore Project.&#8221;</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>36</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Container Terminal</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We own 99.99% of Sepetiba Tecon S.A., or TECON, which has a concession to operate, for a 25-year term that is renewable for another 25 years, the container terminal at Itagua&#237; Port.&nbsp; As of December&nbsp;31, 2010, US$183&nbsp;million of the cost of the concession remained payable over the next 15 years of the lease.&nbsp; For more information, see &#8220;Item 5E.&nbsp; Off-Balance Sheet Arrangements&#8221;.&nbsp; The Itagua&#237; Port is located in the heart of Brazil&#8217;s Southeast Region, with all major exporting and importing areas of the states of S&#227;o Paulo, Minas Gerais and Rio de Janeiro within 500 km from the port.&nbsp; This area represents more than 60% of the Brazilian gross domestic product, or GDP, according to the Brazilian Geography and Statistics Institute (Instituto Brasileiro de Geografia e Estat&#237;stica).&nbsp; The Brazilian Federal Port Agency spent US$48&nbsp;million in port infrastructure projects such as expanding the maritime access channel and increasing the depth.&nbsp; In addition, significant investments were made by the Brazilian federal government in adding two extra lanes to the Rio Santos road, and are being made in constructing the Rio de Janeiro Metropolitan Bypass, a beltway that will cross the Rio de Janeiro metropolitan area.&nbsp; Also, MRS railway is investing in an extra rail track along the way to the Itagua&#237; Port.&nbsp; These factors, combined with favorable natural conditions, like natural deep waters and low urbanization rate around port area, allow the operation of large vessels as well as highly competitive prices for all the services rendered, resulting in the terminal being a major hub port in Brazil.&nbsp; For further information on our planned investments relating to our Itagua&#237; CSN Logistics Platform Project, see &#8220;Item 4. Information on the Company &#8212;A.&nbsp; History and Development of the Company &#8212;Planned Investments&#8212;Itagua&#237; CSN Logistics Platform Project&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The figures show the effect of investments made since 2007 in two Super Post Panamax Portainers and two Rubber Tired Gantry, or RTG, cranes.&nbsp; These investments, along with a focused marketing and sales strategy, enabled the terminal to rank first in market share among the three terminals of the state of Rio de Janeiro, with 40% of the total moves in those terminals.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We plan to carry out new infrastructure and equipment investments in Sepetiba TECON, as the Berth 301 Equalization and the acquisition of two new Super Post Panamax Portainers and four new RTG cranes to yard operations.&nbsp; These investments will increase TECON&#8217;s capacity from 320,000 containers (or 480,000 TEUs) to 410,000 containers (or 610,000 TEUs) a year and from 2.0&nbsp;million tons to 6.0 million tons a year of steel products.&nbsp; We intend to use this port to ship all our exports of steel products.&nbsp; In 2010, 69% of the exported steel products (or 147,691 tons), was shipped from this port, as compared to 91.6% in 2009.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, the terminal has resumed the growth that had been affected by the global downturn.&nbsp; Is achieved 196,313 units handled (or 298,417 TEUS), which represents an increase of 27% compared to 2009.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Our Energy Segment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our energy segment is comprised of generation plants and is aimed at enabling us to maintain our self-sufficiency in energy, reducing our production cost and our exposure to fluctuations or availability of certain energy sources.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our energy related assets include:</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Thermoelectric Co-Generation Power Plant</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We completed the construction of a 238 MW thermoelectric co-generation power plant at the Presidente Vargas steelworks in December&nbsp;1999.&nbsp; Since October&nbsp;2000, the plant has provided the Presidente Vargas steelworks with approximately 60% of the electric energy needs for its steel mills.&nbsp; Aside from operational improvements, the power plant supplies our strip mills with electric energy, processed steam and forced air from the blast furnaces, benefiting the surrounding environment through the elimination of flares that burn steel-processing gases into the atmosphere.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>It&#225; Hydroelectric Facility</FONT></I></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>37</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Each of Tractebel and we own 48.75%, and Companhia de Cimento Itamb&#233;, or Itamb&#233;, owns the remaining 2.5% of ITASA, a special-purpose company formed for the purpose of owning and operating, under a 30-year concession, 60.5% of the It&#225; hydroelectric facility on the Uruguay river in Southern Brazil.&nbsp; Tractebel directly owns the remaining 39.5% of the It&#225; hydroelectric facility.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The power facility was built under a project finance structure with an investment of approximately US$860&nbsp;million.&nbsp; The long-term financing for the project was closed in March&nbsp;2001 and consisted of US$78&nbsp;million of debentures issued by ITASA, a US$144&nbsp;million loan from private banks and US$116&nbsp;million of direct financing from BNDES, all of which are due by 2013.&nbsp; The sponsors of the project have invested approximately US$306&nbsp;million in this project.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>It&#225; has an installed capacity of 1,450 MW, with a firm guaranteed output of 668 MW, and became fully operational in March&nbsp;2001.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We and the other shareholders of ITASA have the right to take our pro rata share (proportionally to our ownership interest in the project) of It&#225;&#8217;s output pursuant to 30-year power purchase agreements at a fixed price per megawatt hour, adjusted annually for inflation.&nbsp; Since October&nbsp;2002, we have been using our entire It&#225; take internally.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Igarapava Hydroelectric Facility</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We own 17.9% of a consortium that built and has the right to operate for 30 years the Igarapava hydroelectric facility.&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=PT-BR>Other consortium members are Vale, Companhia Mineira de Metais, Votorantim Metais Zinco, AngloGold Ashanti Minera&#231;&#227;o Ltda., and Companhia Energ&#233;tica de Minas Gerais, or CEMIG. </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The plant </FONT></FONT><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>has&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> an installed capacity of 210 MW, corresponding to 136 MW of firm guaranteed output as of December&nbsp;31, 2010.&nbsp; We have been using part of our 22.8 MW take from Igarapava to supply energy to the Casa de Pedra and Arcos mines and to the Presidente Vargas steelworks.&nbsp; From time to time, we also sell the excess energy in the spot energy market.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Marketing Organization and Strategy</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Steel</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our steel products are sold both domestically and abroad as a main raw material for several different manufacturing industries, including the automotive, home appliance, packaging, construction and steel processing industries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our sales approach is to establish brand loyalty and achieve a reputation for quality products by developing relationships with our clients and focusing on their specific needs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our commercial area is responsible for sales of all of our products.&nbsp; This area is divided into two major teams, one focused on international sales and the other on domestic sales.&nbsp; The domestic market oriented sales team is divided into six market segments:&nbsp; packaging, distribution, automotive, home appliances, original equipment manufacturer, or OEM, and construction.&nbsp; Each one of these segments has a specific strategic goal to provide tailor-made steel solutions that meet the specific needs of each client they serve.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The distribution division is responsible for supplying large steel processors and distributors, as well as some industries that produce small diameter pipe and light profiles.&nbsp; The packaging unit acts in an integrated way with suppliers, representatives of the canning industry and distributors to respond to customer needs for finished-products.&nbsp; The automotive unit is supplied by a specialized mill, CSN Porto Real, and also by a portion of the galvanized material produced at Presidente Vargas steelworks, benefiting from a combined sales strategy.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, more than a half of our domestic sales were made through our own sales force directly to customers.&nbsp; The remaining sales were to independent distributors for subsequent resale to smaller clients.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Historically, our export sales were made primarily through international brokers.&nbsp; However, as part of our strategy to establish direct, longer-term relationships with end-users, we have decreased our reliance on such brokers.&nbsp; We have focused our international sales to more profitable markets in order to maximize revenues and shareholder returns.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>38</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>All of our sales are on an order-by-order basis and have an average delivery time of 45&nbsp;days.&nbsp; As a result, our production levels closely reflect our order log book status.&nbsp; We forecast sales trends in both the domestic and export markets based on the historical data available from the last two years and the general economic outlook for the near future.&nbsp; We have our own data systems to remain informed of worldwide and Brazilian market developments.&nbsp; Further, our management believes that one of the keys to our success is maintaining a presence in the export market.&nbsp; Such presence gives to us the flexibility to shift between domestic and export markets, thereby allowing us to maximize our profitability.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Unlike classic commodity products, there is no exchange trading of steel, or uniform pricing, as wide differences exist in terms of size, quality and specifications.&nbsp; In general, exports are priced based on international spot prices of steel at the time of sale in U.S. dollars or Euros, depending on the destination.&nbsp; Sales are normally paid at sight, or within 14 or 28&nbsp;days, and, in the case of exports, usually backed by a letter of credit and an insurance policy.&nbsp; Sales are made primarily on cost and freight terms.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Sales by Geographic Region</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, we sold steel products to customers in Brazil and 35 other countries.&nbsp; The fluctuations in the portion of total sales assigned to domestic and international markets, which can be seen in the table below, reflect our ability to adjust sales in light of variations in the domestic and international economies, as well as steel demand and prices, domestically and abroad.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The four main export markets for our products are Europe, Latin America, Asia, and North America, representing 40%, 33%, 12% and 7%, respectively, of our export sales volume in 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In North America, we take advantage of our subsidiary CSN LLC, which acts as a commercial channel for our products.&nbsp; In order to gain a cost advantage among our U.S. competitors, CSN is able to export slabs to CSN LLC which are processed at third parties into hot-rolled coil and then transformed into more added value products at CSN LLC&#8217;s plant, such as cold-rolled coil and galvanized.&nbsp; Moreover, we are able to export cold-rolled coils which can be directly sold or processed by CSN LLC in order to manufacture galvanized products.</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CSN &#8211; Sales of Steel Products by Destination<BR></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>(In thousands of metric tons and millions of R$)</FONT></I></FONT></P></TD></TR>

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   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2009</FONT></B></FONT></P></DIV></TD></TR>

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   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Tons</FONT></B></FONT></P></DIV></TD>

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   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net Operating Revenues<SUP>(2)</SUP></FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>% of Total</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Tons</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>% of Total</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net Operating Revenues<SUP>(2)</SUP></FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <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; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>% of Total</FONT></B></FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Brazil</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>4,135</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>86.2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>8,575</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>88.6</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>3,243</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>78.9</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>6,770</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>85.8</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Export</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>661</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>13.8</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>1.107</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>11.4</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>867</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>21.1</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>1,124</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>14.2</FONT></FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>4,796</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100.0</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9,682</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100.0</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>4,110</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100.0</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>7,894</FONT></B></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100.0</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Exports by Region</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 12pt 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 12pt 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 12pt 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 12pt 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 12pt 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 12pt 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 12pt 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 12pt 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Asia</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>29</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>0.6</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>41</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>0.4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>259</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>6.3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>249</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>3.9</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>North America<SUP>(1)</SUP></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>15</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>0.3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>407</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>4.2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>243</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>5.9</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>307</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>3.9</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Latin America</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>55</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>1.1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>187</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>1.9</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>55</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>1.3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>115</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>1.5</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Europe</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>46</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>1.0</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>432</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>4.5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>290</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>7.1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>411</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=center width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>5.2</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>All Others</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>32</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>0.7</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>41</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>0.4</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>20</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>0.5</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>42</FONT></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=middle>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>0.5</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><U><FONT lang=EN-US>_______________</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 2pt 0cm 6pt 18pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>(1)&nbsp; Sales to Mexico are included in North America.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -13.5pt; MARGIN: 0cm 0cm 8pt 13.5pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>(2)&nbsp; Total net operating revenues presented above differ from amounts in our IFRS consolidated&nbsp; financial statements because they do not include revenues from non-steel products (non-steel products include mainly by-products, iron ore, logistics services and cement), which in 2010 represented R$ 4,750 &nbsp;million and in 2009 represented R$ 3,044&nbsp;million. .</FONT></FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Sales by Product</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth our market shares for steel sales in Brazil of hot-rolled, cold-rolled, galvanized and tin mill products for the past three years.&nbsp; The data of 2008 and 2009 were filled based on IABr </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>(Instituto A&#231;o Brasil)</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> and 2010 considered internal data gathered by CSN.</FONT></FONT></P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>39</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

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<DIV align=left>

<TABLE style="MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">



<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>CSN Domestic Market Share</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2010</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2009</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2008</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="43%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I><FONT lang=EN-US>(As a percentage of the market for each product)</FONT></I></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Hot-Rolled Products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">36.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">33.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">34.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Cold-Rolled Products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">27.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">29.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">26.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Galvanized Products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">45.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">47.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">49.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Tin Mill Products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">100.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">98.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">99.0%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Sales by Industry</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We sell our steel products to manufacturers in several industries.&nbsp; Following is a breakdown of our domestic shipments by volume for the last three years among our market segments:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Sales by Industrial Segment in Brazil</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2010</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2009</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2008</B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I><FONT lang=EN-US>(In percentages of total domestic volume shipped)</FONT></I></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Distribution&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>43.6%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>38.9%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>44.7%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Packaging&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>12.7%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15.4%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15.1%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Automotive&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>21.3%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>20.6%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>19.6%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Home Appliances/OEM&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>11.6%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>14.6%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">12.1%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Construction&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>10.8%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>10.5%&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>8.5%</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We believe we have a particularly strong domestic and export position in the sale of tin mill products used for packaging.&nbsp; Our customers for these products include some of the world&#8217;s most important food processing companies, as well as many small and medium-sized entities.&nbsp; We also maintain a strong position in the sale of galvanized products for use in the automobile manufacturing, construction and home appliance industries in Brazil and abroad, supplied by CSN Porto Real and CSN Paran&#225;.&nbsp; No single customer accounts for more than 10% of our net operating revenues.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For further information on steel sales, see &#8220;Item 5A.&nbsp; Operating Results - Results of Operations - Year 2010 Compared to Year 2009 &#8211; Net Operating Revenues&#8221;.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Seasonality</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The seasonality item was not identified in the Company activity, as out production is continuous during the year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Iron Ore </FONT></B></FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Iron ore products are commercialized by our commercial team located in Brazil and overseas.&nbsp; In Europe (Portugal) and Asia (Hong Kong), our offices also include our technical assistance management.&nbsp; These three marketing units allow us to stay in close contact with our customers worldwide, understand the environment where they operate, monitor their requirements and provide all necessary assistance in a short period of time.&nbsp; Domestic sales, market intelligence analysis, planning and administration of sales are handled from Brazil by the staff in our Nova Lima office, which is located approximately 70 km from the Casa de Pedra mine, in the State of Minas Gerais.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We supply our iron ore to the steel industry and our main targets are the Brazilian, European, Middle Eastern and Asian markets.&nbsp; Prevailing and expected levels of demand for steel products directly affect demand for iron ore.&nbsp; Demand for steel products is correlated to many factors, such as GDP, global manufacturing production, urbanization, civil construction and infrastructure spending.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We believe our competitiveness has been improved by our customer service and market intelligence.&nbsp; It is paramount for us to have a clear understanding of our customers&#8217; businesses in order to address their needs, surpass their expectations and build long-term relationships.&nbsp; We have a customer-oriented marketing policy and specialized local personnel in direct contact with our clients to help determine the mix that best suits each particular customer.</FONT></FONT></P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>40</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Iron Ore Sales</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The first step to our entry into the international iron ore market was taken in February&nbsp;2007, with the completion of the first phase of the expansion of our coal seaport terminal in Itagua&#237;, in the State of Rio de Janeiro, which enabled us to also handle and export iron ore and to load from our own facilities the first shipment of our iron ore products.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, CSN&#8217;s iron ore sales reached 25.3&nbsp;million tons, a 13% increase compared to 2009 (including 100% of our investee Namisa).&nbsp;According to our consolidated financial statements, total mining revenue increased by 84% over the year, due to rising iron ore prices as well as the increase in sales volume. The share of mining revenue in CSN's total net revenue increased from 24% in 2010 to 17% in 2009. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, the Asian markets accounted for 61% of our sales &#8211; of which 34% correspond to China and 27% to other Asian countries &#8211; followed by the Middle East (19%) and Europe (14%).&nbsp;While 83% of our sinter feed and 56% of our lump ore were directed to Asia, 90% of our pellet feed and 66% of our concentrated were consumed by Europe and the Middle East.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This result was notably influenced by world economic recovery in 2010. All of our major markets &#8211; Asia, Europe, Middle East and Domestic Market &#8211; had significant GDP increases, after slowdowns or even decreases experienced in 2009. We expect the iron ore market to maintain a bullish trend supported by growing emerging market demand, high cost Chinese production, and infrastructure bottlenecks for low cost producers. The continued urbanization process in many regions as India, Middle East, Latin America and China should support this tendency.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As global iron ore markets are highly competitive, we focus on our flexibility, reliability and efficient manner of supplying iron ore to the world market.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Through our marketing offices, we have long term relationship with most players of the steel industry in China, Japan, Taiwan, South Korea, Europe and Brazil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For further information on iron ore sales, see &#8220;Item 5A.&nbsp; Operating Results - Results of Operations - Year 2010 Compared to Year 2009 &#8211; Net Operating Revenues.&#8221;</FONT></FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Insurance</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US>We and our subsidiaries maintain several types of insurance policies. These insurances are contracted in line with the risk management of our business and attempt to follow the market practices for similar activities. Coverage in such policies encompasses domestic, international, import and export cargo transport (by road, rail sea or air), carrier liability, life insurance, personal accident, health, auto insurance, D&amp;O, general liability, erection risks, boiler coverage, export credit insurance, surety, ports and terminal liabilities. The coverage in these policies may be not sufficient to all risks we are exposed to. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US>We have insurance policy to cover operational risks, material damage and loss of profits as of March 23, 2011, to March 22, 2012, for a total insured value of R$ 850 million (out of a total risk amount of R$ 25.1 billion), applicable to the following CSN&#8217;s branches and subsidiaries: Presidente Vargas Steelworks, Casa de Pedra Mine, Arcos Mine, Paran&#225; Branch, CSN Porto Real (former Galvasud), Coal Terminal TECAR, Container Terminal TECON, Namisa e CSN Cimentos. Such policy was negotiated with domestic and foreigners insurers and reinsurers. Despite this coverage, CSN remains responsible for the first tranche of R$ 170 million in losses (material damages and loss of profits), in excess to the deductibles, and shall be responsible for 64% percent of the losses above this first tranche. We continue to analyze alternatives to further reduce our co-</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>responsibility</FONT></FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Intellectual Property</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have several technical cooperation agreements with universities and research institutes in order to provide us with special technical reports and advice related to specific products and processes.&nbsp; In addition to several patents previously approved by the Brazilian National Institute of Industrial Property (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Instituto Nacional da Propriedade Industrial</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), in 2010 we requested the granting of 3 new patents on the field of product <FONT style="FONT-SIZE: 10pt" face="Times New Roman">applications</FONT>.</FONT></FONT></P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>41</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><B><FONT lang=EN-US>'</FONT></B></FONT><B><FONT lang=EN-US>Competition in the Steel Industry</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Both the worldwide and the Brazilian steel markets are intensely competitive.&nbsp; The primary competitive factors in these markets include quality, price, payment terms and customer service.&nbsp; Further, continuous advances in materials sciences and resulting technologies have given rise to improvements in products such as plastics, aluminum, ceramics, glass and concrete that permit them to substitute steel for certain purposes.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Competition in the Brazilian Steel Industry</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The primary competitive factors in the domestic market include quality, price, payment terms and customer service.&nbsp; Several foreign steel companies, however, are significant investors in Brazilian steel mills.</FONT></FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth the production of crude steel by Brazilian companies for the years indicated:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2010</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2009</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2008</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Ranking</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Production</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Production</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Ranking</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Production</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>(In million</I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>tons)&nbsp;</I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>(In million</I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>tons)&nbsp;</I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>(In million</I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>tons)&nbsp;</I></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Gerdau<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">7.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">6.1&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">8.7&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Usiminas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">7.3&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5.6&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">8.0&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">ArcelorMittal Tubar&#227;o</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">6.0&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5.3&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">6.2&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">CSN</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4.9&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4.4&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5.0&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">ArcelorMittal A&#231;os Longos&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">-<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3.2&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3.5&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Others&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-</FONT></FONT><SUP><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">(2)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1.9&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2.3&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>32.8</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>26.5</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>33.7</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Source:&nbsp; IABr</FONT></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>(1)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Data from A&#231;os Villares have been merged into data from Gerdau. &nbsp;</FONT></FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>(2)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Data not available</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Competitive Position &#8212; Global</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>During 2010, Brazil maintained its place as the largest producer of crude steel in Latin America, with a production output of 32.8&nbsp;million tons and a 2.3% share of total world production, according to data from Instituto A&#231;o Brasil (IABr).&nbsp; In 2010, Brazil was the ninth largest steel producer globally, accounting for approximately two-thirds of total production in Latin America, approximately twice the size of Mexico&#8217;s and approximately 40% of U.S. steel production, according to data from the World Steel Association, or WSA.&nbsp; According to IABr Brazilian exports in 2010 amounted to 9.0&nbsp;million tons of finished and semi-finished steel products.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We compete on a global basis with the world&#8217;s leading steel manufacturers.&nbsp; We have positioned ourselves in the world market with a product mix characterized by high margin and strong demand, such as, tin mill and galvanized.&nbsp; We have relatively low-cost and sufficient availability of labor and energy, and own high-grade iron ore reserves that we believe more than meet our production needs.&nbsp; These global market advantages are partially offset by costs of transporting steel throughout the world, usually by ship.&nbsp; Shipping costs, while helping to protect our domestic market, put pressure on our export price.&nbsp; To maintain our position in the world steel market in light of the highly competitive international environment with respect to price, our product quality and customer service must be maintained at a high level.&nbsp; We have continually monitored the quality of our products by measuring customer satisfaction with our steel in Europe, Asia and the Americas.&nbsp; See &#8220;Item 4B.&nbsp; Business Overview&#8212;Government Regulation and Other Legal Matters&#8212;Proceedings Related to Protectionist Measures&#8221; for a description of protectionist measures being taken by steel-importing countries that could negatively impact our competitive position.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Competitive Advantages of the Brazilian Steel Industry</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Brazil&#8217;s principal competitive advantages are its abundant supply of low-cost, high-grade iron ore and energy resources.&nbsp; Brazil also benefits from a vast internal market with a large growth potential, a privatized industry making investments in plant and equipment, and deep water ports that allow the operation of large ships, which facilitates access to export markets.</FONT></FONT></P></DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>42</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Brazilian domestic steel prices have historically been higher than its export price. However, in 2010, due to lower demand in mature markets, the appreciation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> against U.S. dollar and tax incentives, imported steel products caused Brazilian steel producers to adjust prices closer to export price levels in order to maintain competitiveness.</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Government Regulation and Other Legal Matters</FONT></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Environmental Regulation</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are subject to Brazilian federal, state and municipal environmental laws and regulations governing air emissions, waste water discharges, and solid and hazardous waste handling and disposal.&nbsp; We are committed to controlling the substantial environmental impact caused by our steelmaking, mining, cement and logistics operations, in accordance with international standards and in compliance with environmental laws and regulations in Brazil.&nbsp; We believe we are currently in substantial compliance with applicable environmental requirements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian Federal Constitution provides both the federal and state governments authority to enact environmental protection laws and issue regulations under such laws.&nbsp; In addition, we are subject to municipal environmental laws and regulations.&nbsp; While the Brazilian government has authority to promulgate environmental regulations setting forth minimum standards of environmental protection, state and local governments have the power to enact more stringent environmental regulations.&nbsp; Most of the environmental regulations in Brazil are thus at the state and local level complemented by a current process of regulations reviews and new propositions at the federal level.&nbsp; The environmental regulations of the State of Rio de Janeiro, in which the Presidente Vargas steelworks is located, are plant-specific.&nbsp; Thus, specific goals and standards are established in operating permits or environmental accords issued to each company or plant.&nbsp; These specific operation conditions complement the standards and regulations of general applicability and are required to be observed throughout the life of the permit or accord.&nbsp; The terms of such operating permits are subject to change and are likely to become stricter.&nbsp; All of our facilities currently have operating permits.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, we requested and obtained several emissions permits and renewals of environmental permits, both for current operations and for the development of new projects regarding steel and cement manufacturing, iron ore and limestone mining and logistics, including:&nbsp; (i) the expansion of the Casa de Pedra mine; (ii)&nbsp;the construction of the Transnordestina Railroad, to explore railway transportation in the Northeastern region of Brazil; (iii)&nbsp;the operation of a cement mill at Volta Redonda; and (iv)&nbsp;the expansion of the Solid Bulks Terminal of Itagua&#237; Port, in the State of Rio de Janeiro, or TECAR, to 45&nbsp;million tons per year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Environmental Expenditures and Claims</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Promoting responsible environmental and social management is part of our business.&nbsp; We prioritize processes and equipments that offer the most modern and reliable technologies on environmental risks monitoring and control.&nbsp; We operate a corporate environmental department managed under an Environmental Management System, or EMS, compliant with ISO 14001:2004 requirements.&nbsp; In addition, we have a factory committee for environmental management composed of professionals from all departments of CSN&#8217;s units.&nbsp; This factory committee usually meets every week to discuss any problem and to identify risks and aspects of the operations in which the group can act pro-actively, in order to prevent possible environmental harm.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Since our privatization, we have invested heavily in environmental protection and remediation programs.&nbsp; We had environmental expenditures (capitalized and expensed) of R$336.0&nbsp;million in 2010, R$290.5&nbsp;million in 2009 and. R$330.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">7</FONT>&nbsp;million in 2008</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our investments in environmental projects during 2010 were related mainly related to:&nbsp; (i) operation, maintenance and retrofit of environmental control equipments; (ii)&nbsp;development of environmental studies for permit applications and (iii)&nbsp;studies, monitoring and remediation of environmental liabilities due to prior operations, especially before our privatization.&nbsp; In 2010, we had a total of R$336.0&nbsp;million in environmental expenditures, of which R$116.2&nbsp;million was capital expenditures and R$219.8&nbsp;million was operational expenditures.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, we signed with the Rio de Janeiro State government a Term of Undertaking, or TAC, that&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">requires</FONT> investments of R$260.0&nbsp;million in our Presidente Vargas steelworks for the next 3 years.&nbsp; This TAC preview new </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>investments and studies to retrofit our environmental control equipments.&nbsp; Our main environmental claims on December&nbsp;31, 2010 were associated with clean-up obligations at former coal mines decommissioned in 1989 in the state of Santa Catarina; legal environmental compensation projected for new projects at the States of Minas Gerais and Rio de Janeiro; and clean-up obligations due to previous operations in our Presidente Vargas steelworks.&nbsp; We do not include in our reserves environmental liabilities related to ERSA, as these are contractually supported by its seller.</FONT></FONT></P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>43</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>We record a reserve for remediation costs and environmental lawsuits when a loss is probable and the amount can be reasonably estimated.&nbsp; As of December&nbsp;31, 2010, we had provisions for environmental liabilities in the total amount of R$278.1&nbsp;million, as compared to R$ 116.5&nbsp;million as of December&nbsp;31, 2009, which we believe are sufficient to cover all probable losses. For further information, see Note 22 to our consolidated financial statements included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Brazil &#8211; mining regulation</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under the Brazilian Constitution, all mineral resources in Brazil belong to the federal government.&nbsp; The Brazilian Constitution and Mineral Code impose various regulatory restrictions on mining companies relating to, among other things:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the manner in which mineral deposits must be exploited;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the health and safety of workers and the safety of residential areas located near mining operations;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the protection and restoration of the environment;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the prevention of pollution; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the support of local communities where mines are located.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Mining companies in Brazil can only prospect and mine pursuant to prospecting authorizations or mining concessions granted by the National Department of Mineral Production (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Departamento Nacional de Produ&#231;&#227;o Mineral</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), or DNPM, an agency of the Ministry of Mines and Energy of the Brazilian Government.&nbsp; DNPM grants prospecting authorizations to a requesting party for an initial period of three years.&nbsp; These authorizations are renewable at DNPM&#8217;s discretion for another period of one to three years, provided that the requesting party is able to show that the renewal is necessary for proper conclusion of prospecting activities.&nbsp; On-site prospecting activities must start within 60&nbsp;days of official publication of the issuance of a prospecting authorization.&nbsp; Upon completion of prospecting activities and geological exploration at the site, the grantee must submit a final report to DNPM.&nbsp; If the geological exploration reveals the existence of a mineral deposit that is economically exploitable, the grantee has one year (which DNPM may extend) from approval of the report by DNPM to apply for a mining concession or to transfer its right to apply for a mining concession to an unrelated party.&nbsp; When a mining concession is granted, the holder of the concession must begin on-site mining activities within six months.&nbsp; DNPM grants mining concessions for an indeterminate period of time lasting until the exhaustion of the mineral deposit.&nbsp; Extracted minerals that are specified in the concession belong to the holder of the concession.&nbsp; With the prior approval of DNPM, the holder of a mining concession can transfer it to an unrelated party that is qualified to own concessions.&nbsp; Under certain circumstances, mining concessions may be challenged by unrelated parties.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Mining Concessions</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our mining activities at Casa de Pedra mine are performed based on a </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Manifesto de Mina</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, which gives us full ownership over the mineral deposits existing within our property limits.&nbsp; Our mining activities at Engenho and Fernandinho mines are based on a concession by the Ministry of Mines and Energy, which grants us the right to exploit mineral resources from the mine for an indeterminate period of time lasting until the exhaustion of the mineral deposit.&nbsp; Our mining activities at the Boca&#237;na mine are based on a concession under the same conditions.&nbsp; See &#8220;Item 4D.&nbsp; Property, Plant and Equipment&#8221; for further information on our reserves at Casa de Pedra mine and resources at Fernandinho and Engenho mines.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>44</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Mineral Rights and Ownership</FONT></I></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our mineral rights for Casa de Pedra mine include the mining concession, beneficiation plant, roads, loading yard and railway branch and are duly registered with the National Department of Mineral Production (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Departamento Nacional de Produ&#231;&#227;o Mineral - DNPM</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>).&nbsp; We have also been granted by DNPM easements in 15 mine areas located in the surrounding region, which are not currently part of Casa de Pedra mine, and hold title to all our proved and probable reserves.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition, we have obtained and are in compliance with all licenses and authorizations for our operations and projects at Casa de Pedra mine.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The exploitation in Casa de Pedra mine are subject to mining lease restrictions, which were duly addressed in our iron ore reserve calculations.&nbsp; Quality requirements (chemical and physical) are the key &#8220;modifying factors&#8221; in the definition of ore reserves at Casa de Pedra and were properly accounted for by the CSN mine planning department.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian government charges us a royalty known as the Financial Compensation for Exploiting Mineral Resources (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Compensa&#231;&#227;o Financeira pela Explora&#231;&#227;o de Recursos Minerais</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), or CFEM, on the revenues from the sale of minerals we extract, net of taxes, insurance costs and costs of transportation.&nbsp; The current annual rates on our products are:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>2% for iron ore, kaolin, copper, nickel, fertilizers and other minerals;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>3% on bauxite, potash and manganese ore; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>1% on gold.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Mineral Code and ancillary mining laws and regulations also impose other financial obligations.&nbsp; For example, mining companies must compensate landowners for the damages and loss of income caused by the use and occupation of the land (either for exploitation or exploration) and must also share with the landowners the results of the exploration (in a rate of 50% of the CFEM).&nbsp; Mining companies must also compensate the government for damages caused to public lands.&nbsp; A substantial majority of our mines and mining concessions are on lands owned by us or on public lands for which we hold mining concessions.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Antitrust Regulation</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are subject to various laws in Brazil which seek to maintain a competitive commercial environment in the Brazilian steel industry.&nbsp; For instance, under Law No. 8,884/94, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Lei de Defesa da Concorr&#234;ncia</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, or Competition Defense Law, the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Secretaria de Direito Econ&#244;mico</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> of Brazil&#8217;s Ministry of Justice has broad authority to promote economic competition among companies in Brazil, including the ability to suspend price increases and investigate collusive behavior between companies.&nbsp; In addition, if the Brazilian anti-trust agency (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Conselho Administrativo de Defesa Econ&#244;mica</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), or CADE, determines companies have acted collusively to raise prices, it has the authority to impose fines on the offending companies, prohibit them from receiving loans from Brazilian government sources and bar them from bidding on public projects.&nbsp; In addition, CADE has the authority to dissolve mergers and to require a company to divest assets should it determine that the industry in which it operates is insufficiently competitive.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For further antitrust-related information, see &#8220;Item 8A. Consolidated Statements and Other Financial Information-Legal Proceedings&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Proceedings Related to Protectionist Measures</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Over the past several years, exports of steel products from various countries and companies, including Brazil and us, have been the subject of anti-dumping, countervailing duty and other trade related investigations from importing countries.&nbsp; These investigations resulted in duties that limit our access to certain markets.&nbsp; Despite the imposed limitations, our exports have not been significantly affected, as we were able to re-direct our sales from restricted markets to other markets, and also because the volume of exports or products available for exports has been decreasing as a result of the increased demand from our domestic market and thus present participation of exports in our total sales was significantly reduced.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>45</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Below are summaries of the protectionist measures to which our exports are subject.</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>United States</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Anti-dumping <FONT style="FONT-SIZE: 10pt" face="Times New Roman">(AD) </FONT>and Countervailing Duties (CVD)</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; In September&nbsp;1998, U.S. authorities initiated anti-dumping and countervailing duties investigations on hot-rolled steel sheet and coil imported from Brazil and other countries.&nbsp; In February&nbsp;1999, the U.S. Department of Commerce, or DOC, reached a preliminary determination on the anti-dumping and countervailing duties margins.&nbsp; We were found to have preliminary margins of 50.66% for anti-dumping, and of 6.62% for countervailing duties.&nbsp; In July&nbsp;1999, Brazil and the United States signed a five-year suspension agreement, suspending the anti-dumping investigation and establishing a minimum price of US$327 per ton (delivery duty paid), subject to quarterly review by the DOC.&nbsp; In February&nbsp;2002, the U.S. government terminated the anti-dumping suspension agreement and reinstated the anti-dumping margin of 41.27%.&nbsp; Also in July&nbsp;1999, the Brazilian and U.S. governments signed a suspension agreement related to the countervailing duties investigation, which limited exports of hot-rolled sheets and coils from Brazil to 295,000 tons per year.&nbsp; At the request of the Brazilian government, the agreement was terminated in September&nbsp;2004.&nbsp; Upon the termination of this agreement, countervailing duties of 6.35% became effective in September&nbsp;2004, to be applied to imports of hot-rolled products from Brazil.&nbsp; In April&nbsp;2004, we requested the DOC to conduct an administrative review of the anti-dumping investigation.&nbsp; Through this review, in April&nbsp;2005, we obtained a favorable preliminary determination of &#8220;zero&#8221; margin of dumping from the DOC.&nbsp; Final determination was issued in October&nbsp;2005 and the &#8220;zero&#8221; margin of dumping preliminarily found by the DOC was confirmed.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Simultaneously to the administrative review, we participated in an anti-dumping and countervailing duties expiry review which involved the exports of hot-rolled sheet and coils to the U.S. The expiry review was jointly developed by the International Trade Commission and the DOC, through the Import Administration- I.A., and&nbsp; was initiated in May&nbsp;2004. A final determination was rendered in April&nbsp;2005, retaining the anti-dumping and countervailing duties orders until May&nbsp;12, 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In October&nbsp;2005, the DOC initiated an administrative review of the investigation of subsidies and countervailing duties involving hot-rolled products.&nbsp; When the petitioners denied their participation in the review, it was terminated by the DOC in February&nbsp;2006.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In&nbsp; April&nbsp;2010, an anti-dumping and countervailing duties expiry review was initiated jointly developed by the DOC and ITC through the IA.&nbsp; In November 2010, the DOC issued the final results of the CVD sunset review.&nbsp; Although it was decided that subsidization will continue or recur if the order is revoked, the DOC found that the likely margin of subsidization would be zero. &nbsp;The final determination for the AD and CVD orders are expected for June&nbsp;2011.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Canada</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Anti-dumping</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; In January&nbsp;2001, the Canadian government initiated an anti-dumping investigation process involving hot-rolled sheets and coils exported from Brazil.&nbsp; The investigation was concluded in August&nbsp;2001, with the imposition by Canada of an anti-dumping tax of 26.3% on imports of those products from Brazil, with minimum prices to be observed.&nbsp; In August&nbsp;2002, the Canada Border and Services Agency, or the CBSA, initiated a revision of the values previously established and, in March&nbsp;2003, the revised values were issued.&nbsp; These values are adjusted whenever there is an adjustment of the Canadian domestic prices.&nbsp; In February&nbsp;2005, the CBSA initiated a reinvestigation of hot-rolled sheets and coils.&nbsp; We did not participate in this investigation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In December&nbsp;2005, the Canadian International Trade Tribunal, or CITT, initiated an expiry review of hot-rolled products, in which we participated.&nbsp; A final determination was issued in August&nbsp;2006, determining the continuation of the anti-dumping order for hot-rolled products.&nbsp; As a result, exports of our hot&#8211;rolled products to Canada are subject to anti-dumping duties of 77%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In October&nbsp;2010, the Canadian International Trade Tribunal, or CITT, initiated an expiry review of hot-rolled products, in which CSN decided not to participate.</FONT></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>46</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Argentina</FONT></I></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Anti-dumping &#8211; hot-rolled products</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Argentina commenced an anti-dumping investigation of hot-rolled products from Brazil, Russia and Ukraine in October&nbsp;1998.&nbsp; In April&nbsp;1999, the Argentinean government applied a provisional anti-dumping order on Brazilian imports, fixing a minimum price of US$410 per ton FOB (free on board), for four months ending in August&nbsp;1999.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In December&nbsp;1999, the Argentine government accepted a suspension agreement of the anti-dumping measures, providing for quotas of 36,000 tons for the first year, 38,000 tons for the second and 39,000 tons for the third, fourth and fifth years, and minimum prices from US$325 to US$365 per ton CFR FO (cost, insurance and freight, free out), subject to quarterly adjustments based on the publication of the Argentine National Institute of Statistics and Census, or INDEC.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In December&nbsp;2004, exporters were notified of the revision of resolution No. 1,420/1999 from the Economic, Work and Public Services Ministry of Argentina relating to the export of Brazilian hot-rolled products.&nbsp; In January&nbsp;2005, an expiry review of the anti-dumping process was initiated to analyze the maintenance, modification and/or derogation of the action of the administrative authority of the Argentinean government.&nbsp; We participated in this review.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In June&nbsp;2006, Argentina published resolution No. 412/2006 terminating the anti-dumping investigation for hot-rolled products from Brazil, Russia and Ukraine, determining <FONT style="FONT-SIZE: 10pt" face="Times New Roman">a </FONT>margin of 147.95% <FONT style="FONT-SIZE: 10pt" face="Times New Roman">to Brazil</FONT>. The application of anti-dumping duties was replaced by a suspension agreement set forth in that same resolution, valid for five years from its publication, on June&nbsp;6, 2006.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Overview of Steel Industry</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>World Steel Industry</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The worldwide steel industry comprises hundreds of steelmaking facilities divided into two major categories, integrated steelworks and non-integrated steelworks, characterized by the method used for producing steel.&nbsp; Integrated plants, which accounted for approximately 66% of worldwide crude steel production in 2008, typically produce steel by smelting in blast furnaces the iron oxide found in ore and refining the iron into steel, mainly through the use of basic oxygen furnaces or, more rarely, in electric arc furnaces.&nbsp; Non-integrated plants (sometimes referred to as mini-mills), which accounted for approximately 34% of worldwide crude steel production in 2008, produce steel by melting scrap metal, occasionally complemented with other metallic materials, such as direct reduction iron or hot-briquette iron, in electric arc furnaces.&nbsp; Industry experts expect that a lack of a reliable and continuous supply of quality scrap metal, as well as the high cost of electricity, may restrict the growth of mini- mills.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Steel continues to be the material of choice in the automotive, construction, machinery and other industries.&nbsp; Notwithstanding potential threats from substitute materials such as plastics, aluminum, glass and ceramics, especially for the automotive industry, steel continues to demonstrate its economic advantage.&nbsp; From 1990 through 2005, total global crude steel production ranged between approximately 770&nbsp;million and 1.1&nbsp;billion tons per year.&nbsp; In 2008, it reached 1.33&nbsp;billion tons, representing a 1.2% decrease as compared to 2007.&nbsp; In 2010, worldwide production was 1.41&nbsp;billion tons, an increase of 15% compared to 2009 and a new record for global steel industry.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>China&#8217;s crude steel production in 2010 reached 627&nbsp;million tons, an increase of 9.3% as compared to 2009.&nbsp; Production volume in China has almost tripled in&nbsp; in&nbsp; eight years, from 222&nbsp;million tons in 2002.&nbsp; China&#8217;s share of world steel production declined from 47% in 200<FONT style="FONT-SIZE: 10pt" face="Times New Roman">9</FONT> to 44% in 2010, what is consequence of steelmaking recovery in rest of world (-21% in 2009 and +20% in 2010).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Asia produced&nbsp; 898&nbsp;million tons of crude steel in 2010, representing 63.5% of world total steel production and an increase of 11.6% as compared to 2009.&nbsp; Overall, steel production increased&nbsp; in Europe, North America, South America and Commonwealth of Independent States in 2010.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Brazilian Steel Industry</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Since the 1940s, steel has been of vital importance to the Brazilian economy.&nbsp; During the 1970s, strong government investments were made to provide Brazil with a steel industry able to support the country&#8217;s <FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">industrialization boom.&nbsp; After a decade of little to no investment in the sector in the 1980s, the government selected the steel sector as the first for privatization commencing in 1991, resulting in a more efficient group of companies operating today.</FONT></FONT></FONT> </P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>47</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>A Privatized Industry</FONT></I></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>During almost 50 years of state control, the Brazilian flat steel sector was coordinated on a national basis under the auspices of </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Siderbr&#225;s</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, the national steel monopoly.&nbsp; The state had far less involvement in the non-flat steel sector, which has traditionally been made up of smaller private sector companies.&nbsp; The larger integrated flat steel producers operated as semi autonomous companies under the control of Siderbr&#225;s and were each individually privatized between 1991 and 1993.&nbsp; We believe that the privatization of the steel sector in Brazil has resulted in improved financial performance, as a result of increased efficiencies, higher levels of productivity, lower operating costs, a decline in the labor force and an increase in investment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Domestic Demand</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Historically, the Brazilian steel industry has been affected by substantial fluctuations in domestic demand for steel.&nbsp; Although national per capita consumption varies with GDP, fluctuations in steel consumption tend to be more pronounced than changes in economic activity.&nbsp; Per capita crude steel consumption in Brazil has increased from 95 kilograms per capita in 1999 to 150 kilograms in 2010, which is considered low when compared to levels in developed countries such as the United States and Germany.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>From 2005 to 2007, despite a good global conjuncture, the Brazilian economy exhibited an average growth GDP of 4.4%.&nbsp; Since September&nbsp;2008, overall global economic activity has slowed significantly, which impacted our fourth quarter results.&nbsp; Apparent steel consumption in 2008 and 2009 were 24.0&nbsp;million tons and 18.6&nbsp;million tons, respectively.&nbsp; In 2010, the internal demand grew 43%, to 26.6&nbsp;million tons.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian flat steel sector is shifting production to the higher value-added consumer durable sector.&nbsp; This sector is highly dependent on domestic consumer confidence, which, in turn, is affected by economic policies and certain expectations of the current government administration.&nbsp; Over the past years, automobile manufacturers made significant investments in Brazil.&nbsp; In 2009 and 2010, the vehicles production recovered from the 2008 financial crisis in response of government incentives like tax cuts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Market Participants</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to IBS, the Brazilian steel industry is composed of 26 mills managed by 9 corporate groups, with an installed annual capacity of approximately 47&nbsp;million tons, producing a full range of flat, long, carbon, stainless and specialty steel.&nbsp; For information on the production by the largest Brazilian steel companies, see &#8220;Item 4B.&nbsp; Business Overview&#8212;Competition&#8212;Competition in the Brazilian Steel Industry.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Capacity Utilization</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Mean Brazilian nominal capacity in 2010 was estimated at 42&nbsp;million tons (the 5&nbsp;million tons CSA facility started production in the end of the year), what means that local steel industry operated at approximately 78%, higher than 63.4% of nominal crude steel capacity during 2009.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Exports/Imports</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Brazil has been playing an important role in the export market, primarily as an exporter of semi-finished products.&nbsp; The Brazilian steel industry has taken several steps towards expanding its capacity to produce value-added products.&nbsp; Brazil&#8217;s exports of semi-finished steel products reached 5.7&nbsp;million tons in 2008 and 4.6&nbsp;million tons in 2009, which represented 62% and 54% of total steel exports for each period, respectively.&nbsp; In 2010, slabs and billets exports summed 5.3&nbsp;million tons (58% of tons exported in the year).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, Brazilian steel exports totaled 9.0&nbsp;million tons, representing 38% of total Brazilian steelmakers sales (domestic plus exports) and accounting for US$ 5.8&nbsp;billion in export earnings for Brazil.&nbsp; Over the last 20 years, the Brazilian steel industry has been characterized by a structural need to export, which is demonstrated by the industry&#8217;s supply demand curve.&nbsp; The Brazilian steel industry has experienced periods of overcapacity, cyclicality </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>and intense competition during the past several years.&nbsp; Demand for finished steel products, as measured by domestic apparent consumption, has consistently fallen short of total supply (defined as total production plus imports).&nbsp; In 2010, supply totaled 32.8&nbsp;million tons, as compared to apparent consumption of 26.6&nbsp;million tons.</FONT></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>48</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Steel imports climbed 154% in 2010, to 5.93 million tons (22% of apparent domestic consumption) as compared to 2.3 million tons in 2009 (8.6% of steel consumption), according to IBS.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>4C.&nbsp; Organizational Structure</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We conduct our business directly and through subsidiaries.&nbsp; For more information on our organizational structure, see Note 2(b) to our consolidated financial statements included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>4D.&nbsp; Property, Plant and Equipment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our principal executive offices are located in the city of S&#227;o Paulo, the State of S&#227;o Paulo at Avenida Brigadeiro Faria Lima, 3,400, 20th floor (telephone number 55-11-3049-7100), and our main production operations are located in the city of Volta Redonda, in the State of Rio de Janeiro, located approximately 120 km from the city of Rio de Janeiro.&nbsp; Presidente Vargas steelworks, our steel mill, is an integrated facility covering approximately 4.0 square km and located in the city of Volta Redonda in the State of Rio de Janeiro.&nbsp; Our iron ore, limestone and dolomite mines are located in the State of Minas Gerais, which borders the State of Rio de Janeiro to the north.&nbsp; Each of these mines is within 500 km of, and is connected by rail and paved road to, the city of Volta Redonda.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The table below sets forth certain material information regarding our property as of December&nbsp;31, 2010.</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><B>Facility</B></FONT><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><B>Location</B></FONT><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><B>Use</B></FONT><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><B>Productive</B></FONT><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">&nbsp;<BR></FONT><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><B>Capacity</B></FONT><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><B>Title</B></FONT><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Presidente Vargas&nbsp;steelworks&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Volta Redonda,&nbsp;State of Rio de&nbsp;Janeiro&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">4.0 square km&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">steel mill&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">5.6&nbsp;million tons per&nbsp;year&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=13>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">CSN Porto Real (former GalvaSud)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Porto Real, State of&nbsp;Rio de Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.27 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">galvanized steel&nbsp;producer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">350,000 tons per&nbsp;year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">mortgage<SUP>(1)(2)</SUP></FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=13>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">CSN Paran&#225;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Arauc&#225;ria, State of&nbsp;Paran&#225;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.98 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>galvanized and pre-painted products&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>100,000 tons of pre-&nbsp;painted product and&nbsp;220,000 tons of&nbsp;pickled hot-rolled&nbsp;coils&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=13>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Metalic&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Maracana&#250;, State of&nbsp;Cear&#225;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.10 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">steel can&nbsp;manufacturer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">900&nbsp;million cans per&nbsp;year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">mortgage<SUP>(3)</SUP></FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=13>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Prada&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">S&#227;o Paulo, State of S&#227;o&nbsp;Paulo and&nbsp;Uberl&#226;ndia, State of&nbsp;Minas Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>SP &#8211; 0.14 square km;&nbsp;<BR>MG &#8211; 0.02 square km;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">steel can&nbsp;manufacturer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">1&nbsp;billion cans per&nbsp;year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=13>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">CSN, LLC&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Terre Haute,&nbsp;Indiana, USA&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.78 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>cold-rolled and&nbsp;galvanized products&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>800,000 tons of&nbsp;cold-rolled products&nbsp;and 315,000 tons&nbsp;per year of&nbsp;galvanized products&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Lusosider&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Seixal, Portugal&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.39 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>hot-dip galvanized,&nbsp;cold-rolled and tin&nbsp;products&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>240,000 tons of&nbsp;galvanized&nbsp;products and 50,000&nbsp;tons of cold-rolled&nbsp;products per year&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Prada&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Mogi das Cruzes,&nbsp;State of S&#227;o Paulo&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.20 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">distributor&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">730,000 tons per year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Casa de Pedra mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>Congonhas, State of&nbsp;Minas Gerais&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">44.57 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">iron ore mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">60.0 mtpy<SUP>(4)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned<SUP>(5)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Engenho mine<SUP>(6)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>Congonhas, State of Minas&nbsp;Gerais&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">2.87 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">iron ore mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">5.0 mtpy</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Fernandinho mine<SUP>(6)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>Itabirito, State of Minas&nbsp;Gerais&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">1.84 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">iron ore mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">2.0 mtpy&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Bocaina mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Arcos, State of&nbsp;Minas Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">4.11 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">limestone and&nbsp;dolomite mines</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">4.0 mtpy&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">ERSA mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Ariquemes, State of Rond&#244;nia&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.015 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">&nbsp;tin mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">1,800 tons&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>Thermoelectric co-&nbsp;generation power&nbsp;plant&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Volta Redonda,&nbsp;State of Rio de&nbsp;Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.04 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">power plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">238 MW&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">It&#225;<SUP>(7)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Uruguay River -&nbsp;Southern Brazil&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">9.87 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">power plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">1,450 MW&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Igarapava<SUP>(8)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">State of Minas&nbsp;Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">5.19 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">power plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">210 MW&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Southeastern&nbsp;<BR>Railway System <SUP>(9)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>Southern and&nbsp;Southeastern&nbsp;regions of Brazil&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">1,674 km of tracks&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">railway&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">--&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Transnordestina&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>Northern and&nbsp;northeastern regions of Brazil&nbsp; </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">4,238 km of tracks&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">railway&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">--&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">TECAR at Itagua&#237;&nbsp;Port&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Itagua&#237;, State of Rio de&nbsp;Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.69 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">raw materials&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">4 mtpy&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>Container terminal -&nbsp;TECON at Itagua&#237;&nbsp;port&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Itagua&#237;, State of Rio de Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">0.44 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">containers&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">2 mtpy&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">None&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Land&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">State of Rio de Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">31.02 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">undeveloped&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">--&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">pledge<SUP>(10)</SUP>/Collateral&nbsp;/ mortgage<SUP>(2)</SUP></FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Land&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">State of Santa&nbsp;Catarina&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">6.22 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">undeveloped&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">--&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">pledge<SUP>(10)</SUP>/Collateral&nbsp;</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">Land&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">State of Minas&nbsp;Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">29.09 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">undeveloped&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">--&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif">owned&nbsp;</FONT></P></TD>

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<P style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 6pt" face="Times New Roman,serif"><FONT lang=EN-US>(1) Pursuant to a loan agreement entered into by the State of Rio de Janeiro and Galvasud as of May 4, 2000.<BR>(2) Pursuant to a loan agreement entered into by Kreditanstatt F&#252;r Wiederafbau, Galvasud and Unibanco as of August 23, 1999.<BR>(3) Pursuant to an industrial letter of credit issued by Banco do Nordeste do Brasil to Metalic, as of June 5, 2001, with maturity on February 5, 2011.<BR>(4) Information on equipment fleet installed annual ROM capacity. For information on installed annual production of products capacity, and information on mineral resources at our Casa de Pedra mine, see &#8220;&#8212;Reserves at Casa de Pedra Mine&#8221; and table under &#8220;&#8212;Casa de Pedra Mine&#8221; below.<BR>(5) Based on the Manifesto de Mina. See, &#8220;Item 4. Information on the Company &#8212;A. History and Development of the Company&#8212;Government Regulation and Other Legal Matters&#8212;Mining Concessions.&#8221;<BR>(6) Property owned by our 60% consolidated investee Namisa.<BR>(7) Property 29.5% owned by us.<BR>(8) Property 17.9% owned by us.<BR>(9) We indirectly hold the concession through MRS.<BR>(10) Pledged pursuant to various legal proceedings, mainly related to tax claims.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For information on environmental issues with respect to some of the facilities described above, see &#8220;Item 4B.&nbsp; Business Overview&#8212;Government Regulation and Other Legal Matters&#8212;Environmental Expenditures and Claims.&#8221;&nbsp; In addition, for information on our plans to construct, expand and improve our facilities, see Planned Investments.&#8221; and Note 22 to our financial statements included elsewhere in this Form&nbsp;20-F.</FONT></FONT></P>

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<IMG id="Imagem 83" alt=fp49a src="x11061717313804.jpg" width=419 height=356> </P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The map above shows the locations of the Presidente Vargas steelworks, the CSN Paran&#225;, Prada, CSN Porto Real (former GalvaSud), Metalic, Lusosider, ERSA and CSN LLC facilities, our iron ore, limestone and dolomite mines, the power generating facilities in which we have an ownership interest, and the main port used by us to export steel products and import coal and coke, as well as the main railway connections.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Acquisitions and Dispositions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Riversdale</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On November&nbsp;24, 2009, we approved the acquisition, through our subsidiary CSN Europe, Ltda, of a 16.3% minority interest on Riversdale Mining Limited (&#8220;Riversdale&#8221;), a mining company listed on the Australian Stock Exchange (ASX). </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In January</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US> &nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>2010, we obtained the approval of the Australian Government to acquire further shares of Riversdale, and we reached a total participation of 19.9% by means of several purchases in&nbsp;February 10, 2010.&nbsp; On April 20, 2011, we adhered to the public offering for the acquisition of Riversdale&#8217;s shares conducted by Rio Tinto and, as consequence, we sold 100% of our equity interest held in Riversdale&#8217;s capital stock, corresponding to 47,291,891 (forty-seven million, two hundred, ninety-one thousand, eight hundred, ninety-one ) shares, at the price of A$16.50 (sixteen Australian dollars and fifty cents) per share, totaling A$780,316,201.50 (seven hundred, eighty million, three hundred, sixteen thousand, two hundred, one Australian dollars and fifty cents).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Segregation of Mining Assets</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We are analyzing the possibility of segregating our iron ore business and correlated logistics activities into one of our subsidiaries.&nbsp; The segregation is expected to occur upon the transfer, by means of a capital increase, of assets, liabilities, rights and obligations comprising our mining and correlated logistics businesses as well as of investments in related operating companies.&nbsp; The implementation of the segregation depends on several aspects, including certain regulatory approvals</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>.&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=PT-BR>Alfonso Gallardo</FONT></I></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=PT-BR> &nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On May 19, 2011, we entered into, through our Spanish subsidiary CSN Steel SL, a share purchase agreement with the Spanish group Alfonso Gallardo (&#8220;AG Group&#8221;) to establish the acquisition of all the shares held by the AG Group in (i) Cementos Balboa S.A., a cement and clinker producer located in the Extremadura region in Spain; (ii) </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Corrugados Azpeitia, S.L. and Corrugados Lasao, S.L.U., long steel manufacturers with plants in the Basque Country; (iii) Stahlwerk Th&#252;ringen GmbH, a long steel manufacturer located in Unterwellenborn, Germany, specialized in the production of steel profiles, and; (iv) Gallardo Sections S.L.U., a AG Group steel distributor.Subject to adjustments, pursuant to the share purchase agreement, CSN Steel SL will pay &#8364;543 million for the acquisition of the above mentioned shares, and will assume approximately &#8364;403 million in indebtedness and further adjustments. The transaction will be submitted to necessary regulatory and/or antitrust approvals, and its closing is still subject to other conditions which are inherent to transactions of this nature.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Usiminas</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On April 20, 2011, the Company announced to the market that it had increased its interest in the capital stock of Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; Usiminas (&#8220;Usiminas&#8221;), through the acquisition of common and preferred shares, to total amount of 10.01% of the common shares and 5.25% of the preferred shares. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Company is currently assessing strategic alternatives in relation to its investment in Usiminas, including potential additional acquisitions of shares in percentages higher than those mentioned above.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Capital Expenditures</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We invested R$3,636&nbsp;million in 2010, R$2,201&nbsp;million of which allocated as follows: Transnordestina Log&#237;stica:&nbsp; R$1,371&nbsp;million; CSN A&#231;os Longos:&nbsp; R$275&nbsp;million; CSN Cimentos:&nbsp; R$249&nbsp;million; MRS Log&#237;stica:&nbsp; R$199&nbsp;million.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The remaining R$1,435&nbsp;million were expended in:&nbsp; maintenance and repair:&nbsp; R$483&nbsp;million; expansion of the Casa de Pedra mine:&nbsp; R$275&nbsp;million; expansion of the Port of Itagua&#237;:&nbsp; R$139&nbsp;million; and technological improvements:&nbsp; R$125&nbsp;million.&nbsp; For further information, see &#8220;Item 5B.&nbsp; Liquidity and Capital Resources-Short-Term Debt and Short-Term Investments.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2009, we invested R$1,860 million in capital expenditures.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, we continued to implement our strategy of developing downstream opportunities, new products and market niches by creating or expanding capacity of galvanized products for the automotive sector and by investing in a galvanizing and pre-painting plant in order to supply the construction and home appliance industries, as described in &#8220;Item 4B.&nbsp; Business Overview&#8212;Facilities.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We also intend to control production costs and secure reliable sources of raw materials, energy and transportation in support of our steelmaking operations through a program of strategic investments.&nbsp; The principal strategic investments already made are set forth in &#8220;Item 4B.&nbsp; Business Overview&#8212;Facilities.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;Planned Investments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our operating activities require a regular schedule of investments focused on&nbsp; equipment maintenance, technological improvements, tools, vehicles, buildings, industrial plants,&nbsp; among others.&nbsp; In addition to current investments, the Company also makes investments to increase their operational efficiency and productivity, expand its production capacity in traditional businesses&nbsp; steel, mining and logistics, as well as new businesses such as cement and&nbsp;long steel.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In light of an improvement in the worldwide economic scenario since the second half of 2009 and higher growth projection for Brazil, and also considering our comfortable debt level and cash position, our board of directors approved, on December 2010, an investment plan for the period between 2011 and 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Total planned investments amount to R$29.1&nbsp;billion over the next five years, of which:</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>52</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>R$13.0&nbsp;billion in our mining segment, including capacity expansion of the Casa de Pedra mine to 50 Mtpa and the expansion of the Nacional Min<FONT style="FONT-SIZE: 10pt" face="Times New Roman">&#233;rios</FONT> SA (Namisa) capacity to 39 Mtpa, in addition to the expansion of shipping capacity of the port terminal of Bulk Solids in Itagua&#237; (TECAR)&nbsp;to 84 Mtpa;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$4.0&nbsp;billion in our steel segment, including installation of three plants of long products with <FONT style="FONT-SIZE: 10pt" face="Times New Roman">total</FONT> capacity of 1.5&nbsp;million tones per year, besides completion / implementation of other projects, such as automotive service center,&nbsp;pre-painted&nbsp;capacity expansion , and implementation of projects for operational excellence with focus on cost reduction (eg. energy efficiency);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$770&nbsp;million in our cement segment, considering investment balances for the completion of the unit of clinker in Arcos, and the installation of a new integrated unit in Arcos (both grinding and clinker);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$4.7&nbsp;billion in our logistics segment, including the Transnordestina railway and our container terminal (TECON); and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$6.7&nbsp;billion in business continuity and programs to improve our performance.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The investments of MRS are not included in this plan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Certain projects that were previously announced, such as the greenfield slab mills in the city of Itagua&#237;, in the State of Rio de Janeiro, and the greenfield slab mill in the city of Congonhas, in the State of Minas Gerais are being reconsidered, due to market conditions during and after the worldwide crisis in 2008 and 2009. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We expect to finance these investments through our own cash, public or private financing, or strategic partnerships.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our planned investments in iron ore, steel, logistics and cement are described below.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Steel</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are currently implementing a unit of 500 Kt / year of long steel in Volta Redonda, in the State of Rio de Janeiro, benefiting from the infrastructure and energy available, to produce rod bar (around 80%) and wire rod (around 20%). The production start is expected in 2013 representing the entrance of CSN in this new market segment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We&nbsp; plan to install two other long steel plants, with similar scale and product mix.&nbsp; The equipments are already contracted.&nbsp; Detailed studies are currently being developed.&nbsp; Once these units are installed, we expect to have a capacity of 1.5 Mt / year of long steel</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are also investing in the expansion of service centers for the automotive market in which CSN market share has been successively expanded. Additionally we are implementing the expansion of our CSN&nbsp;Porto Real facility. The pre-painted plant operates at full capacity, and there are expansion projects in development to promote a significant expansion, with the prospect of doubling the current capacity</FONT></FONT><FONT lang=EN-US>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The project portfolio also includes important projects of operational excellence in development and deployment, and that will represent a significant benefit of cost reduction, such as:&nbsp; the coke battery revamp project, which we expect will make us self-sufficient in coke; energy power substation, which will reduce our transmission electrical energy costs; the start-up of blast furnace turbine project, adding 17 MW of electricity self-generation.&nbsp; In addition, there are several projects in order to reduce the consumption of raw materials, increase productivity and efficiency.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Besides the organic portfolio, we constantly evaluate various options in order to accelerate our growth in the Brazilian flat steel market and to strength our competitiveness, including the implementation of new plants, expansion of the existing unities and&nbsp;M&amp;A options, both in Brazil and abroad.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>53</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Mining</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We expect to achieve a capacity of 89 Mtpy in iron ore, of which 50 Mtpy in Casa de Pedra mine and 39 Mtpy in Namisa, in which the Company holds 60% share.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are also investing in the expansion of TECAR to allow an annual export of 84 Mtpy of iron ore.&nbsp; The current capacity is 30 Mtpy. The implementation is accelerated, and the main equipments and services are already contracted.&nbsp;In Namisa, the projects are both concentrati<FONT style="FONT-SIZE: 10pt" face="Times New Roman">on</FONT> and pelletizing plants.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition to these projects, under implementation, we are evaluating further expansions, including increasing of the capacity of the Casa de Pedra mine and TECAR, and evaluating other options for growth, such as areas for mineral exploration, acquisition of advanced exploration projects and acquisition transactions, among others, especially in Brazil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Logistics</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In August&nbsp;2006, in order to enable the implementation of a major infrastructure project led by the Brazilian federal government, our Board of Directors approved a transaction to merge Transnordestina S.A., a company that at the time was state-owned, into and with Companhia Ferrovi&#225;ria do Nordeste &#8211; CFN, an affiliate of CSN that holds a 30-year concession granted in 1998 to operate the Northeastern Railroad of the RFFSA with 4,238 km of railway track.&nbsp; The surviving entity was later renamed Transnordestina Log&#237;stica S.A., or Nova Transnordestina.&nbsp; The Nova Transnordestina Project includes an additional 1,728 km of large gauge, state-of-the-art railway track.&nbsp; We expect the investments will allow the company to increase the transportation of various products, such as iron ore, limestone, soy beans, cotton, sugar cane, fertilizers, oil and fuels.&nbsp; The investments will be financed through several agencies, such as FINOR &#8211; Northeastern Investment Fund, SUDENE - the Northeastern Development Federal Agency and BNDES.&nbsp; We have obtained certain of the required environmental permits, purchased parts of the equipments and services and implementation is advanced in certain regions.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Until 2008, Transnordestina was jointly controlled by us and Taquari Participa&#231;&#245;es S.A., or Taquari, pursuant to a shareholders&#180; agreement dated November&nbsp;27, 1997, as amended on May&nbsp;6, 1999 and on November&nbsp;7, 2003.&nbsp; During 2009, we increased the capital of Transnordestina upon disbursing certain advances for future capital increases.&nbsp; Taquari decided not to participate in such capital increases, being diluted and relinquishing control over Transnordestina.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Transnordestina is currently a subsidiary fully controlled by us and has been consolidated in our financial statements since December&nbsp;2009.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The current investment budget is R$ 5.4 billion and it is funded through various agencies, such as FINOR - Investment Fund of the Northeast, SUDENE - Superintendency of Northeast Development and BNDES, and the contribution of equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The implementation of the project has been conducted by Odebrecht through an Alliance Model formed with CSN.&nbsp; In January, 2011, there were more than 11<FONT style="FONT-SIZE: 10pt" face="Times New Roman">,</FONT>000 employees working in 25 sites, 1<FONT style="FONT-SIZE: 10pt" face="Times New Roman">,</FONT>550 heavy equipment, daily, R$ 1.7&nbsp;billion already invested and around R$ 3.0&nbsp;billion in contracts entered.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Cement</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The cement plant in Volta Redonda is currently in the ramp-up phase, and we project that in the next years we will reach the full production at a pace of 2.4&nbsp;million tons per year. The acceptance of the product and the brand exceed the original estimates as a new entrant.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>With the start-up of the project to produce clinker, and gradual increase in the self-use of slag&nbsp; the company can significantly reduce costs, a critical element in the cement business.&nbsp; In 2010, we established four distribution centers and completed the structuring of the sales team.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Investments in these two projects and distribution centers will sum R$ 837&nbsp;million.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>54</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are evaluating other organic growth initiatives to expand our capacity by an additional 3.0&nbsp;million tons per year, in order to capture the strong growth expected with the Soccer World Cup of 2014 and the Olympic Games in 2016, considering the strong pace of construction of new housing units, commercial and infrastructure projects.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 4A.&nbsp; Unresolved Staff Comments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>None.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 5. Operating and Financial Review and Prospects</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following discussion should be read in conjunction with our consolidated financial statements as of December&nbsp;31, 2010 and 2009 and for each of the years ended December&nbsp;31, 2010 and 2009 included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;&nbsp; Our consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as&nbsp;issued by the International Accounting Standards Board (IASB) and are presented in thousands of reais (R$), as explained in Note 2(a) to our consolidated financial statements included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>5A.&nbsp; Operating Results</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Overview</FONT></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>&nbsp;&nbsp;Macro-Economic Scenario</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Brazil</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Brazil&#8217;s economic growth in 2010 was among the strongest in emerging countries according to IMF (International Monetary Fund), mainly due to the increased employment rate, higher individual income and the expansion of credit. According to the Brazilian Central Bank, GDP growth was 7.5% in 2010, the highest since the introduction of the Plano Real in 1994.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to Ministry of Labour, in 2010 there were 2.52&nbsp;million new jobs created in Brazil, 115% more than in 2009.&nbsp; In December&nbsp;2010, the Brazilian Institute of Geography and Statistics, or IBGE, recorded an unemployment rate of 5.3%, the lowest since 2002.&nbsp; This decline, plus the increase in earnings, helped increase consumption.&nbsp; IBGE figures show that the real salaries increased by 8.6% year-over-year in December&nbsp;2010, impacting retail sales which increase by 10.9% in 2010, the greatest increase in nine years.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US>However, investments in production did not increase by the same rate, according to Bacen, resulting in increased inflationary pressure.&nbsp; The IPCA consumer price index increased by 5.91%, 1.41 p.p. above the midpoint of the Central Bank&#8217;s target band, mainly pressured by services and food.&nbsp; According to the Brazilian Central Bank, the total volume of financial system credit reached R$1.7 trillion in 2010, a 21% increase as compared to 2009, while the credit/GDP ratio increased to 47%, with default rate falling throughout the year. According to the IBGE, industrial output grew by 10.5% in 2010, another strong macroeconomic indicator.&nbsp; The sectors that contributed most to this performance were capital goods and consumer durables, especially vehicles and home appliance, as well as typically exporting sectors, led by commodities. Despite the government measures throughout the year, the </FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US> appreciated strongly against the dollar in 2010.&nbsp; At the beginning of the year, the Brazilian Central Bank&#8217;s FOCUS report estimated a year-end exchange rate of around R$1.80; however, the actual rate was R$1.67.&nbsp; In February&nbsp;2011, foreign reserves reached the record level of US$300&nbsp;billion.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>USA</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The U.S. economy recovered towards the end of 2010 and, according to IMF the annual GDP growth in 2010 was 2.9%, the largest increase since 2005, mainly due to the government&#8217;s fiscal incentives, higher exports and return of private investments. Nevertheless, according to IMF, unemployment remained high, recording 9.4% in December&nbsp;2010, equivalent to approximately 14&nbsp;million people out of work.&nbsp; A total of 900,000 jobs were created in 2010.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>55</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The growth rate in Europe continues low and there is uncertainty regarding sovereign debt and the general health of the financial system, especially in <FONT style="FONT-SIZE: 10pt" face="Times New Roman">Greece, Ireland, Spain, Portugal&nbsp;and Italy</FONT>.&nbsp; According to CRU, these four nations hold 64% of all loans granted to financial institutions in the Eurozone. According to IMF, Eurozone unemployment is still approximately 10%, or nearly 15&nbsp;million people, one of the highest levels in the last 12 years.&nbsp; However, according to IMF, this is expected to improve in the coming months due to a possible increase in exports, especially in Germany, and higher consumer spending. For the first time in more than two years, inflation exceeded the 2% target stipulated by the European Central Bank, reaching 2.2% in December, with the exceptionally cold weather pressuring food and energy prices.&nbsp; According to CRU, in 2011, commodity and energy prices should continue to exert inflationary pressure, although the ECB maintained the inflationary target at 2%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Asia</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>After fueling the recovery from the global financial crisis, China has gone through a cycle of strict monetary measures in an attempt to reduce inflation, which was 4.6% in 2010. Throughout 2010, the government adopted measures to contain growth by increasing interest rates and reserve requirements, limiting credit and introducing energy-saving targets.&nbsp; Despite their restrictive nature, however, all these measures are designed to ensure that the Chinese economy grows in a sustainable manner. According to IMF, China GDP grew by 10.3% in 2010, 2% above the Chinese government&#8217;s target, and the country overtook Japan as the world&#8217;s second largest economy, with GDP of US$5.9 trillion. According to Peoples&#180;Bank of China, China has let the Yuan appreciate by approximately 6% against the U.S. dollar since June&nbsp;2010, effectively ending its two-year-long rate-fixing between the two currencies. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Segments</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Steel</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to the World Steel Association, or WSA, global crude steel production totaled 1.4&nbsp;billion tons in 2010, a 15% increase as compared to 2009. Nevertheless, according to WSA, many steel-producing nations have still not recovered to their pre-crisis levels, China and certain other Asian countries being the exception. According to the WSA, the global steel industry capacity utilization rate at the end of 2010 was approximately 74%, although production capacity and global steel product consumption still remains unbalanced.&nbsp; As stated by the WSA, surplus production capacity is currently approximately 500&nbsp;million tons. This imbalance, together with the appreciation of the real and the existence of state government import incentives fueled Brazil's flat steel imports in 2010. Supported by higher raw material prices, especially of coal, scrap and iron ore, international steel prices began to show signs of recovery at the end of 2010, leading some steel plants to consider reactivating their blast furnaces to benefit from the upturn.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Brazil</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to the IABr, apparent consumption of steel products reached the record level of 26.1&nbsp;million tons in 2010, 41% higher than the previous year, and the Institute expects the figure to increase by a further 6% in 2011, to 28&nbsp;million tons. Annual consolidated production in 2010 totaled 32.9&nbsp;million tons of crude steel and 15.2&nbsp;million tons of rolled flat steel, an increase of 24% and 28% respectively, from the previous year. Consolidated domestic sales of rolled flat steel were 11.5&nbsp;million tons in 2010, a 25% increase from 2009.</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Annual flat steel exports totaled 2.3&nbsp;million tons, in line with the previous year&#8217;s figure.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Automotive</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to ANFAVEA (the Brazilian auto manufacturers&#8217; association), vehicle production reached 3.6&nbsp;million units in 2010, a 14% increase as compared to 2009. Annual sales totaled 3.5&nbsp;million units, 12% more than in 2009, the seventh consecutive year of growth.&nbsp; In addition, Brazil closed 2010 as the world&#8217;s fourth largest vehicle manufacturer for the first time, behind China, the United States and Japan. Exported vehicles totaled 766,000 units in 2010, as compared to 475,000 in 2009.&nbsp; According to ANFAVEA, vehicle sales are expected to grow by 5% in 2011. Recently, the sector announced significant investments over the next years, for the expansion of product lines, increased output and the construction of new plants.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>56</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Construction</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to a study by the Getulio Vargas Foundation (FGV), every year 1.5&nbsp;million new Brazilian families intend to purchase a home.&nbsp; Demand for real estate has been fueled by the expansion of the emerging middle class, higher family income, more formal jobs and the greater availability of credit. Housing loans from the Caixa Econ&#244;mica Federal (Brazilian Saving Bank), the mortgage lending leader, totaled R$77.8&nbsp;billion in 2010, an increase of 57.2% from 2009. LCA, a consulting firm, estimates that the sector grew by 13.9% in 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Distribution</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to INDA (the Brazilian steel distributors&#8217; association), flat steel sales by distributors totaled 3.8&nbsp;million tons in 2010, an increase of 13% from 2009, with purchases of 4.3&nbsp;million tons (+39%), resulting in increased inventories, which were sufficient for 4.3&nbsp;months of sales in December 2010, higher than the historical average.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Agricultural machinery</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to ANFAVEA, in 2010 production of agricultural machinery increased by 34% from the previous year to 89,000 units. Annual sales were 68,000 units, 24% higher than in 2009 and the sector&#8217;s best performance since 1976, while exports increased by 27% to 19,000 units.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>International</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to the WSA, U.S. crude steel production totaled 80.6&nbsp;million tons in 2010, 38.5% more than in 2009, while the U.S. Department of Commerce estimated steel imports of 21.7&nbsp;million tons, up by 47%. According to WSA, U.S. steel distributors&#8217; inventories totaled 4.2&nbsp;million tons in December&nbsp;2010, equivalent to 2.6&nbsp;months of sales.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to the WSA, Eurozone steel production reached 315&nbsp;million tons in 2010, 19% up on 2009. As in the U.S., raw material cost increases have been forcing the industry to revisit pricing, resulting in increases throughout the continent. Although demand for steel has been showing signs of recovery in certain countries, there are serious doubts concerning the sustainability of these prices, principally due to weak growth prospects in most European nations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to the WSA, crude steel output in China totaled 626&nbsp;million tons in 2010, 9% up from the previous year and a new record, accounting for 44% of the global total. Japan's crude steel production increased by a substantial 25% over 2009, reaching 109&nbsp;million tons.</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Mining</FONT></I></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>At the beginning of 2010, a number of incentives focused on the intensive use of steel, to support the global economy were still in force. The commitment of the leading global economies to overcoming the crisis was crucial to the recovery of the market as a whole. According to CRU, as a result of the recovery, iron ore sales, mostly concentrated in the Chinese market in 2009, became more fragmented in 2010. Nevertheless, China remains an important market player.&nbsp; In 2010, the country imported 619&nbsp;million tons of iron ore, accounting for 60% of the seaborne market, and this figure is expected to reach 895&nbsp;million tons by 2015, according to CRU.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>2010 was a year of major changes in the iron ore market.&nbsp; The traditional pricing system, used for over 40 years, was replaced by a system that reflects market oscillations and is subject to periodic reviews over time. Demand continues to outpace supply on the seaborne market and certain factors in 2010 helped reduce supply even further, including government restrictions on iron ore exports in India, accompanied by the imposition of export taxes.&nbsp; According to Macquire, the vast majority of new projects (brownfield and greenfield) were delayed and the expected increase in available market volume did not materialize. In light of this scenario, Brazil&#8217;s iron ore exports reached the record level of 307&nbsp;million tons in 2010, according to LBH Group, an increase of 15% as compared to 2009.</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>57</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<IMG src="x11061717313801.gif" width=563 height=253> </P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian federal government recently launched a National Mining Program, which envisages investments of US$270&nbsp;billion over 20 years and is designed to triple the production of iron ore, copper ore and other minerals by 2030.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Prices increased in the first half in 2011, fueled by growing demand in China and the recovery of the European and North American markets.</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Logistics</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Railway logistics</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>2010 was a positive year for the Brazilian rail logistics sector.&nbsp; According to the ANTF (National Rail Transport Association), transported volume increased by 15% as compared to 2009, exceeding 455&nbsp;million tons.&nbsp; The number of rail cars produced increased by 223% as compared to 2009 to 3,300, according to Abifer (Brazilian Railway Industry Association).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>With investments by private enterprises and support from the government, the outlook is promising. The government believes the rail network will extend for 41,000 kilometers by 2020, 37% more than the current total.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Port logistics</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; According to Antaq (National Waterway Transport Agency), handled volume totaled 834 million tonnes in 2010, 14% up from 2009. In the same period, container volume increased by 12% year-over-year to 6.8 million TEUs.</FONT></FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif"><I><FONT lang=EN-US> &nbsp;</FONT></I></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Cement</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Preliminary studies from SNIC (the Cement Industry Association) indicate local cement sales of 59&nbsp;million tons in 2010, a 15% increase as compared to 2009.&nbsp; The Southeast region consumed half of this total and the North was the best performer in terms of growth, growing 58%. Annual exports decreased by 23%, as manufacturers prioritized the domestic market. According to SNIC, there are 70 plants operating in Brazil, belonging to 12 national and international groups, with a joint annual installed capacity of 67&nbsp;million tons, sufficient to meet all of domestic demand.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><FONT lang=EN-US>Significant investments in capacity expansion were announced in 2010, the effects of which should become apparent in the second half of 2011.</FONT></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>58</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><I><FONT lang=EN-US>Energy</FONT></I></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, the electric power market was favored by Brazil&#8217;s economic performance, led by the domestic market, driven by increased employment and income, as well as the greater availability of credit. &nbsp;Electricity consumption increased 7.8% from 2009, according to the Ministry of Mines and Energy&#8217;s Energy Research Company.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Industrial consumption made the biggest contribution, increasing by 10.9% and consolidating the post-crisis recovery that begun in the second half of 2009.&nbsp; According to EPE (Empresa de Pesquisa Energ&#233;tica), residential and commercial consumption recorded consistent growth of 6.3% and 5.9%, respectively, in line with recent years.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Even with the growing demand for electric power, Brazil has been adequately incrementing its generating capacity and safely meeting the demand.&nbsp; According to the Annual Energy Operations Plan (PEN 2010), published by the National System Operator (ONS), the National Integrated System&#8217;s structural energy balance for the next four years must ensure adequate supply, even in adverse hydrological conditions.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This situation is largely the result of the energy auctions promoted by the government, as well as the contracting and construction of new transmission lines, which has permitted greater energetic integration among Brazil&#8217;s various regions.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Steel Markets and Product Mix</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Supply and Demand for Steel</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Prices of steel are sensitive to changes in worldwide and local demand, which in turn are affected by worldwide and country-specific economic cycles, and to available production capacity.&nbsp; While the export price of steel (which is denominated in U.S. dollars or Euros, depending on the export destination) is the spot price, there is no exchange trading of steel or uniform pricing.&nbsp; Unlike other commodity products, steel is not completely fungible due to wide differences in terms of size, chemical composition, quality and specifications, all of which impact prices.&nbsp; Many companies (including us) discount their list prices for regular customers, making their actual transaction prices difficult for us to determine.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Historically, export prices and margins have been lower than domestic prices and margins, because of the logistics costs, taxes and tariffs.&nbsp; The portion of production that is exported is affected by domestic demand, exchange rate fluctuations and the prices that can be charged in the international markets.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table shows Brazilian steel production and apparent consumption (domestic sales plus imports) and global production and demand for the periods indicated:</FONT></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2010</B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2009</B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2008</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Brazilian Market </FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>(in thousands of tons)</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Total Flat and Long Steel</FONT></I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Production</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">25,401</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">20,223</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">24,726&nbsp;</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Apparent Consumption&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">26,104</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">18,576</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">24,048&nbsp;</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Hot-Rolled Coils and Sheets</FONT></I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Production&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,592</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,474</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,926&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Apparent Consumption&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,823</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,615</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,481&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Cold-Rolled Coils and Sheets</FONT></I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Production&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,692</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,038&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Apparent Consumption</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,419</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,497</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,849&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>Galvanized Sheets</I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Production</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,449</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,004</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,343&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Apparent Consumption</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,243</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,262</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,478&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>Tin <FONT style="FONT-SIZE: 8pt" face="Times New Roman">Plates</FONT></I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Production</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">774</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">665</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">724&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Apparent Consumption</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">634</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">570</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">623&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Global Market </FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>(in millions of tons)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Crude Steel Production&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,414</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,224</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,330&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Demand&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,284</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,134</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,309&nbsp;</FONT></P>
</TD></TR>
<TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">___________</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Source:&nbsp; IABr and World Steel Association, or WSA. &nbsp;</FONT></FONT></P>
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     <TD width="13%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>59</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Product Mix and Prices</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Sales trends in both the domestic and export markets are forecasted monthly based on historical data of the preceding months.&nbsp; CSN uses its own information system to remain current on market developments so that it can respond swiftly to fluctuations in demand.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CSN considers its flexibility in shifting between markets, and its ability to monitor and optimize inventory levels in light of changing demand, as key to its success.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have a strategy of increasing the portion of our sales attributable to higher value-added coated products, particularly galvanized and tin plate products.&nbsp; Galvanized products are directed at the automotive, construction and home appliance industries.&nbsp; Tin plate products are used by the steel packaging market.</FONT></FONT></P>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supported by higher raw material prices, especially of coal, scrap and iron ore, international steel prices increased at the close of 2010. Domestic prices are aligned with the price of imported products (including aggregated import costs). </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Sales Volume and Net Operating Revenues by Steel Products and Markets</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth our steel product sales volume and net operating revenues by product and market.</FONT></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>Sales Volume</B></FONT></P>
</DIV></TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>Tons</B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="52%" colSpan=4>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>% of Sales Volume</B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=2>
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>In Market</B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>Total</B></FONT></P>
</DIV></TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2010</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2009</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2010</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2009</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2010</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2009</B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><I>(in thousands of tons)</I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="52%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><I>(in percentages)</I></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><U>Domestic Sales</U></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Slabs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">51</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">25</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Hot-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,801</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,204</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">44%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">37%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">38%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">29%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">707</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">639</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">17%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">20%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">16%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,065</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">875</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">26%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">27%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">22%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">21%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Tin Mill</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">512</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">500</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">12%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">11%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">12%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Subtotal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>4,135</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>3,243</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100%</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100%</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>86%</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>79%</B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 6pt 0cm 1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><U>Export Sales</U></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Slabs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">162</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">19%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Hot-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">22%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">19</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">488</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">397</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">74%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">46%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">10%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">10%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Tin Mill</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">152</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">114</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">23%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">13%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Subtotal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>661</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>868</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100%</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100%</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>14%</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>21%</B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 6pt 0cm 1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Total</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>4,796</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>4,111</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100%</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100%</B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 6pt 0cm 1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><U>Total Sales</U></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Slabs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">51</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">187</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Hot-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,803</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,395</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">38%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">34%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">726</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">643</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">16%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,553</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,273</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">32%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">31%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Tin Mill</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">664</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">614</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">14%</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">15%</FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 6pt 0cm 1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Total</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>4,796</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>4,111</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100%</B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100%</B></FONT></P>
</DIV></TD></TR></TABLE></DIV></DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>60</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_65></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<DIV align=left>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P>&nbsp;</P>
</DIV>
<DIV align=left>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth our steel product net revenues by product and market.</FONT></FONT></P>
<P>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net Operating Revenues</FONT></B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%" colSpan=3>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>R$ (Reais)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="39%" colSpan=3>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>% of Net Operating Revenues</FONT></B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>In Market</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total</FONT></B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2010</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2009</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2010</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2009</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2010</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2009</FONT></B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">
<P style="MARGIN: 1pt 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><I><FONT lang=EN-US>(in millions of R$)</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="52%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><I><FONT lang=EN-US>(in percentages)</FONT></I></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><U><FONT lang=EN-US>Domestic Sales</FONT></U></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Slabs</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>41</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>20</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Hot-Rolled</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3,011</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,982</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>35%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>29%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>31%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>25%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Cold-Rolled</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,387</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,172</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>16%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>18%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>14%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Galvanized</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,559</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,099</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>30%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>31%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>26%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>27%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Tin Mill</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,576</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,511</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>18%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>22%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>16%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>19%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Subtotal</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>8,575</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>6,784</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>99%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>87%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>86%</FONT></B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 6pt 0cm 1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><U><FONT lang=EN-US>Export Sales</FONT></U></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Slabs</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>123</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>11%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Hot-Rolled</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>182</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>16%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Cold-Rolled</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>27</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>8</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Galvanized</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>778</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>553</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>70%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>49%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>8%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>7%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Tin Mill</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>300</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>259</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>27%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>23%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 6pt 0cm 1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Subtotal</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>1,107</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>1,12<FONT style="FONT-SIZE: 8pt" face="Times New Roman">5</FONT></FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>99%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>11%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>14%</FONT></B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 6pt 0cm 1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Total</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9,682</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>7,909</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>98%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100%</FONT></B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><U><FONT lang=EN-US>Total Sales</FONT></U></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Slabs</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>41</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>143</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Hot-Rolled</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3,013</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,163</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>31%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>27%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>30%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>26%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Cold-Rolled</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,414</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,180</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>14%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>14%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Galvanized</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3,337</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,637</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>34%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>33%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>34%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>32%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Tin Mill</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,876</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,770</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>19%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>22%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>19%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>22%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Subtotal</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9,682</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>7,894</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>99%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>98%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 1pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>98%</FONT></B></FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 1pt 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>By-Product</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>244</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>307</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 1pt 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>2</FONT></FONT><FONT lang=EN-US>%</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">
<P style="MARGIN: 6pt 0cm 1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Total</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9,926</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>8,219</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 1pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100%</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>100%</FONT></B></FONT></P>
</DIV></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Brazilian Macro-Economic Scenario </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As a company with the vast majority of its operations currently in Brazil, we are affected by the general economic conditions of Brazil.&nbsp; We believe the rate of growth in Brazil is important in determining our future growth capacity and our results of operations.</FONT></FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table shows certain Brazilian economic indicators for the periods indicated:</FONT></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Year ended December&nbsp;31,</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="43%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2010</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2009</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2008</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">GDP growth&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>7.5%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>0.2%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5.1%&nbsp;</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Inflation (IPCA)<SUP>(1)</SUP></FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5.9%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4.3%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5.9%&nbsp;</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Inflation (IGP-M)<SUP>(2)</SUP></FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>11.3%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">(1.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>)</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9.8%&nbsp;</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">CDI<SUP>(3)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9.8%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">9.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">12.4%&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Appreciation (depreciation) of the </FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real </FONT></I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>against&nbsp;the U.S. dollar&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4.3%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">25.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">(</FONT>32.0%)&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Exchange rate at end of period (US$1.00)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>R$1.666</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">R$1.741</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">R$2.337&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Average exchange rate (US$1.00)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>R$1.759</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">R$1.99</FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">4&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">R$1.837&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Sources:&nbsp; IBGE, Funda&#231;&#227;o Get&#250;lio Vargas, Central Bank and Bloomberg. &nbsp;</FONT></FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>(1)The IPCA is a consumer price index measured by the IBGE. &nbsp;</FONT></FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>(2)The IGP-M is the general market price index measured by the Funda&#231;&#227;o Get&#250;lio Vargas. &nbsp;</FONT></FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>(3)The Interbank Deposit Rate, or CDI, represents the average interbank deposit rate performed during a given day in Brazil (accrued as of the&nbsp;last month of the period, annualized).&nbsp; </FONT></FONT></P>
</TD></TR></TABLE></DIV>
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<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>61</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Effects of Exchange Rate Fluctuations</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our export revenues are substantially denominated in U.S. dollars.&nbsp; Our domestic revenues are denominated in Brazilian </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> (although domestic sales prices reflect international prices with a time lag of some months).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A significant portion of our cost of products sold are commoditized raw materials, the prices of which are denominated in U.S. dollars.&nbsp; The balance of our cost of products sold and our cash operating expenses (i.e., operating expenses other than depreciation and amortization) are denominated in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The appreciation of the U.S. dollar against the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> has the following effects on our results of operations expressed in U.S. dollars:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>domestic revenues tend to be lower (in comparison with prior years) and to the extent we sell more products than usual in the domestic as opposed to the export markets, this effect is magnified;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the impact of </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>denominated costs of products sold and operating costs tend to be lower; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>financial expenses are increased to the extent the exposure to dollar-denominated debt is not protected.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The appreciation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> against the U.S. dollar has the following effects on our results of operations expressed in US dollars:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>domestic revenues tend to be higher (in comparison with prior years) and this effect is magnified to the extent that we sell more products than usual in the domestic markets;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the impact of </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-denominated costs of products sold and operating costs tends to be higher; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>financial income is higher to the extent the exposure to dollar-denominated debt has not been protected.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The impact of fluctuations in the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> exchange rate against other currencies on our results of operations can be seen in the &#8220;foreign exchange and monetary gain (loss), net&#8221; line in our income statement, although that amount is partially offset by the net financial income (or expense) attributable to the profit (or loss) on our derivative transaction of our foreign currency-denominated debt. In order to minimize the effects of the exchange rate fluctuations, we often engage in derivative transactions, including currency swap and foreign currency option agreements.&nbsp; For a discussion of the possible impact of fluctuations in the foreign currency exchange and interest rates on our principal financial instruments and positions, see &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Effects of Inflation and Interest Rates</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Inflation rates in Brazil have been significantly volatile in the past. Inflation rates remained relatively stable from 2003 to 2004, decreased in 2005 and 2006 and increased in 2007 and 2008.&nbsp; In 2009, for the first time since its creation in 1989, the IGP-M inflation index recorded a deflation in a calendar year, equivalent to 1.71%.&nbsp; In 2010 the index increased again and closed the year at 11.3%.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Inflation affects our financial performance by increasing some of our costs and expenses denominated in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> that are not linked to the U.S. dollar.&nbsp; Our cash costs and operating expenses are substantially denominated in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> and have tended to follow the Brazilian inflation ratio because our suppliers and service providers generally increase or decrease prices to reflect Brazilian inflation.&nbsp; In addition, some of our </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>denominated&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> debt is indexed to take into account the effects of inflation.&nbsp; Under this debt, the principal amount is generally adjusted with reference to inflation indexes.&nbsp; In addition, a significant portion of our </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>denominated&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> debt bears interest based on the Interbank Deposit Certificate (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Certificado de Dep&#243;sito Interbanc&#225;rio</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), or CDI, rate which is partially adjusted for inflation.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The table below shows the Brazilian general price inflation and the CDI for the periods shown.</FONT></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif><B>Year ended December&nbsp;31,</B></FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Inflation (IGP-M) <SUP>(1)</SUP></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Source:&nbsp; Funda&#231;&#227;o Get&#250;lio Vargas, or FGV, and Bloomberg. &nbsp;</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>(1) The IGP-M inflation is the general market price index measured by the FGV. &nbsp;</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>(2) The Interbank Deposit Rate, or CDI, represents the average interbank deposit rate performed during a given day in Brazil (accrued as of the last month of the period, annualized).</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Accounting for mining production utilized by our steel production</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are currently self-sufficient in iron ore used in the steel production.&nbsp; The iron ore is extracted from our Casa de Pedra mine, which in 2010 supplied approximately 6.9&nbsp;million tons of its total iron ore production (approximately 21.6&nbsp;million tons) to us.&nbsp; The remainder or the iron ore production is sold to third party clients in Brazil and throughout the world.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The cost of iron ore sold is recorded on our income statement in cost of goods sold line item at its extraction cost plus transport from the mine. In 2010 and 2009, these costs were R$239&nbsp;million and R$221&nbsp;million, respectively.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Critical Accounting Estimates </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We prepared our consolidated financial statements as of and for the year ended December 31, 2010 in accordance with IFRS, as issued by the IASB. In preparing our consolidated financial statements, we make estimates concerning a variety of matters.&nbsp; Some of these matters are highly uncertain, and our estimates involve judgments we make based on the information available to us.&nbsp; In the discussion below, we have identified several of these matters for which our financial presentation would be materially affected if either (1) we used different estimates that we could reasonably have used or (2) in the future we change our estimates in response to changes that are reasonably likely to occur.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This discussion addresses only those estimates that we consider most important based on the degree of uncertainty and the likelihood of a material impact if we used a different estimate.&nbsp; There are many other areas in which we use estimates about uncertain matters, but the reasonably likely effect of changed or different estimates is not material to our financial presentation.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Impairment&nbsp; of long-lived assets, intangible assets and goodwill</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In accordance with IAS 36 &#8220; Impairment of assets&#8221;,&nbsp; long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.&nbsp; Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset.&nbsp; If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A determination of the fair value of an asset requires management to make certain assumptions and estimates with respect to projected cash inflows and outflows related to future revenues and expenditures.&nbsp; These assumptions and estimates can be influenced by different external and internal factors, such as economic and industry trends, interest rates and changes in the marketplace.&nbsp; A change in the assumptions and estimates that we use could change our estimate of the expected future net cash flows and lead to the recognition of an impairment charge in results of operations relating to our property, plant and equipment.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Assets that have an indefinite useful life, such as goodwill, are not subject to amortization and are tested annually for impairment in accordance with IAS 36 &#8220; Impairment of assets&#8221; . Assets that are subject to amortization </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Goodwill is allocated to Cash-Generating Units (CGUs) for impairment testing purposes. The allocation is made to Cash-Generating Units or groups of a Cash-Generating Units that are expected to benefit from the business combination from which the goodwill arose, and the unit is not greater than the operating segment.&nbsp; </FONT></FONT></P>
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<P><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Depreciation and amortization</FONT></I></B></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The basis for calculation of depreciation is the cost of the asset less the estimated residual value upon sale. While no specific depreciation method is recommended, the method chosen should be applied consistently for all significant components of assets and allocation of the depreciation should be on a systematic basis for each one of the accounting periods that best represents the realization of the economic benefits during the usable lives of assets.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A review of the estimated useful life was conducted, and the adjustments in the depreciation of assets recorded in property, plant and equipment were made on a prospective basis as from January 1, 2010.&nbsp; See further details in Note 14 to our consolidated financial statements.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Fair value of business combinations</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We estimate the fair value of assets acquired and liabilities assumed of our business combinations as required by IFRS 3 &#8220;Business Combination&#8221;.&nbsp; Accordingly, when determining the purchase price allocations of our business acquisitions, we adjust to fair value certain items such as inventories, property, plant and equipment, mines, present value of long-term assets and liabilities, among others, which are determined by independent appraisals that perform the valuations for us.&nbsp; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Goodwill represents the excess of the cost of an acquisition over the Company&#8217;s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If there is any negative goodwill determined by the acquirer in the fair value of the assets, liabilities and contingent liabilities acquired in relation to the cost of acquisition, the Company should recognize it immediately in the statement of income.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company elected not to remeasure the business acquisitions that occurred prior to January 1, 2009, according to the business combination exemption permitted by IFRS 1. Acquisitions subsequent to January 1, 2009 have been recognized in accordance with IFRS 3, &#8220;Business Combinations&#8221;.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Derivatives</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>IAS 39, &#8220; Financial Instruments: Recognition and Measurement&#8221;, requires that we recognize all derivative financial instruments as either assets or liabilities on our balance sheet and measure such instruments at fair value.&nbsp; Changes in the fair value of derivatives are recorded in each period in the statement of income or in other comprehensive income, in the latter case depending on whether a transaction is designated as an effective hedge.&nbsp; Our derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recorded in the statements of income under &#8220;Other gains (losses), net".&nbsp; Although the Company uses derivative for hedging purposes, it does not apply hedge accounting. With respect to the fair value measurement, we must make assumptions such as to future foreign currency exchange and interest rates.&nbsp; For a discussion of the possible impact of fluctuations in the foreign currency exchange and interest rates on our principal financial instruments and positions, see &#8220;Item 11.&nbsp; Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Pension plans</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We sponsor defined benefit pension plans covering some of our retirees.&nbsp; We account for these benefits in accordance with IAS 19, &#8220;Employee Benefits,&#8221;. The determination of the amount of our obligations for pension benefits depends on certain actuarial assumptions.&nbsp; These assumptions are described in Note 30 to our consolidated financial statements and include, among others, the expected long-term rate of return on plan assets and increases in salaries.&nbsp; In accordance with IFRS, when the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized under the straight-line method over the average period until the benefits become vested.&nbsp; When the benefits become immediately vested, the expense is immediately recognized in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>profit or loss. The Company has chosen to recognize all the actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>64</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Deferred taxes</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We compute and pay income taxes based on results of operations determined under Brazilian GAAP.&nbsp; A deferred income tax liability is recognized for all temporary tax differences, while a deferred income tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the deductible temporary difference can be utilized. Deferred tax assets and liabilities are classified as long-term.&nbsp; Tax assets and liabilities are offset if the entity has a legally enforceable right to offset them and they are related to taxes levied by the same taxing authority. If the criterion for offset of current tax assets and liabilities is met, deferred tax assets and liabilities will also be offset. The income tax related to items recognized directly in equity in the current period or in a prior period is recognized directly in the same account. We regularly review the deferred income tax assets for recoverability and establish a valuation allowance if, under IFRS, it is not probable that the deferred income tax assets will be realized, based on historical taxable income, projected future taxable income, and the expected timing of the reversals of existing temporary differences.&nbsp; A change in the assumptions and estimates with respect to our expected future taxable income could result in the recognition of a valuation allowance being charged to income.&nbsp; If we operate at a loss or are unable to generate sufficient future taxable income, or if there is a material change in the actual effective tax rates or discount rates, the time period over which the underlying temporary differences become taxable or deductible, or any change in its future projections, we could be required to establish a valuation allowance against all or a significant portion of our deferred tax assets, resulting in a substantial increase of our effective tax rate and a material adverse impact on operating results.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Contingencies and disputed taxes</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We record provisions for contingencies relating to legal proceedings with respect to which we deem the likelihood of an unfavorable outcome to be probable and the loss can be reasonably estimated.&nbsp; This determination is made based on the legal opinion of our internal and external legal counsel.&nbsp; We believe these contingencies are properly recognized in our financial statements in accordance with IAS 37&nbsp; &#8220; Provision, Contingent Liabilities and Contingent Assets&#8221;.&nbsp; We are also involved in judicial and administrative proceedings that are aimed at obtaining or defending our legal rights with respect to taxes that we believe to be unconstitutional or otherwise not required to be paid by us.&nbsp; We believe that these proceedings will ultimately result in the realization of contingent tax credits or benefits that can be used to settle direct and indirect tax obligations owed to the Brazilian Federal or State Governments or to settle municipal tax obligations owed to the corresponding Municipality as per our laws.&nbsp; We do not recognize these contingent tax credits or benefits in our financial statements until realization of such gain contingencies has been resolved.&nbsp; This occurs when a final irrevocable decision is rendered by the courts in Brazil.&nbsp; When we use contingent tax credits or benefits based on favorable temporary court decisions that are still subject to appeal to offset current direct or indirect tax obligations, we maintain the legal obligation accrued in our financial statements until a final irrevocable judicial decision on those contingent tax credits or benefits is rendered.&nbsp; The accrual for the legal obligation related to the current direct or indirect tax obligations offset is not reversed until such time as the utilization of the contingent tax credits or benefits is ultimately realized.&nbsp; The accounting for the contingent tax credits is in accordance with accounting for contingent assets under IAS 37. Our accruals include interest on the tax obligations that we may offset with contingent tax credits or benefits at the interest rate defined in the relevant tax law.&nbsp; The recorded accruals for these disputed taxes and other contingencies may change in the future due to new developments in each matter, such as changes in legislation, irrevocable, final judicial decisions specific to us, or changes in approach, such as a change in settlement strategy in dealing with these matters.&nbsp; See &#8220;Item 8A.&nbsp; Consolidated Statements and Other Financial Information&#8212;Legal Proceedings&#8221; for further information on the judicial and administrative proceedings in which we are involved.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>65</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Allowance for doubtful accounts</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We consider a provision for bad debts in our trade accounts receivable in order to reflect our expectation as to the net realizable value thereof.&nbsp; This provision is estimated based on an analysis of our receivables and is periodically reviewed to maintain real expectation of collectability of our accounts receivable.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Recently Issued Accounting Pronouncements Adopted and Not Adopted by Us</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For a description on the recently issued accounting pronouncements, see Note 2 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements&#8221; We prepared our consolidated financial statements as of and for the year ended December 31, 2010 in accordance with IFRS, as issued by the IASB. Our consolidated financial statements presented in our annual report on Form 20-F were previously prepared and presented in accordance with U.S. GAAP. Pursuant to IFRS 1 &#8220;First-time Adoption of International Reporting Standards&#8221;, we have used consistent accounting policies for both the current period, financial data as of and for the year ended December 31, 2010 and the comparative period, financial data as of and for the year ended December 31, 2009. These accounting policies comply with IFRS effective at December 31, 2010. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For the most significant differences and the reconciliation between our consolidated financial statements prepared in accordance with U.S. GAAP and IFRS, see, Note 4 to our consolidated financial statements&nbsp; included elsewhere in this Form 20-F. </FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Results of Operations</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table presents certain financial information with respect to our operating results for each of the years ended December&nbsp;31, 2010 and 2009&nbsp; and the percentage change in each of these items comparing 2010 to 2009:</FONT></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>14,451</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>10,978 </FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>32%</FONT></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(7,687)</FONT></FONT></P>
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</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(7,022)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>9%</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Gross profit</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>6,764 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>3,956 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>71%</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Operating expenses</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Selling </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (678)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (636)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>7%</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>General and administrative </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (537)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (480)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>12%</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp;Other income</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;92 &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,417 </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(93%)</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Other expenses</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (643)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (696)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(8%)</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Operating income</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>4,998 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>3,561 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>40%</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; Finance income (expenses),&nbsp; net</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(1,911)</FONT></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (246)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>677%</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Income before income taxes</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>3,087 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>3,315 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(7%)</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; Income Tax</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; (571)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp; (700)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(18%)</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp;Current </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (314)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (582)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(46<FONT style="FONT-SIZE: 8pt" face="Times New Roman">%</FONT>)</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp;Deferred </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (257)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (118)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>118%</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Net income</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2,516 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2,615 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(4%)</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Non-controlling interests</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (0)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; (4)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(95%)</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Owners of the Company</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2,516 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>2,619 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(4%)</FONT></FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>66</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_71></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Year 2010 Compared to Year 2009</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition to the consolidated figures reported above, the Company reports its integrated operations in five business segments:&nbsp; steel, mining, cement, logistics (including Port and Railway) and energy. The operating results of each segment are disclosed separately.&nbsp; The information on CSN&#8217;s five business segments is derived from the accounting data, together with allocations and the apportionment of costs among the segments.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our consolidated results for the years ended December 31, 2010 and 2009 by business segment are presented below: </FONT></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>R$ million</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Logistics</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Year Ended December 31, 2010</FONT></B></FONT></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Consolidated Results</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Steel</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Mining</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Port Logistics</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Railway Logistics</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Cement</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Energy</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Eliminations</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Consolidated</FONT></B></FONT></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net operating revenues</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9.926</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>3.615</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>119</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>838</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>202</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>114</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(364)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>14.451</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Domestic Market</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>8.763</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>574</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>119</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>838</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>202</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>114</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>(364)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>10.247</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Export Market</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>1.163</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>3.041</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>4.204</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Cost of goods sold</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(6.095)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(1.187)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(70)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(522)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(164)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(42)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>393</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(7.687)</FONT></B></FONT></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Gross profit</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>3.831</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2.428</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>49</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>317</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>38</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>72</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>29</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>6.764</FONT></B></FONT></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 10pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>R$ million</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 10pt 0cm 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Logistics</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 10pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Year Ended December 31, 2009</FONT></B></FONT></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Consolidated Results</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Steel</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Mining</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Port Logistics</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Railway Logistics</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Cement</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Energy</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Eliminations</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; 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: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Consolidated</FONT></B></FONT></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net operating revenues</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>8.201</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>1.964</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>144</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>823</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>60</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>117</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(330)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10.978</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Domestic Market</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>7.046</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>247</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>144</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>823</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>60</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>117</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>(330)</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>8.107</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Export Market</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>1.156</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>1.716</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>2.872</FONT></FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Cost of goods sold</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(5.572)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(1.179)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(76)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(464)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(61)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(43)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>373</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(7.022)</FONT></B></FONT></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Gross profit</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2.629</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>784</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>69</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>358</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(1)</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>73</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>43</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>3.956</FONT></B></FONT></P>
</DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Net Operating Revenues</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Net operating revenues were R$14,451&nbsp;million in 2010, an increase of R$3,473&nbsp;million, or 31.6%, from R$10,978&nbsp;million recorded in 2009, mainly due to the increase in steel and mining revenues, segments that represent more than 90% of our total net revenues.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Net domestic revenues increased 26.4%, from R$8,107&nbsp;million in 2009 to R$10,247&nbsp;million in 2010, while total net export revenues increased 46.4%, from R$2,872&nbsp;million in 2009 to R$4,204&nbsp;million in 2010.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Steel</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Steel net operating revenues increased R$1,725&nbsp;million, or 21.0%, from R$8,201&nbsp;million in 2009 to R$9,926&nbsp;million in 2010, mainly due to the 16.7% increase in steel sales volume from 4,110&nbsp;million tons in 2009 to 4,796&nbsp;million tons in 2010 and to the increase of 5.0% in the steel average prices.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Steel net domestic revenues increased 24.4%, from R$7,046&nbsp;million in 2009 to R$8,763&nbsp;million in 2010, due to the increase of 27.5% in domestic sales volume from 3,243&nbsp;million in 2009 to 4,135&nbsp;million in 2010, given the increase in demand.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Steel net export revenues increased 0.6%, from R$1,156&nbsp;million in 2009 to R$1,163&nbsp;million in 2010.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Mining</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Mining net operating revenues increased R$1,651&nbsp;million, or 84.1%, from R$1,964&nbsp;million in 2009 to R$3,615&nbsp;million in 2010 primarily due to higher international prices and the increase in sales volume.</FONT></FONT></P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>67</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_72></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Mining net domestic revenues increased R$327&nbsp;million, or 132.4%, mainly due to the increase of 113.2% in domestic sales volume from 713&nbsp;million tons in 2009 to 1,520&nbsp;million in 2010, given the increase in demand.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Mining net export revenues increased R$1,325&nbsp;million, or 77.2%, from R$1,716&nbsp;million in 2009 to R$3,041&nbsp;million in 2010, primarily due to the increase in international iron ore prices driven by the strong demand, mainly from China.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Logistics</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Total logistics net operating revenues in 2010 achieved R$957&nbsp;million, a reduction of 1.0% as compared with the net logistics operating revenues of R$967&nbsp;million reported in 2009. In 2010, net revenue from railway logistics totaled R$838&nbsp;million and net revenue from port logistics amounted to R$119&nbsp;million, while in 2009, net revenue from railway logistics totaled R$823&nbsp;million and net revenue from port logistics amounted to R$144&nbsp;million.</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US> &nbsp;</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Cement</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In May&nbsp;2009, we began producing cement in our new plant in Volta Redonda, adjacent to the Presidente Vargas Steelworks, adding value to the slag generated during steel production.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As we operated the plant during the whole year, in 2010 we increased significantly the sales of cement, reaching 992 thousand tons, a 193.5% increase over 2009.&nbsp; This increase in sales does not consider the full operation of our cement segment, which is in process of growth.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As a consequence, in 2010, net revenue from cement segment totaled R$202&nbsp;million, an increase of 236.7% from 2009 net revenue of R$60&nbsp;million.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Energy</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010 our net operating revenues from the energy segment totaled R$114&nbsp;million, a decrease of R$3&nbsp;million as compared with the net operating revenues of R$117&nbsp;million reported in 2009 in this segment.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Cost of Products Sold</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, consolidated cost of products sold amounted to R$7,687&nbsp;million, representing a 9.5% increase as compared to R$7,022&nbsp;million recorded in 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Steel</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Consolidated steel costs were R$6,095&nbsp;million in 2010, representing a 9.4% increase as compared to the R$5,572&nbsp;million recorded in 2009, mainly as a result of higher sales, partially offset by the greater dilution of fixed costs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Other than the sale of excess inventories from time to time and the purchase by our subsidiaries of semi-finished products from third parties for further processing, our cost of products sold is equivalent to our steel production cost.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth our steel production costs, the production costs per ton of steel and the portion of production costs attributable to the primary components of our costs of production.&nbsp; With the exception of coal and coke, which we import, and some metals (such as aluminum, zinc and tin) with domestic prices linked to international prices, our costs of production are mostly denominated in reais.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>68</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="40%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>R$</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>million</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 vAlign=center width="30%" colSpan=3 align=center><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 vAlign=center width="30%" colSpan=3 align=center><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Raw</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Materials</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=center width="10%" align=center><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>R$</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>million</B></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=center width="10%" align=center><FONT size=1 face=Arial><B>R$&nbsp;/&nbsp;ton</B></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=center width="10%" align=center><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>%</B></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=center width="10%" align=center><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>R$</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>million</B></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=center width="10%" align=center><FONT size=1 face=Arial><B>R$&nbsp;/&nbsp;ton</B></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=center width="10%" align=center><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>%</B></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Iron</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Ore</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>239</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>47.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>4.3%</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>221</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>50.6</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>4.9%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Coal</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,239</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>243.7</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>22.1%</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,042</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>238.7</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>22.9%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Coke</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>382</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>75.1</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>6.8%</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>378</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>86.6</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>8.3%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Metals</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>244</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>48.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>4.3%</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>174</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>39.9</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>3.8%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Outsourced</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Slabs</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>and</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Hot</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Coils</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>272</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>53.5</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>4.9%</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>62</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>14.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1.4%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Pellets</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>169</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>33.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>3.0%</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>59</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>13.5</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1.3%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Scrap</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>64</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>12.6</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1.1%</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>22.9</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>2.2%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Other</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>274</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>53.9</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>4.9%</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>201</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>46.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>4.4%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(1)</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Include</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>limestone</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>and</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>dolomite</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Energy</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>/</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Fuel</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>561</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>110.3</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>10.1%</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>436</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>99.9</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>9.6%</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Labor</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>570</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>112.1</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>10.2%</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>468</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>107.2</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>10.3%</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Services</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>and</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Maintenance</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>743</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>146.1</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>13.3%</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>657</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>150.5</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>14.4%</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Tools</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>and</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Supplies</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>269</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>52.9</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>4.8%</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>221</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>50.6</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>4.9%</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Depreciation</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>489</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>96.2</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>8.7%</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>417</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>95.5</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>9.2%</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Other</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>59</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>16.5</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>1.5%</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>120</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>27.5</B></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>2.6%</B></FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="40%" align=left><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Steel</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Cost</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Production</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>5,574</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>1,101.3</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>100.0%</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>4,556</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>1,043.5</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="10%" align=right><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>100.0%</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="90%" colSpan=6 align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(*)</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>adjustment</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>according</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>to</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>adoption</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>of</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>the</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>International Financial</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Reporting</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Standards</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(IFRS)</FONT>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, our steel production costs were R$5,574&nbsp;million, a 22.3% or R$1,018&nbsp;million increase from R$4,556&nbsp;million reported in 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are self-sufficient in almost all the raw materials used in the steel production.&nbsp; The principal raw materials we use in our integrated steel mill include iron ore, coke, coal (from which we produce most of our coke necessities), limestone, dolomite, aluminum, tin and zinc.&nbsp; In addition, our production operations consume water, gases, electricity and ancillary materials.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We obtain all of our iron ore requirements from our Casa de Pedra mine located in the State of Minas Gerais, and the limestone and dolomite from our Bocaina mine in the city of Arcos, in the State of Minas Gerais.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The coal and coke we consume are acquired from different international producers &#8220;See Item Raw Materials and Suppliers&#8221;.&nbsp; During 2010, given the higher global demand for steel products, there was a increase in the consumption and in the prices of some commodities used for steelmaking.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our coal costs increased 18.9%, from R$1,042&nbsp;million in 2009 to R$1,239&nbsp;million in 2010, corresponding to 22.1% of our steel production cost, given the increase in consumption and higher average prices.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Production cost increased also due to the higer consumption of hot-rolled coils acquired from third parties in 2010.&nbsp; Those costs increased 338.7%, from R$62&nbsp;million in 2009 to R$272&nbsp;million in 2010 due to the acquisition, by the company, of semi-finished products from third-parties, to face the strong steel demand after the global economic crisis. This increase in steel demand was mainly noticed in the 1st half of 2010, as compared to the same period of 2009, when the world was in the middle of the economic crisis.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The costs of metals such as aluminum, zinc and tin also increased from R$174&nbsp;million in 2009 to R$244&nbsp;million in 2010, given the increase in consumption and higher prices.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Other raw materials include pellets and scrap purchased in the market and also limestone and dolomite that we extract from our own mines in the state of Minas Gerais.</FONT></FONT></P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>69</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_74></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Mining</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our mining costs totaled R$1,187&nbsp;million in 2010, in line with the R$1,179&nbsp;million reported in 2009, despite the 6.2% increase in sales volume, which was offset by the greater dilution of fixed costs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Logistics</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, cost of services attributable to our logistics segment totaled R$592&nbsp;million, representing a 9.6% (or R$52 million) increase as compared to the R$540&nbsp;million reported in 2009, mainly due to the increase in the cost of services of our railway logistics, which totaled R$522 million in 2010, a 12.5% increase (or R$58 million) from the R$464 million reported in 2009. The railway logistics represented 88% of the total logistics costs in 2010 and 86% of the total logistics costs in 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On the other hand, cost of services from port logistics totaled R$70&nbsp;million, a 7.9% decrease from the R$76&nbsp;million reported in 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Cement</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Cost of products sold attributable to our cement segment achieved R$164&nbsp;million in 2010, R$103&nbsp;million, or 168.8%, more than the R$61&nbsp;million reported in 2009, due to increase in sales, as described above.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Energy</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, cost of products sold attributable to our energy segment was R$42&nbsp;million, in line with the R$43&nbsp;million reported in 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Gross Profit</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Gross profit increased R$2,808&nbsp;million, or 71.0%, from R$3,956&nbsp;million in 2009 to R$6,764&nbsp;million in 2010, due to the increase of&nbsp; R$3,473&nbsp;million in net operating revenues and the increase of R$665&nbsp;million in cost of products sold.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Steel</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Gross profit in the steel segment increased R$1,202&nbsp;million, or 45.7%, from R$2,629&nbsp;million in 2009 to R$3,831&nbsp;million in 2010, due to the increase of R$1,725&nbsp;million in steel net revenues, driven by the increase in sales volume and in steel average prices, partially offset by the increase of R$523&nbsp;million in the cost of steel products sold.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Mining</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our gross profit in the mining segment increased R$1,644&nbsp;million, or 209.6% from R$784&nbsp;million in 2009 to R$2,428&nbsp;million in 2010, mainly due to the increase of R$1,651&nbsp;million in mining net operating revenues due to higher international prices and the increase in sales volume.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Logistics</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Gross profit in the logistics segment decreased 14.3% in 2010, from R$427&nbsp;million in 2009 to R$366&nbsp;million in 2010, due to the decrease of 1.0% in net revenues and the increase of 9.6% in the cost of products sold.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Cement</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Gross profit in the cement segment increased R$39&nbsp;million, from a negative result of R$1&nbsp;million in 2009 to a positive result of R$38&nbsp;million in 2010, due to the increase of 236.7% in net revenues, partially offset by a&nbsp; 168.8% increase in the cost of products sold.</FONT></FONT></P>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>70</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<A name=page_75></A>
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<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Energy</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The energy segment reported in 2010 a gross profit of R$72&nbsp;million, in line with the R$73&nbsp;million reported in 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Selling, General and Administrative Expenses</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, we recorded selling, general and administrative expenses of&nbsp; R$1,215&nbsp;million, a 9% increase from 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Selling expenses increased 7% , from R$636&nbsp;million in 2009 to R$ 678&nbsp;million in 2010, reflecting the stronger sales efforts in 2010.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>General and administrative expenses increased 12%, from R$480&nbsp;million in 2009 to R$537&nbsp;million in 2010. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Other operating&nbsp; income (Expenses)</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, we recorded a net other expense of R$551&nbsp;million in the &#8220;Other Revenue and Expenses&#8221; line-item, as compared to a net revenue of R$721&nbsp;million in 2009.&nbsp; The R$1,272&nbsp;million reduction was principally due to the positive non-recurring effects in 2009 of the reverse merger of Big Jump Energy Participacoes SA by our investee Namisa in the amount of R$ 835 million and our adherence of to the REFIS tax repayment program in the amount of R$ 505 million. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Operating Income</FONT></I></B></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Operating income increased by 40.3%, or R$1,437&nbsp;million, from R$3,561&nbsp;million in 2009 to R$4,998&nbsp;million in 2010.&nbsp; This increase was mainly due to the R$3,473&nbsp;million increase in net revenues, offset by the reduction on cost of product sold in the amount of R$665 million and the R$1,272&nbsp;million reduction in the &#8220;Other Revenue and Expenses&#8221; line, principally due to the positive non-recurring effects in 2009 of the reverse merger of Big</FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> Jump Energy Participacoes SA by our investee Namisa in the amount of R$ 835 million and our adherence of to the REFIS tax repayment program in the amount of R$ 505 million.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Financial expenses (income), net</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, our net financial expenses increased by 676.8%, or R$1,665&nbsp;million, from R$246&nbsp;million in 2009 to RS$1,911&nbsp;million in 2010, mainly due to the following items:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Interest income increased by 10%, or R$57&nbsp;million, from R$586&nbsp;million in 2009 to US$643&nbsp;million in 2010 mainly due to the increase of R$118&nbsp;million in returns on financial investments, due to the increases in cash and cash equivalents.&nbsp; This decrease was partially offset by the decrease of R$58&nbsp;million in other financial income;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Interest expense increased by 16.3%, or R$308&nbsp;million, from R$1,892&nbsp;million in 2009 to US$2,200&nbsp;million in 2010 mainly due to the increase of R$514&nbsp;million in interests on loans and financing in local currency and the increase of R$128&nbsp;million in interests on loans and financing in foreign currency.&nbsp; This was partially offset by the increase of R$130&nbsp;million in capitalized interests and the decrease of R$125&nbsp;million in losses from derivatives instruments;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Foreign exchange and monetary loss, net, including operations with derivatives decreased by 133.1%, or R$1,414&nbsp;million, from a gain of R$1,060&nbsp;million in 2009 to a loss of R$354&nbsp;million in 2010 mainly affected by appreciation of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> against the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>U.S. dollar</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; This appreciation affects:</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" face="Courier New"><FONT lang=EN-US>o</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our U.S. dollar-denominated gross debt;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" face="Courier New"><FONT lang=EN-US>o</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our U.S. dollar-denominated cash and cash equivalents; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" face="Courier New"><FONT lang=EN-US>o</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our trade accounts receivable and payable.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Income Taxes</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We recorded an expense for income tax and social contribution of R$571&nbsp;million in 2010, as compared to R$700&nbsp;million in 2009.&nbsp; Expressed as a percentage of pre-tax income, income tax expense decreased from 21.1% in 2009 to 18.5% in 2010. Income tax expense in Brazil refers to the collection of federal income tax and social contribution tax.&nbsp; The statutory rates for these taxes applicable to the periods presented herein were 25% for federal income tax and 9% for the social contribution. Therefore, the balances owed for these periods totaled R$1,050&nbsp;million in 2010 and R$1,127&nbsp;million in 2009 (34% of income before taxes and equity in affiliated companies).&nbsp; Adjustments are made to these rates in order to reach the actual tax expense for the years.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For the year ended December&nbsp;31, 2010, adjustments totaled R$479&nbsp;million and were comprised of:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>a R$121&nbsp;million benefit from interest on stockholders&#8217; equity;&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>a R$216&nbsp;million adjustment related to equity income of subsidiaries at different rates or which are not taxable;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>tax incentives that represented a net tax adjustment of R$34&nbsp;million;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>a R$106&nbsp;million benefit related to non taxable income from the Federal Tax Repayment Program, or REFIS, adjustments;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For the year ended December&nbsp;31, 2009, adjustments totaled R$427&nbsp;million and were comprised of:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>a R$109&nbsp;million benefit from interest on stockholders&#8217; equity;&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>a R$169&nbsp;million benefit related to equity income of subsidiaries at different rates or which are not taxable;&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>tax incentives that represented a net tax adjustment of R$12&nbsp;million;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>a R$252&nbsp;million benefit related to non taxable income from the Federal Tax Repayment Program, or REFIS, adjustments; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>These increases were offset by other permanent exclusions in the amount of R$115&nbsp;million,&nbsp; mainly by the constitution of deferred income tax on the tax loss carryfowards of the subsidiary Prada.&nbsp; &nbsp;</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>It is not possible to predict the future adjustments to the federal income tax and social contribution at statutory rates, as they depend on interest on stockholder&#8217;s equity, non-taxable factors including income from offshore operations, and tax losses from offshore operations, especially when expressed as a percentage of income.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Net Income</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2010, we had net income of R$ 2,516 million, a 4% decrease from 2009. The improved results&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">in steel</FONT>&nbsp;and mining segments were offset by the increase in other operating expenses due to non-recurring gains recorded in 2009 and the increase in financial expenses in 2010.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>5B.&nbsp; Liquidity and Capital Resources</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Overview</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our main uses of funds are for capital expenditures, repayment of debt and dividend payments.&nbsp; We have historically met these requirements by using cash generated from operating activities and through the issuance of short- and long-term debt instruments.&nbsp; We expect to meet our cash needs for 2011 primarily through a combination of operating cash flow, cash and cash equivalents on hand and newly issued long-term debt instruments.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition, from time to time, we review acquisition and investment opportunities and will, if a suitable opportunity arises, make selected acquisitions and investments to implement our business strategy.&nbsp;We generally </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>make investments directly or through subsidiaries, joint ventures or affiliated companies, and fund these investments through internally generated funds, the issuance of debt, or a combination of such methods.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Sources of Funds and Working Capital</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Cash Flows</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Cash and cash equivalents as of December&nbsp;31, 2010 and 2009 totaled R$2,268&nbsp;million and R$ 1,181&nbsp;million, respectively.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Operating Activities</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided from operations was R$ 2,482 million and cash used in operations was R$ 773&nbsp; million, in 2010 and 2009 respectively. The R$ 3,255&nbsp; million increase in cash flow from operating activities in 2010 as compared to 2009 was mainly due to an increase of R$ 3,106&nbsp;million in adjustments to reconcile net income mainly due to an increase of financial interests of&nbsp; R$ 359&nbsp;million, accrual for derivatives in the amount of R$ 215&nbsp;million and net foreign exchange gain of R$ 2,082 million and gain with equity investment variation in 2009 in the amount of R$ 835 million due to Namisa&#8217;s results of operations, that did not occur in 2010. </FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Investing Activities</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We used cash in our investing activities in the total amount of R$ 4,636&nbsp;million in 2010 and R$ 617&nbsp;million in 2009 . The increase&nbsp; of R$ 4,019&nbsp;million in 2010 as compared to 2009 was mainly due to&nbsp; acquisition of investment in Riversdale Mining Limited and acquisitions of fixed assets to supply the projects, mainly related to: (i) the Casa de Pedra expansion; (ii)&nbsp;the construction of the cement plant in the city of Volta Redonda (State of Rio de Janeiro) and of the clinker plant in the city of Arcos (State of Minas Gerais); (iii)&nbsp;the construction of the long steel mill in the city of Volta Redonda (State of Rio de Janeiro) and (iv)&nbsp;the extension of Transnordestina railroad</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Financing Activities</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Cash provided by financing activities was R$ 4,651&nbsp;million in 2010 and R$ 1,510&nbsp;million in 2009.&nbsp; The R$ 3,141&nbsp;million increase in cash provided by financing activities in 2010, as compared to 2009, was mainly due to a increase in long-term debt during the period to finance the current projects.&nbsp; Also in 2009, we acquired our own shares to be held in treasury in the amount of R$ 1,350&nbsp;million, a transaction not repeated in 2010.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Trade Accounts Receivable Turnover Ratio </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our receivable turnover ratio (the ratio between trade accounts receivable and net operating revenues), expressed in days of sales decreased to 26 on December 31, 2010 from 31 on December 31, 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Inventory Turnover Ratio&nbsp; </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our inventory turnover ratio (obtained by dividing inventories by annualized cost of goods sold), expressed in days of cost of goods sold increased to 113 days in 2010, as compared to 88 days in 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Trade Accounts Payable Turnover Ratio </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The accounts payable turnover ratio (obtained by dividing trade accounts payable by annualized cost of goods sold), expressed in days of cost of goods sold, decreased to 25 on December 31, 2010 from 26 on December 31, 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Liquidity Management </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Given the capital intensive and cyclical nature of our industry, and the generally volatile economic environment in certain emerging markets, we have retained a substantial amount of cash on hand to run our operations, to satisfy our financial obligations, and to be prepared for potential investment opportunities.&nbsp; As of December&nbsp;31, 2010, cash and cash equivalent totaled R$ 10,239 million.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We were also taking advantage of the current liquidity conditions to extend the maturity profile of our debt.&nbsp; These activities are unrelated to the management of any interest rate, inflation and/or foreign exchange risk exposure.&nbsp; Given the lack of a liquid secondary market for our short term debt instruments, we have accumulated cash instead of prepaying our debt prior to final maturity.&nbsp; As of December&nbsp;31, 2010, short-term and long-term indebtedness accounted for 6.51% and 93.49%, respectively, of our total debt, and the average life of our existing debt was equivalent to approximately nine&nbsp; years, considering 40 years-term for the perpetual bonds issued in September&nbsp;2010.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Capital Expenditures and Investments </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2010, our capital expenditures were R$ 3,636&nbsp;million used in acquisitions of equipment, of which R$ 275&nbsp;million was used in the Casa de Pedra mine expansion, R$ 1.371 million relating to the expansion of the&nbsp; Transnordestina railroad, R$ 249 million in construction of the cement plant in Volta Rendonda (RJ),&nbsp; R$ 139&nbsp;million in projects relating to the Itagua&#237; Port expansion and R$ 483&nbsp;million in maintenance.</FONT></FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We expect to meet our liquidity requirements from cash generated from operations, and, if needed, the issuance of debt securities. For details on our Planned Investments see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Company Debt and Derivative Instruments</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>At December&nbsp;31, 2010 and 2009, total debt (composed of current portion of long-term debt, accrued finance charges, long-term debt and debentures) aggregated R$20,206 million and R$ 14,356&nbsp;million , respectively, equal to 258% and 218% of the stockholders&#8217; equity at December&nbsp;31, 2010 and 2009, respectively.&nbsp; At December&nbsp;31, 2010, our short-term debt (composed of current portion of long-term debt including accrued finance charges and debentures) totaled R$ 1,345&nbsp;million and our long-term debt (composed of long-term debt and debentures) totaled R$ 18,862 &nbsp;million.&nbsp; The foregoing amounts do not include debt of others for which we are contingently liable.&nbsp; See &#8220;Item 5E.&nbsp; Off-Balance Sheet Arrangements.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>At December&nbsp;31, 2010, approximately 48% of our debt was denominated in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> and substantially all of the remaining balance was denominated in U.S. dollars.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our current policy is to protect ourselves against foreign exchange losses and interest rate losses on our debt and currently our exposure is protected through foreign exchange derivative products, including futures, swaps, and FRA-Forward Rate Agreements.&nbsp; For a description of our derivative instruments, see Note 17 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements.&#8221;&nbsp; Also see&nbsp; &#8220;Item 5A.&nbsp; Operating Results&#8212;Results of Operations&#8212;Year 2010 Compared to Year 2009&#8221;.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The major components of R$ 1,345&nbsp;million of our consolidated current portion of long-term debt outstanding at December&nbsp;31, 2010 were:</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Components</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Average <BR>
interest rate</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total</FONT></B></FONT></P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><I><FONT lang=EN-US>(in million of R$)</FONT></I></FONT></P>
</DIV></TD>
     <TD vAlign=bottom width="55%">&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Fixed rate notes</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>6.5% - 10.5%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>108</FONT></FONT></P>
</TD>
     <TD vAlign=top width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>BNDES/Finame</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>1.5% - 3.2%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>329</FONT></FONT></P>
</TD>
     <TD vAlign=top width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Prepayment financing</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>1.24% - 7.5%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>676</FONT></FONT></P>
</TD>
     <TD vAlign=top width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Others</FONT></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>3.3% - 9.5%</FONT></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=center>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>232</FONT></FONT></P>
</DIV></TD>
     <TD vAlign=bottom width="55%" align=center>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>1,345</FONT></B></FONT></P>
</TD>
     <TD vAlign=top width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The major components of R$ 18,862 &nbsp;million of our consolidated long-term debt outstanding at December&nbsp;31, 2010 were (amounts are reflected in long-term debt):</FONT></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Components</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Average <BR>
interest rate</FONT></B></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total</FONT></B></FONT></P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><I><FONT lang=EN-US>(in million of R$)</FONT></I></FONT></P>
</DIV></TD>
     <TD vAlign=bottom width="55%">&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Debenture</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>9.4% + IGPM and 1% + TJLP</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>1,761</FONT></FONT></P>
</TD>
     <TD vAlign=bottom width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Fixed rate notes</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>6.5% - 10.5%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>4,499</FONT></FONT></P>
</TD>
     <TD vAlign=bottom width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>BNDES/Finame</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>1.5% - 3.2%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>1,963</FONT></FONT></P>
</TD>
     <TD vAlign=bottom width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Perpetual bonds</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>7% - 9.5%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>1,666</FONT></FONT></P>
</TD>
     <TD vAlign=bottom width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Prepayment financing</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>1.24% - 7.5%</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>5,762</FONT></FONT></P>
</TD>
     <TD vAlign=bottom width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>CCB</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>112.5% CDI</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>3,000</FONT></FONT></P>
</TD>
     <TD vAlign=bottom width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Others</FONT></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>3.52% - 8%</FONT></FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=center>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>211</FONT></FONT></P>
</DIV></TD>
     <TD vAlign=bottom width="55%" align=center>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><B><FONT lang=EN-US>18,862</FONT></B></FONT></P>
</TD>
     <TD vAlign=top width="55%" align=center>
<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>74</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


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<A name=page_79></A>
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<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The amount of interest paid in 2010 was R$ 1,867 million.</FONT></FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The local debenture is a real-denominated debt instrument, issued in February&nbsp;2006, of R$600&nbsp;million six-year debentures bearing interest at a rate of 103.6% of the CDI rate per annum.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Eurodollar and Euronotes issued in accordance with Rule 144A and Regulation S under the Securities Act reflect senior unsecured debt instruments issued by us and our offshore subsidiaries, including (i) the US$300&nbsp;million bonds, 10% per annum coupon, and the US$300&nbsp;million notes, 8.25% per annum coupon, issued in 1997 with final maturity in 2047; (ii) the issuance in December&nbsp;2003 and January&nbsp;2004 of US$550&nbsp;million notes, 9.75% per annum coupon with final maturity in 2013; (iii)&nbsp;the US$400&nbsp;million notes, 10% per annum coupon, issued in September&nbsp;2004 and January&nbsp;2005 with final maturity in 2015, and (iv)&nbsp;the US$750&nbsp;million notes, 6.875% per annum coupon, issued in September&nbsp;2009 with maturity in 2019.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In July 2010, we issued US$ 1 billion notes, 6.50% per annum coupon and maturity date in July 2020, and in September 2010 we issued a US$ 1 billion Perpetual Bond, 7% per annum coupon. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-export agreements include the two series of the export receivables securitization program.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The series issued in June 2004, in the amount of US$ 59 million as of December 31, 2010, with maturity date on May 2012 and bearing interest at a rate of 7.43 per annum; and the series issued in June 2005, in the amount of US$ 160 million as of December 31, 2010, with maturity in May 2015 and bearing interest at 6.15% per annum.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We issued export credit notes, or NCEs:&nbsp; (i) on April&nbsp;11, 2008, in the amount of R$100&nbsp;million in favor of Banco do Brasil S.A., due 2013; (ii)&nbsp;on September&nbsp;30, 2009, in the amount of R$1.0&nbsp;billion, in favor of Banco do Brasil S.A., due 2014; and (iii)&nbsp;on September&nbsp;30, 2009, in the amount of R$300&nbsp;million, in favor of Banco do Brasil S.A., due 2014.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On August&nbsp;18, 2009 we contracted a credit facility from Caixa Econ&#244;mica Federal, or CEF, under its special credit for large companies, in the form of a bank credit bill, or CCB, in the amount of R$2.0&nbsp;billion and to be amortized in 36&nbsp;months.</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;&nbsp;</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On February&nbsp;9, 2010 we contracted an additional credit facility from CEF under its special credit for large companies, in the form of a CCB, in the amount of R$1.0&nbsp;billion and to be amortized in 36&nbsp;month.</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US> &nbsp;</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On May&nbsp;21, 2010, our subsidiary Congonhas Min&#233;rios S.A. issued an NCE in the amount of R$2.0&nbsp;billion in favor of Banco do Brasil S.A.&nbsp; The NCE will be amortized over eight years and is guaranteed by us.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Maturity Profile</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth the maturity profile of our long-term debt at December&nbsp;31, 2010:</FONT></FONT></P>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="49%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="49%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Maturity in</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Principal Amount</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>(In millions of R$)</I></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,166</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2013</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,088</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2014</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,948</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2015</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,188</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2016</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,222</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2017 and thereafter</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6,584</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Perpetual bonds</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><U><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;1,666&nbsp;&nbsp;&nbsp;</FONT></U></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Total</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>5C.&nbsp; Research &amp; Development and Innovation</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the year of 2010, CSN has invested R$ 57&nbsp;million in Research &amp; Development to develop new products and maintain the company in the vanguard of value-added products.&nbsp; CSN is committed to pursue technological innovation, continuous improvement and systemic production processes and the generation of attractive products to market.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To meet the new demands and expectations of the market CSN has been continuously investing in creating innovative projects aiming to surprise its clients with creative solutions involving products and services.&nbsp; The attitude of innovation associated with the workshop to reengineer the supply chain with the main customers, has been one of the main lines of action of the CSN R&amp;D team&nbsp; to maintain and consolidate its growing market share.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN, a leading company in Brazil in coated flat steel products with high added value, has been continuously investing in improvements to its processes, products and services.&nbsp; In its activities management believes there is the strong performance in developing new products and applications that meet current and future market needs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A project that demonstrates the innovative and pioneering the nature of CSN is the development of pre-painted steel to Organo-Metallic fuel tanks applied in automobiles, replacing the plastic tanks, with demand reaching a level of 500,000 tanks a year.&nbsp; The project was designed with new steel base and coating application, continuous painting line at its facilities CSN / PR Araucaria, giving properties of higher corrosion resistance, formability and weldability. Currently, CSN is working on improving the specification of the steel base in order to achieve weight reduction of the components.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Another project was developed and is finding increasing acceptance in the market is CSN Extra Thin &#174;&#8221; cold rolled steel &#8220;for new applications in white goods and steel furniture responding to a worldwide trend.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the packaging segment, CSN has invested in consolidating a modern Center of Innovation that enables greater proximity to customers and bottlers presenting new concepts and design, in packages of 3 pieces cans expanded with innovative formats.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the automotive segment the concept of innovation, product development and new applications has been the subject of priority and as an example we can cite the Dual Phase Steel, which has as a main feature the weight reduction of automobiles that enabling the industry to make vehicles more Lightweight, safe and with reduced CO2 emissions.&nbsp; Besides the Dual Phase Steel CSN has developed new high-strength steels such as Bake Hardening, Microalloyed <FONT style="FONT-SIZE: 10pt" face="Times New Roman">and Rephosphorized </FONT>steel as well as new high-formability steels for exposed parts such as Super Ultra Low Carbon Steel to Titanium stabilized.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the Construction segment there was a significant consolidation and support of our customers for application of CSN Pre-painted Steel in the manufacture of new construction systems for rapid assembly used extensively in the UPP's - Police Units Pacifier and PSUs - Emergency Care Units in the city of Rio de Janeiro.</FONT></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>5D.&nbsp; Trend Information</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Overview</FONT></I></B></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The recovery of the global economy is being led by the emerging countries. According to the IMF, China and Brazil will maintain growth expectations in their economies until 2016 due to the size of Chinese economy and to Brazilian protectionist policy and strong domestic demand. The combination of gradual global economic recovery and the positive outlook of domestic consumption in Brazil provide a favorable scenario for our business.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We expect that investments will benefit from this favorable economic scenario. In addition to organic growth projects, we routinely review potential acquisition opportunities and strategic alliances in all segments in which we operate in Brazil and abroad, in order to accelerate our expansion and value generation.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have consistently presented sound financial results, and reasonable indebtedness levels.&nbsp; Our comfortable current cash situation provides support for organic growth, financing possible acquisitions and at the same time maintaining a special policy of dividends distribution for our shareholders, resulting in a competitive and favorable position in relation to other groups of the sector.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>76</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Steel</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In accordance with World Steel Association (WSA), the global steel industry capacity utilization rate closed the year at around 74% in 2010, although production capacity and global steel product consumption still remain highly unbalanced. As stated by WSA, surplus production capacity is currently running around 500 million tonnes.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This imbalance, together with the appreciation of the real and the existence of state government import incentives fueled Brazil's flat steel imports in 2010.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>WSA forecasts that apparent steel use will increase by 5.9% to 1,359 mmt in 2011, following the 13.2% growth in 2010. In 2012, it forecasts world steel demand will growth by 6.0%, reaching a new record of 1,441 mmt. The impact of the earthquake and tsunami in Japan may indicate a significant downward adjustment in steel use for 2011 and upward adjustment for 2012.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In view of Brazil&#8217;s expected economic growth in the coming years, the Brazilian Development Bank (BNDES) believes steel output and apparent consumption will increase by 26.5% and 43.5%, respectively, through 2014. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In this context, we are assessing alternatives and increasing arrangements for new projects to optimize results per produced ton. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We increased our interest in higher added value products in 2010. In the next years, we will diversify our supply of greater added value products.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Continuing with the goal of diversifying and investing in the growth expectation of the civil construction in the domestic market, our 500 Kta capacity plant for long steel, including iron bar and wire rods in our portfolio, is under construction. Additionally, we are considering the implementation of two new plants in Brazil, of 500 kta capacity each, in addition to a cold rolled unit in order to offer a more complete product portfolio to the market.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Mining </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The forecast by Macquire for the iron ore market is that between 2013 and 2014 worldwide supply may exceed demand as a result of expansion projects in the industry.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The projected price in China for 2013 is U$ 141.50 per dry tonnage, according to PLATTS and FIS.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to information released by the CRU, exports in Brazil show a tendency to increase until at least 2015, due to the current investments in the sector. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Considering this scenario, in the next years, we expect to achieve an important landmark in our expansion in mining and will gain a pace of production of 50&nbsp;million tons per year at our Casa de Pedra unit.&nbsp; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition, Namisa continues with its expansion leading to an expected sales level of 39&nbsp;million tons per year, relying on projects of concentration and pelletizing.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>To ensure the production outflow, we expect the Itagua&#237; Port will reach an 84 mtpy shipment capacity, in the next years.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This combined increase of production and shipment benefits from a favorable window of opportunity to the overseas iron ore market.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are analyzing further expansions, such as production volume of 70 mtpy in Casa de Pedra and shipment volumes of 130 mtpy in TECAR. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Cement</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>SNIC (the Brazilian Cement Industry Association) indicates local cement sales in Brazil of 59 million tonnes in 2010, 15% up from the previous year. The Southeast region consumed half of this total and the North was the best </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>performer in terms of growth, moving up by 58%. Estimates indicate a new record in 2011, with sales increasing between 8% and 9% to 65 million tonnes. </FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>77</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Annual exports decreased 23%, as manufacturers prioritized the domestic market. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Currently, there are 70 plants operating in Brazil, belonging to 12 national and international groups, with a joint annual installed capacity of 67 million tonnes, sufficient to meet all of domestic demand.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Strong investments in capacity expansion were also announced in 2010, the effects of which should become apparent in the second half of 2011.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In the coming years we expect the sector&#8217;s growth will continue to be fueled by increased income and employment, incentives for homebuyers, the expansion of Brazil's infrastructure and the intensification of the works related to the World Cup and the Olympic Games. &nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our product and brand have had excellent acceptance.&nbsp; With the conclusion of the clinker production project and the gradual increase in the use of own slag we expect to be able to significantly reduce our costs.&nbsp; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are considering alternatives for organic growth in order to take advantage of our crushing capacity (2.8&nbsp;million tons per year) through the increase of clinker production.&nbsp; Our goal is to produce approximately 5.4&nbsp;million tons per year in Brazil in the next years, to capture the strong growth expected in the market due to the World Cup and the Olympic Games, in addition to the strong pace of construction of new housing and commercial units, as well as infrastructure projects.&nbsp; For details on our Plan Investments see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Plan Investments&#8221;. </FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>5E.&nbsp; Off-Balance Sheet Arrangements</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition to the debt that is reflected on our balance sheet, we are contingently liable for the off-balance concession payments related to the activities of TECON.&nbsp; The following table summarizes all of the off-balance sheet obligations for which we are contingently liable and which are not reflected under liabilities in our consolidated financial statements:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Contingent Liability with Respect to Consolidated and Non-Consolidated Entities as of December&nbsp;31, 2010</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Aggregate Amount</B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Maturity</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>(In million of R$)</I></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;Transnordestina&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,152&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2011-2028&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Contingent Liability for Concession Payments<SUP>(1) </SUP>: </FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
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</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp;Sepetiba Tecon</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">318</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2026</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Transnordestina&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">99</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2027</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;Solid Bulks Terminal</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> - TECAR</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,514</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">202<FONT style="FONT-SIZE: 8pt" face="Times New Roman">2</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRS Log&#237;stica S.A</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">3,</FONT>5<FONT style="FONT-SIZE: 8pt" face="Times New Roman">02</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2026</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total &nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>5<FONT style="FONT-SIZE: 8pt" face="Times New Roman">,433</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&#8221;Take-or-Pay&#8221; Contractual Obligations</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">MRS Log&#237;stica S.A.&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">986</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2016</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;White Martins Gases Industriais Ltda. &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">532</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2016</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;Companhia Estadual de G&#225;s do Rio de Janeiro &#8211; CEG Rio&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">529</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2012</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;Ferrovia Centro Atl&#226;ntica &#8211; FCA&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">438</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2013</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;Vale S/A</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">519 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2014</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;Companhia Paranaense de G&#225;s - COMPAG&#193;S</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">165</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;Companhia Paranaense de Energia - COPEL</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">98</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALL</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">18</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2012</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K&amp;K Tecnologia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">79</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2023</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harsco Metals Ltda</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">99</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2014</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Total</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>3,463</B></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total Contingent Liability with Respect to Consolidated and Non-consolidated Entities: </FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><B>10,048</B></FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR></TABLE><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other consortia members are also jointly and severally liable for these payments. &nbsp;</FONT></FONT></DIV></DIV>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>78</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Guarantees</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We guarantee the loans BNDES has granted to Transnordestina in May and December&nbsp;2005, and in January&nbsp;2006, all of which mature by May&nbsp;2028, adjusted based on the TJLP plus 1.5% per annum.&nbsp; The total outstanding amount of the debt as of December&nbsp;31, 2010 was R$1,152&nbsp;million.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Concessions</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Sepetiba Tecon</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We own 99.99% of Sepetiba Tecon S.A., or TECON, which holds a concession to operate, for a 25-year term (renewable for additional 25 years), the container terminal at the Itagua&#237; Port.&nbsp; As of December&nbsp;31, 2010, R$ 318 million of the cost of the concession was outstanding and payable over the next 18 years of the lease. &nbsp;For more information see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Transnordestina</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As of December&nbsp;31, 2010, we held 76.45% of the capital stock of Transnordestina S.A., which has a 30-year concession granted in 1998 to operate Brazil&#8217;s Northeastern railway system.&nbsp; The Northeastern railway system covers 4,238 km of track and operates in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.&nbsp; It also connects with the region&#8217;s leading ports, thereby offering an important competitive advantage through opportunities for intermodal transportation solutions and made-to-measure logistics projects.&nbsp; As of December&nbsp;31, 2010, R$ 99 &nbsp;million was outstanding over the remaining 16-year term of the concession.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Solid Bulks Terminal</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We hold the concession to operate TECAR, a solid bulks terminal, one of four terminals that form the Itagua&#237; Port, located in the State of Rio de Janeiro, for a term expiring in 2022 and renewable for another 25 years.&nbsp; Itagua&#237; Port, in turn, is connected to the Presidente Vargas steelworks, Casa de Pedra and CFM by the southeastern railway system.&nbsp; Our imports of coal and coke are made through this terminal.&nbsp; Under the terms of the concession, we undertook to load and unload at least 3.0&nbsp;million tons of bulk cargo annually.&nbsp; Among the approved investments that we announced is the development and expansion of the solid bulks terminal at the Itagua&#237; Port to also handle up to 84&nbsp;million tons of iron ore per year.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>MRS Log&#237;stica S.A</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Concession for a period of 30 years, renewable for another 30 years, for transporting iron ore from the mines of Casa de Pedra in MG and coke and coal from the Port of Itagua&#237; (RJ) to Volta Redonda and transportation of exports back to the Ports of Itagua&#237; and Rio de Janeiro. As of December 31, 2010, R$&nbsp;3,502 million was outstanding.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Contractual Obligations</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Namisa </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Port Services</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On December&nbsp;30, 2008, we received approximately R$5.3 &nbsp;billion as prepayment under an agreement with Namisa with a term of 34 years.&nbsp; Under this agreement, we are required to render port services to Namisa, which consists of transporting from 18.0&nbsp;million tons to 39.0&nbsp;million tons of iron ore annually.&nbsp; The price of these port services is quarterly reviewed and prospectively adjusted considering the changes in price of iron ore.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>79</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>High Silica ROM</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On December&nbsp;30, 2008, we received approximately R$ 1.6 billion as prepayment for an agreement with Namisa with a term of 30 years.&nbsp; Under this agreement, we are required to provide high silica crude iron ore ROM to Namisa in a volume that ranges from 42.0&nbsp;million tons to 54.0&nbsp;million tons per year.&nbsp; Depending on the market price for high silica crude iron ore ROM, we may receive additional or lower amounts under this agreement.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Low Silica ROM</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On December&nbsp;30, 2008, we received approximately R$ 424&nbsp;million as prepayment for an agreement with Namisa with a term of 35 years.&nbsp; Under this agreement, we are required to provide low silica crude iron ore ROM to Namisa in a volume that ranges from 2.8&nbsp;million tons to 5.04&nbsp;million tons per year.&nbsp; Depending on the market price for low silica crude iron ore ROM, we may receive additional or lower amounts under this agreement.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&#8220;Take-or-Pay&#8221; Contractual Obligations</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>MRS Log&#237;stica S.A.</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Transportation of Iron Ore, Coal and Coke to Volta Redonda</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The volume set for iron ore and pellets is 8,280,000 tons per year and for coal, coke and other reduction products is 3,600,000 tons per year.&nbsp; It is accepted variation up to 10%, with a guarantee of payment of at least 90%, but the compromise is for each item individually.&nbsp; MRS, on the other hand, is required to transport at least 80% of the volume established by the agreement.&nbsp; The agreement expires on September&nbsp;12, 2012.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Transportation of Iron Ore for Export from Itagua&#237;</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The volume set is 8,000,000 tons per year.&nbsp; It is accepted variation of up to approximately 5% of the volume set, with a guarantee of payment of at least 80%.&nbsp; We may increase or decrease the volume set in the agreement every year up to 10%, taking into consideration the volume actually transported in the previous year.&nbsp; The agreement expires on May&nbsp;31, 2016.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For both contracts we have flexibility to renegotiate the Take or Pay if the volume is not reached.&nbsp; As we are a shareholder of MRS, the minimum amounts to be paid under the contract terms are calculated by a tariff model that assure competitive prices.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Cement Transportation&nbsp;- CSN CIMENTOS</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We and MRS are negotiating new values for this contract.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>White Martins Gases Industriais Ltda. &nbsp;</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>To secure gas supply (oxygen, nitrogen and argon), in 1994 we signed a 22-year &#8220;take-or-pay&#8221; agreement with White Martins Gases Industriais, by which we are committed to acquire at least 90% of the gas volume guaranteed in the agreement with White Martins&#8217; plant.&nbsp; Under the terms of the agreement, we are not required to advance funds raised against future processing charges if White Martins is unable to meet its financial obligations.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=PT-BR>Companhia Estadual de G&#225;s do Rio de Janeiro</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>To secure natural gas supply, in 2007 we have signed a five-year &#8220;take-or-pay&#8221; agreement with CEG Rio, by which we are committed to acquire at least 70% of the gas volume guaranteed in the agreement with CEG Rio.&nbsp; Under the terms of the agreement, we are not required to advance funds raised against future processing charges if CEG Rio is unable to meet its financial obligations.&nbsp; In addition, if we do not acquire the minimum volume agreed, the amount paid which relates to that difference may be compensated in future years, including one year after the contract expiration.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>80</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<DIV><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Ferrovia Centro Atl&#226;ntica - FCA&nbsp;</FONT></I></B></FONT></DIV>
<DIV><EM>&nbsp;</EM>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This agreement covers transportation of reduction products from the city of Arcos to the city of Volta Redonda.&nbsp; Volume set for reduction products is 1,900,000 tons per year, which may vary up or down by 5%.&nbsp; The agreement will expire on August&nbsp;31, 2013.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Vale S.A.</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>To secure pellets supply, in 2009 we signed a 5-year &#8220;take-or-pay&#8221; agreement with Vale, by which we are committed to acquire at least 90% of the pellets volume guaranteed in an agreement with Vale.&nbsp; Under the terms of the agreement, we are not required to advance funds raised against future processing charges if Vale is unable to meet its financial obligations.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Companhia Paranaense de G&#225;s - COMPAG&#193;S</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We&nbsp; and Companhia Paranaense de G&#225;s entered into a 20-year contract to secure natural gas supply.&nbsp; According to the &#8220;take or pay&#8221; clause, we are committed to acquire at least 80% of the annual natural gas volume contracted from Companhia Paranaense de G&#225;s.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Companhia Paranaense de Energia &#8211; COPEL</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>To secure energy supply, we entered into a 20-year agreement with Companhia Paranaense de Energia.&nbsp; According to the &#8220;take or pay&#8221; clause, we are committed to acquire at least 80% of the annual energy volume contracted from Companhia Paranaense de Energia.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Am&#233;rica Latina Log&#237;stica - ALL</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This agreement covers transportation of steel products from Volta Redonda to CSN Paran&#225;.&nbsp; Volume set for steel products is 20,000 tons per month, which may vary up or down by 10%.&nbsp; The agreement will expire on March&nbsp;30, 2012.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>K&amp;K Tecnologia</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CSN undertakes to acquire at least 3,000 metric tons of blast furnace mud for processing at CSN's mud concentration plant.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Harsco Metals Ltda</FONT></B></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Harsco Metals Ltda. undertakes to perform the Scrap recovery Services resulting from the process of production of pig iron and steel from CSN / UPV, receiving by this process the equivalent in value the result of multiplying the unit price (U.S. $ / t) by the total Liquid Steel CSN&#8217;s Mill production, with a guarantee of a minimum production of liquid steel corresponding to 400,000 tons.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>5F.&nbsp; Tabular Disclosure of Contractual Obligations</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table represents our long-term contractual obligations as of December&nbsp;31, 2010: </FONT></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Payment due by period</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>(In millions of R$)</I></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
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</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>More</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Contractual obligations</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Less than</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>than 5</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Total</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>1 year</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>1-3 years</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>3-5 years</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>years</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Long-term accrued finance</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>charges<SUP>(1)</SUP></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">12,372</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,514&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,869</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,182&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5,807</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Taxes payable in installments</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>1,444&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>652</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>134</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>166&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>492</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Long-term debt</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>18,781&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2,133</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4,013&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4,385&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>8,250&nbsp;</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&#8220;Take-or-Pay&#8221; contracts</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3,463&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>92</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,773&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">535</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">235</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Concession agreements<SUP>(5)</SUP></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5<FONT style="FONT-SIZE: 8pt" face="Times New Roman">,433</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">3</FONT>39</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">745</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,153</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">3,196</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=11>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Purchase obligations: </B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Raw materials<SUP>(2)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,228</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">811</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">359</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">36</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">22</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Maintenance<SUP>(3)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">106</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">62</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">45</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">0</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Utilities/Fuel<SUP>(4)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,553</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">445</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">616</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">244</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">247</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Total</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2,887</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>1,317</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>1,020</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>280</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>269</B></FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(1) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="98%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>These accrued finance charges refer to the cash outflow related to the contractual interest expense of our long-term debt and were calculated using the contractual interest rates taken forward to the maturity dates of each contract.&nbsp; </FONT></FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(2) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="98%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Refer mainly to purchases of coal, tin, aluminum and zinc, which comprise part of the raw materials for steel manufacturing and take-or-pay contracts.&nbsp; </FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(3) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="98%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>We have outstanding contracts with several contractors in order to maintain our plants in good operation conditions; due to the strong demand for specialized maintenance service, the term of some contracts is for more than one year.&nbsp; </FONT></FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(4) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="98%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Refer mainly to natural gas, power supply and cryogenics, which are provided by limited suppliers; and with some of which we maintain long-term contracts.&nbsp; </FONT></FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(5) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="98%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Refers to TECON, TECAR, MRS and Transnordestina&#8217;s concessions agreements.&nbsp; </FONT></FONT></P>
</TD></TR></TABLE></DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>8<FONT style="FONT-SIZE: 10pt" face="Times New Roman">1</FONT></FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<DIV align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>5G.&nbsp; Safe Harbor</FONT></B></FONT></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>See &#8220;Forward-Looking Statements.&#8221;</FONT></FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 6. Directors, Senior Management and Employees</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>6A.&nbsp; Directors and Senior Management</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>General</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are managed by our Board of Directors (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Conselho de Administra&#231;&#227;o</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), which consists of seven to eleven members, and our Board of Executive Officers (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Diretoria Executiva</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), which consists of two to nine Executive Officers with no specific designation (one of which is the Chief Executive Officer).&nbsp; In accordance with our bylaws (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Estatuto Social</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), each Director is elected for a term of one year by our shareholders at an annual shareholders&#8217; meeting.&nbsp; Our bylaws require our employees to be represented by one Director on the Board of Directors.&nbsp; The members of the Board of Executive Officers are appointed by the Board of Directors for a two-year term.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our Board of Directors is responsible for the formulation of business plans and policies and our Board of Executive Officers is responsible for the implementation of specific operating decisions.&nbsp; As of the date of this annual report, our Board of Directors was comprised of one Chairman, one Vice Chairman and five members, and our Board of Executive Officers was comprised of our Chief Executive Officer, our Chief Financial Officer and three Executive Officers.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our Directors and Executive Officers as of the date of this annual report are:</FONT></FONT></P>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0 width="100%">
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="24%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="23%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Name</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Position</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>First Elected to our Board on</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Last Elected to our Board on</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
</TD></TR>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 12pt 0cm 3pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 12pt 0cm 3pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 12pt 0cm 3pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><I>Board of Directors</I></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Benjamin Steinbruch&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Chairman&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">April&nbsp;23, 1993&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">April&nbsp;29, 2011&nbsp;</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Jacks Rabinovich&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Vice Chairman&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>April 29, 2011</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><I>Board of Executive Officers</I></B></FONT></P>
</TD>
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</TD>
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</TD>
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</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Benjamin Steinbruch&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Chief Executive Officer&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">April&nbsp;30, 2002&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">August&nbsp;06, 2009</FONT></P>
</TD></TR>
<TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Paulo Penido Pinto Marques</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Chief Financial Officer&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">May&nbsp;7, 2009&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">May&nbsp;12, 2009</FONT></P>
</TD></TR>
<TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">En&#233;as Garcia Diniz&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Executive Officer&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">June&nbsp;21, 2005&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">August&nbsp;06, 2009</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Alberto Monteiro de Queiroz Netto</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Executive Officer</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">September&nbsp;1, 2009</FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;September&nbsp;1, 2009</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.55pt">
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</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Executive Officer</FONT></P>
</TD>
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</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">December&nbsp;15, 2009</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">December&nbsp;15, 2009</FONT></P>
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<DIV align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>*Mr. Carneiro Neto used to be a member of our Board of Directors until July&nbsp;2010, when he passed away.&nbsp; Mr. Gon&#231;alves Silva was elected Director in place of Mr. Carneiro Neto.</FONT></FONT></DIV></DIV>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The next election for our Board of Directors is expected to take place in April 2012, and we are unable to anticipate when the next election for our Board of Executive Officers is expected to take place.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Board of Directors</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Benjamin Steinbruch</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>. Member of the Board of Directors since April 23, 1993, holding also the position of President of the Board since April 28, 1995 and CEO since April 30, 2002. He is also CEO of Vicunha Steel S.A., member of the Administrative Board of the Portuguese Chamber, 1<SUP>st</SUP> Vice-President of FIESP since September 2004, member of FIESP Superior Strategic Board, advisor to the Robert Simonsen Institute, director of IEDI - Institute for Industrial Development Studies. Over the past five years, he served as Director and CEO of Vicunha Siderurgia S.A<FONT style="FONT-SIZE: 10pt" face="Times New Roman">., </FONT>Director and Officer of Vicunha Steel S.A., Director and CEO of Vicunha A&#231;os S.A., Officer of Rio Purus Participa&#231;&#245;es S.A., and Officer of Rio Iaco (all these companies belong to the controlling group of CSN), Director of Prada Metallurgical Company, Inal Nordeste S.A. and Nacional Min&#233;rios S.A. (all controlled by CSN) and member of the Deliberative Council of the CSN Foundation. Graduated from the Business School of the Funda&#231;&#227;o Get&#250;lio Vargas &#8211; SP and specialized in Marketing and Finance also from the Funda&#231;&#227;o Getulio Vargas - SP.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Jacks Rabinovich.</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> Mr. Rabinovich was born on September 20, 1929, and has been member of our Board of Directors since April 23, 1993 and Vice Chairman since April 24, 2001, currently holding the position of Vice President. Graduated in Civil Engineering from Mackenzie University, with a specialization in Textile Engineering from Lowell Institute, Massachusetts - USA.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Fernando Perrone</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Mr. Perrone has been member of our Board of Directors since September&nbsp;26, 2002, and member of our Audit Committee since June&nbsp;24, 2005, where he currently holds the position of President.&nbsp; He was our Infrastructure and Energy Executive Officer from July&nbsp;10, 2002, to October&nbsp;2, 2002. Over the past five years, he served as member of the Board of Directors of Profarma - Pharmaceuticals Distributor S.A., member of Board of Directors of Jo&#227;o Fortes Engenharia S.A., and member of the Management Board of Energia Sustent&#225;vel S.A..Graduated in Business, sponsored by "Chimica" Bayer S.A., also holds a Law degree from the Universidade Federal Fluminense, and has a specialization in Economics in the area of Capital Markets from the Funda&#231;&#227;o Getulio Vargas. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Antonio Francisco dos Santos</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>. Mr. Santos was born on December 6, 1950, and has been a member of our Board of Directors since November 23, 1997. Mr. Santos was Coordinator and Chief of Industrial Engineering, Chief of Production Planning and member of the Board of Directors of Caixa Beneficente dos Empregados of CSN, or CBS, our pension plan, until 2008. He is currently Chairman and Chief Executive Officer of the Board of the CSN Employee Investment Club (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Clube de Investimento CSN</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>). Over the past five years he served as Planning and Support Officer of CSN and President of CSN Invest. Graduated in Business with a specialization in Organization and Finance, both by the Coordinator of Graduate Studies and Research - CECOP, and MBA in Industrial Strategy and Business Management from Universidade Federal Fluminense - UFF.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Yoshiaki Nakano</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Mr. Nakano has been member of our Board of Directors since April&nbsp;29, 2004, and member of our Audit Committee since June&nbsp;24, 2005.&nbsp; Over the past five years, Mr. Nakano&nbsp; has been professor at the School of Economics of Funda&#231;&#227;o Getulio Vargas and board member of the Funda&#231;&#227;o de Amparo &#224; Pesquisa do Estado de S&#227;o Paulo &#8211; FAPESP; board member of Conselho Superior de Economia (COSEC), of FIESP/IRS; member of the Consulting Board of the Grupo P&#227;o de A&#231;&#250;car.&nbsp; Previously, Mr. Nakano served as Special Secretary for Economic </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Affairs in the Ministry of Finance. Graduated in Business Administration from Funda&#231;&#227;o Getulio Vargas and MBA and Ph.D. from Cornell University, USA.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Gilberto Say&#227;o da Silva</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Mr. Say&#227;o has been member of our Board of Directors since April&nbsp;30, 2009.&nbsp; He is currently a partner at Vinci Partners Investimentos Ltda., and member of its Executive Committee. Between 2003 and 2009, Mr. Say&#227;o served as the Chief Executive Officer of UBS Pactual Alternative Investments, a subsidiary of UBS Pactual Asset Management. He is currently on the Board of Directors of several companies, such as PDG Realty SA and Equatorial Energia S.A. (none of these being part of CSN&#180;s economic group). He graduated from the Engineering School of the Pontificia Universidade Catolica do Rio de Janeiro - PUC / RJ.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Alexandre Gon&#231;alves Silva</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Mr. Gon&#231;alves Silva has been member of our Board of Directors and Audit Committee since November&nbsp;9, 2010.&nbsp; Over the last five years he was CEO of General Eletric do Brasil Ltda. and member of the Board of Directors of TAM S.A., PDG Realty S.A. Empreendimentos e Participa&#231;&#245;es, Equatorial Energia S.A., Fundi&#231;&#245;es Tupy S.A. and Fibria Celulose S.A. Mr. Gon&#231;alves Silva also was Advisor of the Global Infrastructure Partners (New York).&nbsp; He graduated from the Mechanical Engenireeng School of Pontificia Universidade Cat&#243;lica do Rio de Janeiro &#8211; PUC/RJ.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Board of Executive Officers</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition to Mr. Steinbruch, the following persons were members of our Board of Executive Officers as of the date of this annual report:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Paulo Penido Pinto Marques</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Mr. Marques was elected our Chief Financial Officer on May&nbsp;12, 2009 and is also responsible for the Controlling, Enterprise Risk Management and Insurance departments, holding the position of Executive Officer for Investors Relations.&nbsp; Prior to joining CSN, Mr. Marques was Finance, Investor Relations and Information Technology Vice-President of Usinas Sider&#250;rgicas de Minas Gerais S.A. - USIMINAS, Financial Officer of Usiminas Mec&#226;nicas S.A., board member of </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Associa&#231;&#227;o Brasileira das Companhias Abertas</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, Financial Officer of the Companhia Sider&#250;rgica Paulista - COSIPA, Officer of Minera&#231;&#227;o J. Mendes, Controlling Officer of Fasal S.A. and Officer of Cons&#243;rcio Siderurgia Amazonia Ltd. (controller of Sidor - Venezuela).&nbsp; Mr. Marques has also participated in the Board of Executive Officers or the Board of Directors of the following companies: Usiparts - automotive systems, Unigal, Rio Negro - steel trade and industrialization.&nbsp; He was also Vice-President at Financing Area, Credit and Risk of JP Morgan (Morgan Guaranty Trust Co. of New York), Officer of Relationship with companies and Financial Institutions Area of BankBoston, Officer of Investments of Corporate Banking of Citibank.&nbsp; Graduated from the Electrical Engineering School of the Federal University of Minas Gerais.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>En&#233;as Garcia Diniz</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Mr. Diniz holds the position of Executive Officer in charge of in charge of Production areasince June 21, 2005. He has been serving CSN since 1985, acting as General Manager of Hot Rolling, General Manager of Maintenance, Metallurgy Director and General Director of the Presidente Vargas steelworks.&nbsp; Graduated in Mechanical Engineering from the Pontificia Universidade Cat&#243;lica do Rio de Janeiro - PUC / RJ, further specialized in Business Management in the Universidade Federal Fluminense in Rio de Janeiro and has a MBA from the Funda&#231;&#227;o Dom Cabral Business School of Belo Horizonte.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Alberto Monteiro de Queiroz Netto</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> was elected Executive Officer of the Treasury on September&nbsp;01, 2009.&nbsp; He is also President of CBS Previd&#234;ncia. He was Chief Financial Officer of Bank of Brazil conglomerate, President of BB DTVM - Asset Management, President of BESC DTVM - Administradora de Recursos, Vice President of the National Association Investment Bank&#8217;s (ANBID)&nbsp;and Chairman of Best Practices for Marketing Industry Investment Funds.&nbsp; He was Director of the Board of BB Securities in London, and the Bank of Brazil Broker Dealer in New York and Officer of BB Fund in Cayman.&nbsp; He was also President of the Board of Directors of Petr&#243;leo Petrobahia, member of the Board of Directors of Eletricidade da Bahia &#8211; Coelba, Neoenergia e BESC TV, member&nbsp; of the Audit Committe of Gerdau, Cielo (formerVisanet), Coelba e Cosern e member Deliberative Committee of Fundo de Pens&#227;o do Banco do Brasil (PREVI).&nbsp; Graduated from the Business School of the Funda&#231;&#227;o Getulio Vargas (RJ), where he further&nbsp; specialized in Business Administration and obtained MBA in Corporate Finance. He also holds a Banking Specialist degree from the University of S&#227;o Paulo Business School (FEA-USP).</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Jos&#233; Taragano</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> was elected Executive Officer on December&nbsp;15, 2009, being the Chairman for Projects at CSN.&nbsp; He was COO - Executive VP of Operations of Brenco - Companhia Brasileira de Energia Renov&#225;vel, Executive and Business Officer of Klabin SA. He was Worldwide Environment, Health &amp; Safety Officer of Alcoa Inc. in New York / Pittsburgh,&nbsp; Officer of Primary Products /Aluminum, Alumina &amp; Chemical Products, Director of Quality and Human Resources and Superintendent fo Production of Alcoa Latin America in S&#227;o Paulo.&nbsp; He was also Chairman of CEMPRE &#8211; Compromisso Empresarial para a Reciclagem, served at Healthy People 2010 Business Advisory Comitee</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US> &nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>in Washington and as independent counsel at the Board of ECOSORB. He graduated in Metallurgical Engineering from PUC-RJ, has a MBA in Marketing from the FIA-USP and further education at MIT / Sloan Executive Program and Harvard Business School / Finance for Senior Executives.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>There are no family relationships between any of the persons named above.&nbsp; The address for all of our directors and executive officers is Av.&nbsp; Brigadeiro Faria Lima, 3400, 20th floor, Itaim Bibi, city of S&#227;o Paulo, State of S&#227;o Paulo, Brazil (telephone number 55-11-3049-7100).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Indemnification of Officers and Directors</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>There is no provision for or prohibition against the indemnification of officers and directors in Brazilian law or in our bylaws.&nbsp; Officers are generally not individually liable for acts within the course of their duties.&nbsp; We either indemnify, or maintain directors and officers liability insurance insuring our Directors, our Chief Executive Officer, our Chief Financial Officer and our other Executive Officers and certain key employees against liabilities incurred in connection with their respective positions with us.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>6B.&nbsp; Compensation</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For the year ended December&nbsp;31, 2010, the aggregate compensation paid by us to all members of our Board of Directors and the members of our Board of Executive Officers for services in all capacities was R$17.9&nbsp;million, which includes salaries, bonuses, profit sharing arrangements and benefits, such as medical assistance, pension plan and life insurance among others.&nbsp; See &#8220;&#8212;Item 6D.&nbsp; Employees&#8221; for a brief description of our profit sharing arrangements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are the principal sponsor of CBS, our employee pension plan.&nbsp; CBS had an excess of plan assets over pension benefit obligations of R$ 333&nbsp;million in 2010.&nbsp; The fair value of the resources of CBS, totaled R$ 2,316&nbsp;million as of December&nbsp;31, 2010, and projected benefit obligations were R$ 1,983&nbsp;million.&nbsp; See Note 30 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements.&#8221; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>6C.&nbsp; Board Practices</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Fiscal Committee and Audit Committee</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under Brazilian Corporate Law, shareholders may request the appointment of a Fiscal Committee (Conselho Fiscal), which is a corporate body independent of management and our external auditors.&nbsp; The primary responsibility of the Fiscal Committee is to review management&#8217;s activities and the financial statements, and report its findings to the shareholders.&nbsp; Our shareholders did not request the installation of a Fiscal Committee at the Annual Shareholders&#8217; Meeting held on April&nbsp;29, 2011.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In June&nbsp;2005, an Audit Committee (Comit&#234; de Auditoria) was appointed in compliance with SEC&#8217;s rules, which is composed of three independent members of our Board of Directors.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Audit Committee is responsible for recommending to the Board of Directors the appointment of the independent auditors, reporting on our auditing policies and our annual auditing plan prepared by our internal auditing team, as well as monitoring and evaluating the activities of the external auditors.&nbsp; Our Audit Committee has also been tasked with identifying, prioritizing and submitting actions to be implemented by our Executive Officers, and analyzing the annual report, and our financial statements and making recommendations to our Board of Directors.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Audit Committee is currently composed of Mr. Perrone, Mr. Nakano and Mr. Alexandre Silva and is constantly assisted by an outside consultant. </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For information on the date of election and term of office of the members of our Board of Directors and Board of Executive Officers, see &#8220;Item 6A.&nbsp; Directors and Senior Management.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Service Contracts</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We permit our directors to continue to participate in our employee pension plan after ceasing to be a director of our Company.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>6D.&nbsp; Employees</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As of December&nbsp;31, 2008, 2009 and 2010, we had 16,549, 16,903 and 19,217 employees, respectively.&nbsp; As of December&nbsp;31, 2010, approximately 3.213 of our employees were members of the steelworkers&#8217; union of Volta Redonda and region, which is affiliated with the Central &#218;nica dos Trabalhadores, or CUT, a national union.&nbsp; We believe we have a good relationship with CUT.&nbsp; We have collective bargaining agreements, renewable annually every May&nbsp;1. Moreover, we have members affiliated to other unions, such as the Engineer Union with 48 members, the Accountant Union with 6 members and the Workers Unions from Arcos, Casa de Pedra and Arauc&#225;ria, with a total of 312 members.&nbsp; On the others company&#8217;s controlled by CSN, as Prada, Ersa and Metalic, we have a total of 945 members.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In March&nbsp;1997, we established an employee profit sharing plan.&nbsp; All employees participate in the plan, and earn bonuses based on our reaching certain goals for each year, including a minimum EBITDA margin, as well as other measures such as sales, cost control, productivity and inventory levels, as appropriate for each sector based on its nature.</FONT></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>6E.&nbsp; Share Ownership</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Steinbruch family, which includes Mr. Benjamin Steinbruch, our Chairman and Chief Executive Officer holds an indirect majority ownership interest in Vicunha Siderurgia and Rio Iaco Participa&#231;&#245;es, our controlling shareholder.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>All our Executive Officers and members of our Board of Directors held an aggregate of 1,559 shares of our outstanding common shares as of April&nbsp;30, 2011.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 7. Major Shareholders and Related Party Transactions</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>7A.&nbsp; Major Shareholders</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On March&nbsp;31, 2011, our capital stock was composed of 1,483,033,685 common shares, including 25,063,577 common shares held in treasury.&nbsp; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth, as of March&nbsp;31, 2011, the number of our common shares owned by all persons known to us that own more than 5% of our outstanding common shares as of such date:</FONT></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Common Shares</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Percent of</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Shares Owned</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Outstanding</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Name of Person or Group</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Shares<SUP>(2)</SUP></B></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Vicunha Siderurgia S.A.<SUP>(1)</SUP></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;697,719,990</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;47.86%</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Rio Iaco Participa&#231;&#245;es </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">58,193,503</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3.99%</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">(1)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>Owned indirectly by the Steinbruch family, which includes Mr Benjamin Steinbruch, Chairman of our Board of Directors, and other members of his family. &nbsp;</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">(2)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>It does not include common shares held in treasury. &nbsp;</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>86</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<A href="#page_3"></A></FONT></P>
<DIV><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>7B.&nbsp; Related Party Transactions</FONT></B></FONT></DIV>
<DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>From time to time we conduct transactions with companies directly or indirectly owned by our principal shareholders or members of our Board of Directors.&nbsp; See &#8220;Item 4. Information on the Company &#8212;A.&nbsp; History and Development of the Company,&#8221; &#8220;Item 4B.&nbsp; Business Overview,&#8221; &#8220;Item 4D. Property, Plant and Equipment &#8211; Acquisitions and Dispositions&#8221;, &#8220;Item 6A.&nbsp; Directors and Senior Management&#8221; and &#8220;Item 7A.&nbsp; Major Shareholders&#8221; and Note 5 to the consolidated financial statements included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 8. Financial Information</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>8A.&nbsp; Consolidated Statements and Other Financial Information</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>See &#8220;Item 3. Key Information&#8212;Selected Financial Data&#8221; and &#8220;Item 18.&nbsp; Financial Statements&#8221; for our consolidated financial statements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Legal Proceedings</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In the ordinary course of our business, we are party to several proceedings, both administrative and judicial, which we believe are incidental and arise out of our regular course of business. We believe that the outcome of the proceedings to which we are currently a party will not have a material adverse effect on our financial position, results of operations and cash flows. We have established provisions for all amounts in dispute that represent probable loss based on the legal opinion of our internal and external legal counsel.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Labor Contingencies</FONT></I></B></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As of December 31, 2010, the Company is defendant in <FONT style="FONT-SIZE: 10pt" face="Times New Roman">11,238</FONT> labor claims, for which a provision has been recorded in the amount of R$ 188.2 million. Most of the claims are related to alleged joint liability between us and our independent contractors, wage equalization, differences of 40% fine on the FGTS deposits due to inflation purge, additional payments for unhealthy and hazardous activities, overtime and profit sharing differences from 1997 to 1999 and from 2001 to 2003.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Civil Contingencies</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>These are mainly claims for indemnities within the civil judicial processes in which we are involved. Such proceedings, in general, result of occupational accidents, diseases and contractual disputes related to our industrial activities. As of December 31,2010, the amount relating to probable losses for these contingencies was R$ 80.<FONT style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT> million.&nbsp;&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We also classify as civil contingencies the a</FONT></FONT><FONT lang=EN-US>dministrative and judicial proceedings filed against us for alleged violation of environmental statutes, mainly as a result of our industrial activities, claims for regularization, indeminification or imposition of fines. As of December 31, 2010, civil contingencies relating to environmental issues was R$ 500 thousand.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Tax Contingencies </FONT></I></B></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Among tax contingencies are income tax and social contribution taxes in Brazil, for which a provision of R$ 1,911 million has been recorded in 2010.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>IPI premium credit over exports </FONT></I></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The IPI premium tax credits relate to export sales made during 1992 to 2002. Tax laws allowed Brazilian companies to recognize IPI premium tax credits until 1983, when an act of the executive branch of the Brazilian government cancelled such benefits and prohibited companies from recognizing these credits. We challenged the constitutionality of the executive branch&#8217;s action by obtaining, in August 2003, a favorable decision from a Brazilian trial court that authorized the use of IPI premium tax credits. However, in August, 2009, the Brazilian Federal Supreme Court issued a decision with effects of general repercussion establishing that the IPI premium credit was only effective until October 1990.&nbsp; Accordingly, the credits accrued after 1990 should not be recognized and, in view of this STF decision, the Company&#8217;s Board of Directors approved including this matter in the tax </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>recovery program for tax debts introduced by Provisional Measure 470/09 and Law 11941/09, which entails benefits in terms of reduction of fines, interest and legal charges.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>87</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Social Contribution on Income from Export Revenues</FONT></I></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We filed a lawsuit challenging the assessment of Social Contribution on Income on export revenues, based on Constitutional Amendment No. 33/01 and in March&nbsp;2004, we obtained an initial decision authorizing the exclusion of these revenues from referred calculation basis, as well as the offsetting of amounts paid as from 2001.&nbsp; The lower court decision was favorable and the proceeding is waiting for trial of the appeal filed by the Federal Government in the Regional Federal Court.&nbsp; At December&nbsp;31, 2010, the amount of suspended liability and the offset credits based on the referred proceedings was R$ 402 million, as compared to R$ 1,240&nbsp;million at December&nbsp;31, 2009, already adjusted by the SELIC 2010. Such reduction arose out of the inclusion in REFIS of debts related to the offset of amounts paid as of 2001 and debts related to the exclusion of export revenues from taxable basis. The valid inclusion of such debts in REFIS is subject to ratification by the proper authorities, which we expect will take place as of mid-2011, as set forth in Ordinance No. 2/2011. We still claim the exclusion of profits derived from exports from the calculation basis of the Social Contribution, according to the initial decision obtained by us.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Refis</FONT></I></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In November 2009, we adhered to the Tax Recovery Program <FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">(REFIS) </FONT>established by Federal Government in order to settle its tax and social security liabilities through a special settlement and installment payment system. Management&#8217;s decision took into consideration the economic benefits provided by the REFIS, such as discounts and fines exemptions, as well as the high costs of maintaining pending lawsuits. Joining the special tax programs reduced the amount of fines, interest and legal charges previously due. On December 31, 2010, the position of the debts under the Federal REFIS, recorded under taxes payable in installments, was R$ 1,444.2 million (R$ 826.8 million in 2009).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Antitrust</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In October&nbsp;1999, CADE fined us R$22&nbsp;million claiming that certain practices adopted by us and other Brazilian steel companies until 1997 allegedly comprised a cartel.&nbsp; We challenged the cartel allegation and the imposition of the fine judicially, and in June&nbsp;2003 obtained a partially favorable judgment by a federal trial court.&nbsp; CADE appealed the trial court decision and on June&nbsp;14, 2010 a federal appellate court in Bras&#237;lia held a judgment reversing the trial court&#8217;s decision and confirming the cartel allegation as well as the fine imposed by CADE.&nbsp; We have asked the appellate court to clarify its decision and we will only know the exact content of the judgment, including the rate for adjustment of the fine amount, when the appellate court clarifies its decision.&nbsp; Accordingly, we have not yet recorded any provision in connection with this fine.&nbsp; We believe we have grounds for reversal of the judgment and intend to appeal the decision of the appellate court to the Brazilian Superior Court of Justice.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Other Legal Proceedings</FONT></I></B></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The company and its subsidiaries are defendants in other proceedings at administrative and judicial levels, in the approximate amount of R$ 4.2 billion, of which R$ 2.9 billion related to tax contingencies, R$ 303 million to civil contingencies, and R$ 958 million to labor and social security contingencies. The assessments made by legal counsel define these contingencies as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgement.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For further information on our legal proceedings and contingencies, see Note 21 to our consolidated financial statements.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Dividend Policy</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>General</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Subject to certain exceptions set forth in Brazilian Corporate Law, our bylaws require that we pay a yearly minimum dividend equal to 25% of adjusted net profits, calculated in accordance with Brazilian Corporate Law.&nbsp; </FONT></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Proposals to declare and pay dividends in excess of the statutory minimum are generally made at the recommendation of our Board of Directors and approval by the vote of our shareholders.&nbsp; Any such proposal will be dependent upon our results of operations, financial condition, cash requirements for our business, future prospects and other factors deemed relevant by our Board of Directors.&nbsp; Until December&nbsp;2000, it had been our policy to pay dividends on our outstanding common shares not less than the amount of our required distributions for any particular fiscal year, subject to any determination by our Board of Directors that such distributions would be inadvisable in view of our financial condition.&nbsp; In December&nbsp;2000, our Board of Directors decided to adopt a policy of paying dividends equal to all legally available net profits, after taking into consideration the following priorities:&nbsp; (i)&nbsp;our business strategy; (ii)&nbsp;the performance of our obligations; (iii)&nbsp;the accomplishment of our required investments; and (iv)&nbsp;the maintenance of our good financial status.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Pursuant to a change in Brazilian tax law effective January&nbsp;1, 1996, Brazilian companies are also permitted to pay limited amounts of interest on stockholders&#8217; equity to holders of equity securities and to treat these payments as an expense for Brazilian income tax purposes.&nbsp; These payments may be counted in determining if the statutory minimum dividend requirement has been met, subject to shareholder approval.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For dividends declared during the past two years, see &#8220;Item 3A.&nbsp; Selected Financial Data.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>At our Annual Shareholders&#8217; Meeting of April&nbsp;29, 2011, our shareholders approved the payment of dividends and interest on shareholders&#8217; equity relating to 2010, in the total amount of R$1,856.8&nbsp;million (R$1,500&nbsp;million as dividends and R$356.8&nbsp;million as interest on shareholders&#8217; equity).</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Amounts Available for Distribution</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>At each Annual Shareholders&#8217; Meeting, our Board of Directors is required to recommend how our earnings for the preceding fiscal year are to be allocated.&nbsp; For purposes of Brazilian Corporate Law, a company&#8217;s net income after income tax and social contribution for any one fiscal year, net of any accumulated losses from prior fiscal years and amounts allocated to employees&#8217; and management&#8217;s participation in earnings, represents its &#8220;net profits&#8221; for that fiscal year.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In accordance with Brazilian Corporate Law, an amount equal to our net profits as further (i)&nbsp;reduced by amounts allocated to the legal reserve; (ii)&nbsp;reduced by amounts allocated to the contingency reserve; and (iii)&nbsp;increased by reversion of the contingency reserves constituted in prior years, will be available for distribution to shareholders, or the Distributable Amount, in any particular year.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Legal Reserve</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Under Brazilian Corporate Law, we are required to maintain a &#8220;legal reserve&#8221; to which web must allocate 5% of our &#8220;net profits&#8221; for each fiscal year until the amount of the reserve equals 20% of our paid-in capital.&nbsp; However, we are not required to make any allocations to our legal reserve in a year in which the legal reserve, when added to our other established capital reserves, exceeds 30% of our capital stock.&nbsp; Any net losses may be offset with the amounts allocated to the legal reserve.&nbsp; The amounts allocated to such reserve must be approved by our shareholders in the Annual Shareholders&#8217; Meeting, and may be used to increase our capital stock or to offset losses and, therefore, they are not available for the payment of dividends.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Discretionary (or Statutory) Reserves. </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>&nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under Brazilian Corporate Law, any corporation may provide in its by-laws for additional reserves, provided that the maximum amount that may be allocated, the purpose and allocation criteria of the reserve are specified.&nbsp; These reserves may not be allocated for if such reserve affects the payment of the Mandatory Dividend (as defined bellow).&nbsp; Our by-laws currently do not provide for this reserve.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Contingency Reserve.&nbsp; </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under Brazilian Corporate Law, a percentage of our &#8220;net profits&#8221; may be allocated to a contingency reserve for estimable losses that are considered probable in future years.&nbsp; Any amount so allocated in a prior year must either be reserved in the fiscal year in which the loss had been anticipated if the loss does not occur as projected or be written off in the event that the anticipated loss occurs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Tax Incentive Reserve. </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>&nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our shareholders in a shareholders&#8217; meeting may, as proposed by management, allocate to the tax incentive reserve part of our &#8220;net profits&#8221; resulting from donations or governmental grants for investments, which may be excluded from the taxable basis of a Mandatory Dividend (as defined bellow).&nbsp; Our by-laws currently do not provide for such reserve.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Unrealized Income Reserve</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Under Brazilian Corporate Law, the amount by which the distributable amount exceeds realized net income in a given fiscal year may be allocated to unrealized profits reserves.&nbsp; Brazilian Corporate Law defines realized &#8220;net profits&#8221; for the period as the amount by which our &#8220;net profits&#8221; exceeds the sum of (i)&nbsp;positive equity results and (ii)&nbsp;the profits, gains or returns that will be received by us after the end of the subsequent fiscal year.&nbsp; &#8220;Net profits&#8221; allocated to the unrealized profits reserves must be added to the next mandatory dividend distribution after those profits have been realized, if they have not been used to absorb losses in subsequent periods.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Retained Earnings Reserve</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; Under Brazilian Corporate Law, our shareholders may decide at a general shareholders&#8217; meeting to retain a portion of our net income that is provided for in a previously approved capital expenditure budget.&nbsp; No allocation of net income may be made to the retained earnings reserve in case such allocation affects the payment of a mandatory dividend.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The balance of our profit reserves, except those for contingencies, tax incentives and unrealized profits, shall not be greater than our capital stock.&nbsp; If such reserves reach this limit, the manner in which such surplus is used will be decided at a shareholders&#8217; meeting.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For purposes of determining reserve amounts, the calculation of &#8220;net profits&#8221; and allocations to reserves for any fiscal year are determined on the basis of financial statements prepared in accordance with Brazilian Corporate Law.&nbsp; The consolidated financial statements included herein have been prepared in accordance with U.S. GAAP and, although our allocations to reserves and dividends will be reflected in the financial statements, investors will not be able to calculate the allocations or required dividend amounts from the consolidated financial statements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Capital Reserve. </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under Brazilian Corporate Law, the capital reserve consists of premium from the issuance of shares, goodwill reserves from mergers, sales of founders' shares, sales of warrants, premium from the issuance of debentures, tax and fiscal incentives and gifts.&nbsp; Amounts allocated to our capital reserve are not taken into consideration for purposes of determining Mandatory Dividends (as defined bellow).&nbsp; Our capital stock is not currently represented by founders' shares.&nbsp; In addition, the remaining balance in the capital reserve may only be used to increase our capital stock, to absorb losses that surpass accumulated profits and the profit reserves or to redeem, reimburse or purchase shares.</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Mandatory Dividend</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under our bylaws, we are required to distribute to shareholders as dividends in respect of each fiscal year ending on December&nbsp;31, to the extent profits are available for distribution, an amount equal to at least 25% of the Distributable Amount (the &#8220;Mandatory Dividend&#8221;) in any particular year (the amount of which shall include any interest paid on capital during that year).&nbsp; See &#8220;Additional Payments on Shareholders&#8217; Equity&#8221; below.&nbsp; In addition to the Mandatory Dividend, our Board of Directors may recommend that shareholders receive an additional payment of dividends from other funds legally available therefore.&nbsp; Any payment of interim dividends will be netted against the amount of the Mandatory Dividend for that fiscal year.&nbsp; Under Brazilian Corporate Law, if the Board of Directors determines prior to the Annual Shareholders&#8217; Meeting that payment of the Mandatory Dividend for the preceding fiscal year would be inadvisable in view of our financial condition, the Mandatory Dividend need not be paid.&nbsp; That type of determination must be reviewed by the Fiscal Council, if one exists, and reported, together with the appropriate explanations, to the shareholders and to the CVM.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Payment of Dividends</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are required to hold Annual Shareholders&#8217; Meetings within the first four months after the end of our fiscal year at which an annual dividend may be declared.&nbsp; Additionally, our Board of Directors may declare interim dividends.&nbsp; Under Brazilian Corporate Law, dividends are generally required to be paid to the holder of record on a dividend declaration date within 60&nbsp;days following the date the dividend was declared, unless a shareholders&#8217; resolution sets forth another date of payment, which, in either case, must occur prior to the end of the fiscal year in which the dividend was declared.&nbsp; A shareholder has a three-year period from the dividend payment date to claim dividends (or interest on shareholders&#8217; equity as described under &#8220;Additional Payments on Shareholders&#8217; Equity&#8221; below) in respect of its shares, after which we will no longer be liable for the dividend payments.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our payments of cash distributions on common shares underlying the ADSs will be made in Brazilian currency to our ADR custodian on behalf of our ADR depositary, which will then convert the proceeds into U.S. dollars and will cause the U.S. dollars to be delivered to our ADR depositary for distribution to holders of ADSs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Additional Payments on Shareholders&#8217; Equity</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Since January&nbsp;1, 1996, Brazilian companies have been permitted to pay interest on shareholders&#8217; equity to holders of equity securities and to treat those payments as deductible expense for Brazilian income tax purposes.&nbsp; The amount of interest payable on capital is calculated based on the TJLP, as determined by the Central Bank, applied to each shareholder&#8217;s portion of net equity.&nbsp; Brazilian Corporate Law establishes that current earnings are not included as part of the net equity.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The TJLP is determined by the Central Bank on a quarterly basis.&nbsp; The TJLP is based on the annual profitability average of Brazilian public internal and external debt.&nbsp; The TJLP rate for the fourth quarter of 2009 was 6%.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Interest on shareholders&#8217; equity is deductible to the extent it does not exceed 50% of either of the following amounts:&nbsp; (i)&nbsp;net income, as determined for accounting purposes, for the current period of interest payment before the provision for income tax and the deduction of the amount of interest; or (ii)&nbsp;accumulated earnings from prior years.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>8B.&nbsp; Significant Changes</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>None</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 9. The Offer and Listing</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9A.&nbsp; Offer and Listing Details</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our capital stock is comprised of common shares without par value (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>a&#231;&#245;es ordin&#225;rias</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>).&nbsp; On January&nbsp;22, 2008, our shareholders approved a one-for-three split of our common shares.&nbsp; As a result of this stock split, each common share of our capital stock as of January&nbsp;22, 2008 became represented by three common shares after the split.&nbsp; The same ratio of one common share for each ADS was maintained.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On March&nbsp;25, 2010, our shareholders approved a two-for-one split of our common shares.&nbsp; As a result of this stock split, each common share of our capital stock as of March&nbsp;25, 2010 became represented by two common shares after the split.&nbsp; The same ratio of one common share for each ADS was maintained.&nbsp; See &#8220;Item 10.B. Memorandum and Articles of Association.&#8221;</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table sets forth information concerning the high and low closing sale prices and the average daily trading volume of our common shares on the BM&amp;FBOVESPA (per common share) and the ADSs on the NYSE for the periods indicated.</FONT></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Common Shares<SUP>(1)</SUP></FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>American Depositary Shares</FONT></B></FONT><SUP><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>(1)</FONT></FONT></SUP></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>US$ per Share<SUP>(2)</SUP></FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Volume</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>US$ per ADS</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Volume</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>High</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Low</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>(In</FONT></I></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>thousands)&nbsp;</FONT></I></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>High</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Low</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>(In</FONT></I></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>thousands)&nbsp;</FONT></I></B></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2005</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>: &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Year end </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4.49</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2.45</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5,771</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4.47</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2.47</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5,095</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2006</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>: &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Year end </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6.27</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3.46</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4,216</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6.29</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3.49</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5,605</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2007</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>: &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Year end </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15.00</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4.58</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5,330</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15.35</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4.58</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6,980</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2008</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>: &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>First quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>20.93</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>11.88</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5,171</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>20.99</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>12.16</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>8,521</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Second quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>26.21</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>17.76</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4,617</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>26.23</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>17.75</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6,895</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Third quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>21.87</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>8.24</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6,323</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>21.78</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9.21</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>11,038</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Fourth quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>10.51</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4.07</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6,887</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>10.41</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3.93</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>10,390</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Year end </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>26.21</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4.07</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5,761</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>26.23</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>3.93</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9,219</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2009</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>: &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>First quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9.27</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6.03</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5,967</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9.30</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5.92</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9,217</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Second quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>13.29</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>7.31</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5,039</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>13.25</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>7.27</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>7,088</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Third quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15.45</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9.83</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4,573</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>15.53</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>9.73</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6,226</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Fourth quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>19.20</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>14.57</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4,145</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>19.07</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>14.47</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6,417</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Year end </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>19.20</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>6.03</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>4,930</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>19.07</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>5.92</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>7,214</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2010</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>: &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>First quarter </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>18.38</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>13.08</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;4,800 &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>19.17</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>13.86</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,742 </FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Second quarter</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>19.09</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>12.67</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,114 </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>19.90</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>13.24</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,524 </FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Third quarter</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>16.46</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>13.77</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,253 </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>17.49</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>14.44</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,555 </FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Fourth quarter</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>16.85</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>14.42</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,687 </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>18.02</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>15.49</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,533 </FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Year end</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>19.09</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>12.67</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3,713</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>19.90</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>13.24</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>5,589</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>2011</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>January 31</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>17.03</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>15.66</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,119</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>18.14</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>16.45</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,729</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%"> <H1 style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt; FONT-WEIGHT: normal" face="Times New Roman,serif"><B><FONT lang=EN-US>February 28</FONT></B></FONT></H1></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>15.20</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>16.15</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>919</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>17.11</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>16.08</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,396</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>March 31</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>15.52</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>14.44</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,018</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>16.55</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>15.25</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,432</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>First quarter</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>17.03</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>14.44</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3,055</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>18.14</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>15.25</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>4,556</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>April 30</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>15.93</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>14.35</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>995 </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>17.04</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>15.21</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,126</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV></DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">Source:&nbsp; Econom&#225;tica.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>Prices and volumes of our common shares and ADSs have been adjusted to reflect the two-for-one stock split occurred in March&nbsp;2010 whereby each common share of our capital stock on March&nbsp;25, 2010 became represented by two common shares.&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">See &#8220;Item 10.B. Memorandum and Articles of Association.&#8221;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">(2)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>U.S. dollar amounts have been translated from </FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais </FONT></I></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>at the exchange rates in effect on the respective dates of the quotations for the common shares set forth above.&nbsp; These U.S. dollar amounts may reflect exchange rate fluctuations and may not correspond to changes in nominal </FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><I><FONT lang=EN-US>reais </FONT></I></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>prices over time.</FONT></FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>91</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_96></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As of June&nbsp;14, 2011, the closing sale price (i)&nbsp;per common share on the BM&amp;FBOVESPA was <FONT style="FONT-SIZE: 10pt" face="Times New Roman">R</FONT>$19.58 and (ii)&nbsp;per ADS on the NYSE was US$12.59.&nbsp; The ADSs are issued under a deposit agreement and JP Morgan Bank</FONT></FONT><FONT style="FONT-SIZE: 10pt" color=red face="Times New Roman,serif"><B><FONT lang=EN-US> &nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>serves as depositary under that agreement.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As of March&nbsp;31, 2011, approximately 364&nbsp;million, or approximately 24.6%, of our outstanding common shares were held through ADSs.&nbsp; Substantially all of these ADSs were held of record by The Depository Trust Company.&nbsp; In addition, our records indicate that on that date there were approximately 402 record holders (other than our ADR depositary) with addresses in the U.S., holding an aggregate of approximately 476&nbsp;million common shares, representing 32.1% of our outstanding common shares.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9B.&nbsp; Plan of Distribution</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9C.&nbsp; Markets</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The principal trading market for our common shares is the BM&amp;FBOVESPA.&nbsp; Our ADSs trade on the NYSE under the symbol &#8220;SID.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Trading on the BM&amp;FBOVESPA</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In 2000, the BM&amp;FBOVESPA was reorganized through the execution of memoranda of understanding by the Brazilian stock exchanges.&nbsp; Under the memoranda, all securities in Brazil are now traded only on the BM&amp;FBOVESPA, with the exception of electronically traded public debt securities and privatization auctions, which are traded on the Rio de Janeiro Stock Exchange.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>When shareholders trade in common and preferred shares on the BM&amp;FBOVESPA, the trade is settled in three business days after the trade date without adjustment of the purchase price for inflation.&nbsp; The seller is ordinarily required to deliver the shares to the exchange on the third business day following the trade date.&nbsp; Delivery of and payment for shares are made through the facilities of the clearinghouse, </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Companhia Brasileira de Liquida&#231;&#227;o e Cust&#243;dia, </FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>or CBLC, a subsidiary of the BM&amp;FBOVESPA.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The BM&amp;FBOVESPA was a nonprofit entity owned by its member brokerage firms until August&nbsp;2007.&nbsp; Since then, Bovespa Holding S.A. became a public company with shares negotiated on the BM&amp;FBOVESPA.&nbsp; Trading on the BM&amp;FBOVESPA is conducted through an electronic trading system called Megabolsa from 10:00 a.m. to 5:00 </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>p.m., or from 11:00 a.m. to 6:00 p.m., S&#227;o Paulo time, during daylight savings time in Brazil, for all securities traded on all markets.&nbsp; This system is a computerized system that links electronically with the seven smaller regional exchanges.&nbsp; The BM&amp;FBOVESPA also permits trading from 5:45 p.m. to 7:00 p.m., or from 6:45 p.m. to 7:30 p.m., S&#227;o Paulo time, during daylight savings time in Brazil, on an online system connected to traditional and internet brokers called the &#8220;after market.&#8221;&nbsp; Trading on the after market is subject to regulatory limits on price volatility and on the volume of shares transacted through internet brokers.&nbsp; There are no specialists or officially recognized market makers for our shares in Brazil.</FONT></FONT></P>
</DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>92</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_97></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In order to better control volatility, the BM&amp;FBOVESPA adopted a &#8220;circuit breaker&#8221; system pursuant to which trading sessions may be suspended for a period of 30 minutes, one hour or for a period to be determined by BM&amp;FBOVESPA whenever the BM&amp;FBOVESPA&#8217;s index, or Ibovespa index, falls below the limits of 10%, 15% or 20%, respectively, in relation to the index registered in the previous trading session.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The BM&amp;FBOVESPA is significantly less liquid than the NYSE or other major exchanges in the world.&nbsp; As of December&nbsp;2010, the aggregate market capitalization of the BM&amp;FBOVESPA was equivalent to R$2.6 trillion (or US$1.5 trillion).&nbsp; In contrast, as of April&nbsp;2010, the aggregate market capitalization of the NYSE was US$25.44 trillion.&nbsp; The average daily trading volume of the BM&amp;FBOVESPA and NYSE for April&nbsp;2010 was approximately R$5.6&nbsp;billion (or US$3.2&nbsp;billion) and US$80.1&nbsp;billion, respectively.&nbsp; Although any of the outstanding shares of a listed company may trade on the BM&amp;FBOVESPA, in most cases fewer than half of the listed shares are actually available for trading by the public, since the remaining shares are generally being held by small groups of controlling persons, by government entities or by one principal shareholder.&nbsp; See &#8220;Item 3. Risk Factors&#8212;Risks Relating to the ADSs and Our Common Shares&#8212;The relative volatility and illiquidity of the Brazilian securities markets may substantially limit the ability of holders of our common shares or ADSs to sell the common shares underlying the ADSs at the time and price they desire.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As of December&nbsp;31, 2010, we accounted for approximately 1.88% of the market capitalization of all listed companies on the BM&amp;FBOVESPA.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table reflects the fluctuations in the Ibovespa index during the periods indicated:</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=PT-BR>Ibovespa Index</FONT></B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="55%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>High</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Low</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Close</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2005&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">33,629</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">23,610</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;33,456</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2006&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">44,674</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">32,057</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">44,473</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2007&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">65,790</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">41,179</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">63,886</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2008&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">73,516</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">29,435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">37,550</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">69,349</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">36,234</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">68,588</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">72,995</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">58,192</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">69,304</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2011 (through March&nbsp;31)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">71,632</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">64,217</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">68,586</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The IBOVESPA index closed at 68,586 on March&nbsp;31, 2011.&nbsp; Trading on the BM&amp;FBOVESPA by nonresidents of Brazil is subject to certain limitations under Brazilian foreign investment legislation.&nbsp; See &#8220;Item 10D.&nbsp; Exchange Controls.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Regulation of the Brazilian Securities Markets</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian securities markets are regulated by the CVM, which has authority over stock exchanges and the securities markets generally, and by the Central Bank, which has, among other powers, licensing authority over brokerage firms and regulates foreign investment and foreign exchange transactions.&nbsp; The Brazilian securities market is governed by Law No. 6,385 dated December&nbsp;7, 1976, as amended, or the Brazilian Securities Law, and Brazilian Corporate Law and regulations issued by the CVM.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>93</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under Brazilian Corporate Law, a company is either public, a </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>companhia aberta</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, such as us, or private, a </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>companhia fechada</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; All public companies are registered with the CVM and are subject to reporting and regulatory requirements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Trading in securities on the BM&amp;FBOVESPA may be suspended at the request of a company in anticipation of a material announcement.&nbsp; The company should also suspend its trading on international stock exchanges where its securities are traded.&nbsp; Trading may also be suspended on the initiative of the BM&amp;FBOVESPA or the CVM, among other reasons, based on or due to a belief that a company has provided inadequate information regarding a material event or has provided inadequate responses to the inquires by the CVM or the BM&amp;FBOVESPA.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian Securities Law and the regulations issued by the CVM provide for, among other things, disclosure requirements, restrictions on insider trading and price manipulation, as well as protection of minority shareholders.&nbsp; However, the Brazilian securities markets are not as highly regulated and supervised as the United States securities markets or markets in certain other jurisdictions.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Disclosure Requirements</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to Law No 6,385, a publicly held company must submit to the CVM and BM&amp;FBOVESPA certain periodic information, including annual and quarterly reports prepared by management and independent auditors.&nbsp; This legislation also requires us to file with the CVM our shareholders&#8217; agreements, notices of shareholders&#8217; meetings and copies of the related minutes.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Pursuant to the CVM Resolution No. 358, of January&nbsp;3, 2002, the CVM revised and consolidated the requirements regarding the disclosure and use of information related to material facts and acts of publicly held companies, including the disclosure of information in the trading and acquisition of securities issued by publicly held companies.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Such requirements include provisions that:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>establish the concept of a material fact that gives rise to reporting requirements.&nbsp; Material facts include decisions made by the controlling shareholders, resolutions of the shareholders at a shareholders&#8217; meeting and of management of the company, or any other facts related to our business (whether occurring within the company or otherwise somehow related thereto) that may influence the price of its publicly traded securities, or the decision of investors to trade such securities or to exercise any of such securities&#8217; underlying rights;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>specify examples of facts that are considered to be material, which include, among others, the execution of agreements providing for the transfer of control, the entry or withdrawal of shareholders that maintain any managing, financial, technological or administrative function with or contribution to the company, and any corporate restructuring undertaken among related companies;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>oblige the officer of investor relations, controlling shareholders, other officers, directors, members of the audit committee and other advisory boards to disclose material facts;</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>require simultaneous disclosure of material facts to all markets in which the corporation&#8217;s securities are admitted for trading;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>require the acquirer of a controlling stake in a corporation to publish material facts, including its intentions as to whether or not to de-list the corporation&#8217;s shares, within one year;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>establish rules regarding disclosure requirements in the acquisition and disposal of a material ownership interest; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>forbid trading on the basis of material non-public information.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Pursuant to the CVM Rule No. 480 of December&nbsp;7, 2009, the CVM expand the quantity and improve the quality of information reported by issuers in Brazil.&nbsp; This Rule represents a significant step forward in providing the market </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>with greater transparency over securities issuers.&nbsp; For that purpose, the Annual Information Report (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>IAN</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>)&nbsp;was replaced by a more comprehensive and opinative reference form (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Formul&#225;rio de Refer&#234;ncia</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), which comprised the information requested by </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>IAN&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>and added several other data required under CVM Rule No. 400 of December&nbsp;29, 2003 that were only subject to disclosure upon a public offering.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>94</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The reference form (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Formul&#225;rio de Refer&#234;ncia</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>) is in line with the Shelf Registration System recommended by the International Organization Securities Commission (IOSCO)&nbsp;and adopted in other countries (England and the United States, among others), by means of which the information regarding an specific issuer is consolidated into one document and is subject to periodic update (the &#8220;Shelf Document&#8221;).&nbsp; This mechanism offers the investor the possibility to analyze one single document for relevant information about the issuer.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CVM Rule No. 480 also created two groups of issuers per type of securities traded.&nbsp; Group A issuers are authorized to trade in any securities, whereas Group B issuers must not trade in stocks, depositary receipts (BDRs, Units) and securities convertible or exchangeable into stocks or depositary receipts.&nbsp; The greater extend of Group A authorization is followed by more stringent disclosure and reporting requirements.&nbsp; We, as issuers of stocks, are part of Group A.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CVM has also enacted Rule No. 481 of December&nbsp;17, 2009 to regulate two key issues involving general meetings of shareholders in publicly held companies:&nbsp; (i)&nbsp;the extent of information and documents to be provided in support of call notices (subject to prior disclosure to shareholders); and (ii)&nbsp;proxy solicitation for exercise of voting rights.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CVM Rule No. 481 is intended to (i)&nbsp;improve the quality of information disclosure by publicly held companies to shareholders and to the market in general, favoring the use of Internet as a vehicle to that end; (ii)&nbsp;make the exercise of voting rights less costly and foster the participation of shareholders in general meetings, specially for companies with widely dispersed capital; and, consequently (iii)&nbsp;facilitate the oversight of corporate businesses.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9D.&nbsp; Selling Shareholders</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9E.&nbsp; Dilution</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>9F.&nbsp; Expenses of the Issue</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 10.&nbsp; Additional Information</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10A.&nbsp; Share Capital</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10B.&nbsp; Memorandum and Articles of Association</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Registration and Corporate Purpose</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are registered with the Department of Trade Registration under number 15,910.&nbsp; Our corporate purpose, as set forth in Article 2 of our bylaws, is to manufacture, transform, market, import and export steel products and steel derived by-products from the manufacturing plant, as well as to explore other activities that are directly or indirectly related to our corporate purpose, including:&nbsp; mining, cement and carbochemical business activities, the manufacture and assembly of metallic structures, construction, transportation, navigation and port activities.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>95</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Directors&#8217; Powers</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Pursuant to our bylaws, a director may not vote on a proposal, arrangement or contract in which the director&#8217;s interests conflict with our interests.&nbsp; In addition, our shareholders must approve the total compensation of our management and our Board of Directors is responsible for allocating individual amounts of management compensation.&nbsp; There is no mandatory retirement age for our directors.&nbsp; Brazilian Corporate Law requires that a director must be a shareholder of the company, but there is no minimum amount of shares required.&nbsp; A detailed description of the general duties and powers of our Board of Directors may be found in &#8220;Item 6A.&nbsp; Directors and Senior Management.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Description of Capital Stock</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Set forth below is certain information concerning our capital stock and a brief summary of certain significant provisions of our bylaws and Brazilian Corporate Law applicable to our capital stock.&nbsp; This description does not purport to be complete and is qualified by reference to our bylaws and to Brazilian law.&nbsp; For further information, see our bylaws, which have been filed as an exhibit to this annual report. &nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Capital Stock</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On December&nbsp;31, 2010, our capital stock was composed of 1,483,033,685 common shares, including 25,063,577&nbsp; common shares held in treasury. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On November&nbsp;1, 2010 we cancelled &nbsp;27.325.535 of our shares which were held on treasury at that time.&nbsp; On April&nbsp;30, 2011 our capital stock was composed by 1,483,033,685 common shares including 25.063.577</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US> &nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>common shares held in treasury. Our bylaws authorize the Board of Directors to increase the capital stock up to 2,400,000,000 common shares without an amendment to our bylaws by means of a vote at our shareholders&#8217; meeting.&nbsp; There are currently no classes or series of preferred shares issued or outstanding.&nbsp; We may purchase our own shares for purposes of cancellation or to hold them in treasury subject to certain limits and conditions established by the CVM and Brazilian Corporate Law.&nbsp; See &#8220;Item 16E.&nbsp; Purchases of Equity Securities by the Issuer and Affiliated Purchasers.&#8221;</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Liability for Further Capital Calls</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Pursuant to Brazilian Corporate Law, a shareholder&#8217;s liability is generally limited to the issue price of the subscribed or purchased shares.&nbsp; There is no obligation of a shareholder to participate in additional capital calls.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Voting Rights</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Each common share entitles the holder to one vote at our shareholders&#8217; meetings.&nbsp; According to a CVM ruling, shareholders that represent at least 5% of our common shares may request cumulative voting in an election of our Board of Directors.&nbsp; Pursuant to Brazilian Corporate Law, shareholders holding at least 15% of our common shares have the right to appoint a member of our Board of Directors.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Shareholders&#8217; Meetings</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Pursuant to Brazilian Corporate Law, the shareholders present at an annual or extraordinary shareholders&#8217; meeting, convened and held in accordance with Brazilian Corporate Law and our bylaws are empowered to decide all matters relating to our corporate purpose and to pass any resolutions they deem necessary for our protection and well-being.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In order to participate in a shareholders&#8217; meeting, a shareholder must be a record owner of the share on the day the meeting is held, and may be represented by a proxy.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Shareholders&#8217; meetings are called, convened and presided over by the Chairman or Vice-Chairman of our Board of Directors.&nbsp; Brazilian Corporate Law requires that our shareholders&#8217; meeting be convened by publication of a notice in the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Di&#225;rio Oficial do Estado do Rio de Janeiro</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, the official government publication of the State of Rio de Janeiro, and in a newspaper of general circulation in Brazil and in the city in which our principal place of business is located, currently the Jornal Valor Econ&#244;mico, at least 15&nbsp;days prior to the scheduled meeting date and no fewer than three times.&nbsp; We have changed to the Jornal Valor Econ&#244;mico as our main means of disclosing legal notices after our shareholders approved by unanimous vote such change at our shareholders&#8217; meeting held on April&nbsp;29, </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>2010.&nbsp; Both notices must contain the agenda for the meeting and, in the case of an amendment to our bylaws, an indication of the subject matter.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In order for a shareholders&#8217; meeting to be held, shareholders representing a quorum of at least one-fourth of the voting capital must be present.&nbsp; A shareholder may be represented at a shareholders&#8217; meeting by means of a proxy, appointed not more than one year before the meeting, who must be a either a shareholder, a company officer or a lawyer.&nbsp; For public companies, such as we are, the proxy may also be a financial institution.&nbsp; If no quorum is present, notice must be given in the manner described above, no fewer than eight days prior to the scheduled meeting date.&nbsp; On second notice, the meeting may be convened without a specific quorum requirement, subject to the minimum quorum and voting requirements for certain matters, described below.&nbsp; A holder of shares with no voting rights may attend a shareholders&#8217; meeting and take part in the discussion of matters submitted for consideration.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Except as otherwise provided by law, resolutions passed at a shareholders&#8217; meeting require a simple majority vote, abstentions not considered.&nbsp; Pursuant to Brazilian Corporate Law, the approval of shareholders representing at least one-half of the issued and outstanding voting shares is required for the following actions:&nbsp; (i)&nbsp;to change a priority, preference, right, privilege or condition of redemption or amortization of any class of preferred shares or creation of any class of non-voting preferred shares that has a priority, preference, right, condition or redemption or amortization superior to an existing class of shares (in this case, a majority of issued and outstanding shares of the affected class is required); (ii)&nbsp;to reduce the mandatory dividend; (iii)&nbsp;to change our corporate purpose; (iv)&nbsp;to merge into or consolidate with another company or to spin-off our assets; (v)&nbsp;to dissolve or liquidate our Company; (vi)&nbsp;to cancel any liquidation procedure; (vii)&nbsp;to create founders&#8217; shares; and (viii)&nbsp;to participate in a centralized group of companies as defined under Brazilian Corporate Law.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Pursuant to Brazilian Corporate Law, shareholders voting at a shareholders&#8217; meeting have the power to:&nbsp; (i)&nbsp;amend our bylaws; (ii)&nbsp;elect or dismiss members of our Board of Directors (and members of the Fiscal Council) at any time; (iii)&nbsp;receive and approve the annual management accounts, including the allocation of net profits and the distributable amounts for payment of the mandatory dividends and allocation to the various reserve accounts; (iv)&nbsp;authorize the issuance of debentures in general; (v)&nbsp;suspend the rights of a shareholder who has violated Brazilian Corporate Law or our bylaws; (vi)&nbsp;accept or reject the valuation of assets contributed by a shareholder in consideration of the subscription of shares in our capital stock; (vii)&nbsp;authorize the issuance of founders&#8217; shares; (viii)&nbsp;pass resolutions to reorganize the legal form of, merge, consolidate or split the company, to dissolve and liquidate the company, to elect and dismiss its liquidators and to examine their accounts; and (ix)&nbsp;authorize management to declare the company insolvent and to request a </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>recupera&#231;&#227;o judicial</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> or </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>recupera&#231;&#227;o extrajudicial</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> (a procedure involving protection from creditors similar in nature to reorganization under the U.S. Bankruptcy Code), among others.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Redemption Rights</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our common shares are not redeemable, except that a dissenting and adversely affected shareholder is entitled, under Brazilian Corporate Law, to obtain redemption upon a decision made at a shareholders&#8217; meeting by shareholders representing at least one half of the issued and outstanding voting shares to:&nbsp; (i)&nbsp;create a new class of preferred shares or to disproportionately increase an existing class of preferred shares relative to the other classes of preferred shares (unless these actions are provided for or authorized by our bylaws); (ii)&nbsp;modify a preference, privilege or condition of redemption or amortization conferred on one or more classes of preferred shares, or to create a new class with greater privileges than an existing class of preferred shares; (iii)&nbsp;reduce the mandatory distribution of dividends; (iv)&nbsp;change our corporate purpose; (v)&nbsp;merge us with another company or consolidate us; (vi)&nbsp;transfer all of our shares to another company in order to make us a wholly-owned subsidiary of that company (</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>incorpora&#231;&#227;o</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>); (vii)&nbsp;approve the acquisition of control of another company at a price that exceeds certain limits set forth under Brazilian Corporate Law; (viii)&nbsp;approve our participation in a centralized group of companies as defined under Brazilian Corporate Law; (ix)&nbsp;conduct a spin-off that results in (a)&nbsp;a change of corporate purpose, (b)&nbsp;a reduction of the mandatory dividend or (c)&nbsp;any participation in a group of companies as defined under Brazilian Corporate Law; or (x)&nbsp;in the event that the entity resulting from (a)&nbsp;a merger or consolidation, (b)&nbsp;an </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>incorpora&#231;&#227;o&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> as described above or (c)&nbsp;a spin-off of a listed company fails to become a listed company within 120&nbsp;days of the shareholders&#8217; meeting at which the decision was taken.&nbsp; The right of redemption lapses 30&nbsp;days after publication of the minutes of the relevant shareholders&#8217; meeting.&nbsp; We would be entitled to reconsider any action giving rise to redemption rights within 10&nbsp;days following the expiration of those rights, if the redemption of shares of dissenting </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>shareholders would jeopardize our financial stability.&nbsp; Law No. 9,457 dated May&nbsp;5, 1997, which amended Brazilian Corporate Law, contains provisions which, among others, restrict redemption rights in certain cases and allow companies to redeem their shares at their market value, subject to certain requirements.&nbsp; According to our bylaws, the reimbursement value of the common shares must equal the market value, determined by a valuation report in accordance with Brazilian Corporate Law, of our capital stock divided by the total number of shares issued by us, excluding treasury shares.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Except as provided for in Brazilian Corporate Law (such as, mergers and public offerings), our bylaws allow each of our shareholders a general preemptive right to subscribe to shares in any capital increase, in proportion to his or her ownership interest.&nbsp; A minimum period of 30&nbsp;days following the publication of notice of a capital increase is allowed for the exercise of the right and the right is negotiable.&nbsp; In the event of a capital increase that would maintain or increase the proportion of capital represented by common shares, holders of ADSs will have preemptive rights to subscribe only to newly issued common shares.&nbsp; In the event of a capital increase that would reduce the proportion of capital represented by common shares, holders of ADSs will have preemptive rights to subscribe for common shares, in proportion to their ownership interest, only to the extent necessary to prevent dilution of their interest in us.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Form and Transfer</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">As our common shares are in registered form, the transfer of shares is governed by the rules of Article 31, paragraph 3, of Brazilian Corporate Law, which provides that a transfer of shares is effected by a transfer recorded in a company&#8217;s share transfer records upon presentation of valid share transfer instructions to the company by a transferor or its representative.&nbsp; When common shares are acquired or sold on a Brazilian stock exchange, the transfer is effected on our records by a representative of a brokerage firm or the stock exchange&#8217;s clearing system.&nbsp; Transfers of shares by a non-Brazilian shareholder are made in the same way and are executed by that shareholders&#8217; local agent.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The BM&amp;FBOVESPA operates a central clearing system.&nbsp; A holder of our common shares may choose, at its discretion, to participate in this system and all shares elected to be put into this system will be deposited in the custody of the BM&amp;FBOVESPA (through a Brazilian institution duly authorized to operate by the Central Bank and having a clearing account with the BM&amp;FBOVESPA).&nbsp; The fact that those common shares are held in the custody of the BM&amp;FBOVESPA will be reflected in our register of shareholders.&nbsp; Each participating shareholder will, in turn, be registered in our register of beneficial shareholders maintained by the BM&amp;FBOVESPA and will be treated in the same way as registered shareholders.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Limitations on Ownership and Voting Rights by non-Brazilians Shareholders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">There are no restrictions on ownership or voting of our common shares by individuals or legal entities domiciled outside Brazil.&nbsp; However, the right to convert dividend payments and proceeds from the sale of common shares into foreign currency and to remit those amounts outside Brazil is subject to exchange control restrictions and foreign investment legislation which generally require, among other things, obtaining a Certificate of Registration under the Brazilian National Monetary Council&#8217;s Resolution No. 2,689 or its direct foreign investment regulations.&nbsp; See &#8220;Item 10D.&nbsp; Exchange Controls.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Share Ownership Disclosure</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">There are no provisions in our bylaws governing the ownership threshold above which shareholder ownership must be disclosed.&nbsp; CVM regulations require the disclosure of the acquisition of (i) 5% of the voting stock of a listed company, (ii)&nbsp;additional acquisitions by a controlling shareholder and (iii)&nbsp;shares by members of the Board of Executive Officers, members of the Fiscal Council (if any) and certain relatives of those persons. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">10C.&nbsp; Material Contracts</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10D.&nbsp; Exchange Controls</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>There are no restrictions on ownership or voting of our common shares by individuals or legal entities domiciled outside Brazil.&nbsp; However, the right to convert dividend payments and proceeds from the sale of common shares into foreign currency and to remit those amounts outside Brazil is subject to exchange control restrictions and foreign investment legislation which generally require, among other things, obtaining a Certificate of Registration under the Brazilian National Monetary Council&#8217;s Resolution No. 2,689 or its direct foreign investment regulations.&nbsp;&nbsp;Resolution No. 2,689 dated March&nbsp;31, 2000, introduced new rules to facilitate foreign investment in Brazil.&nbsp; The principal changes for foreign investors entering the Brazilian market include:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the removal of restrictions on investments by portfolio composition (e.g., equities, fixed income and derivatives); and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>permission for foreign individuals and corporations to invest in the Brazilian market, in addition to foreign institutional investors.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Prior to Resolution No. 2,689, foreign investors had to leave and reenter the country in order to switch their investments from equity to fixed income.&nbsp; Now foreign investors can freely switch their investments without leaving the local market.&nbsp; Foreign investors registered with the CVM and acting through authorized custody accounts and a legal representative may buy and sell any local financial product traded on the local exchanges and registered on the local clearing systems, including shares on the BM&amp;FBOVESPA, without obtaining separate Certificates of Registration for each transaction.&nbsp; Pursuant to Resolution No. 2,689, as amended, investors are also generally entitled to favorable tax treatment.&nbsp; See &#8220;Item 10E.&nbsp; Taxation&#8212;Brazilian Tax Considerations.&#8221;</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A Certificate of Registration has been issued in the name of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">JP Morgan Chase Bank N.A.</FONT>, as our ADR depositary, and is maintained by the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Ita&#250; Corretora de Valores S.A</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>., our ADR custodian, on behalf of our ADR depositary.&nbsp; Pursuant to the Certificate, our ADR custodian and our ADR depositary are able to convert dividends and other distributions with respect to the common shares represented by ADSs into foreign currency and remit the proceeds outside Brazil.&nbsp; In the event that a holder of ADSs surrenders its ADSs for common shares, that holder will be entitled to continue to rely on our ADR depositary&#8217;s Certificate of Registration for only five business days after the surrender, following which the holder must obtain its own Certificate of Registration.&nbsp; Thereafter, unless the common shares are held pursuant to Resolution No. 2,689 or direct foreign investment regulations, the holder may not be able to convert into foreign currency and remit outside Brazil the proceeds from the disposition of, or distributions with respect to, those common shares, and the holder generally will be subject to less favorable Brazilian tax treatment than a holder of ADSs.&nbsp; See &#8220;Item 10E.&nbsp; Taxation&#8212;Brazilian Tax Considerations.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A non-Brazilian holder of common shares may experience delays in obtaining a Certificate of Registration, which may delay remittances abroad.&nbsp; This kind of delay may adversely affect the amount, in U.S. dollars, received by the non-Brazilian holder.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under current Brazilian legislation, the Brazilian government may impose temporary restrictions on remittances of foreign capital abroad in the event of a serious imbalance or an anticipated serious imbalance of Brazil&#8217;s balance of payments.&nbsp; For approximately nine months in 1989 and early 1990, the Brazilian government froze all dividend and capital repatriations held by the Central Bank that were owed to foreign equity investors in order to conserve Brazil&#8217;s foreign currency reserves.&nbsp; These amounts were subsequently released in accordance with Brazilian government directives.&nbsp; See &#8220;Item 3D.&nbsp; Risk Factors&#8212;Risks Relating to our Common Shares and ADSs&#8212;If holders of ADSs exchange the ADSs for common shares, they risk losing the ability to remit foreign currency abroad and Brazilian tax advantages.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For a description of the foreign exchange markets in Brazil, see &#8220;Item 3A.&nbsp; Selected Financial Data&#8211; Exchange Rates.&#8221;</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10E.&nbsp; Taxation</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following is a summary of certain U.S. federal income and Brazilian tax consequences of the acquisition, ownership and disposition of our common shares or ADSs by an investor that holds the common shares or ADSs.&nbsp; This summary does not purport to address all material tax consequences of the acquisition, ownership and </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>disposition of our common shares or ADSs, does not take into account the specific circumstances of any particular investors and does not address certain investors that may be subject to special tax rules.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>99</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>This summary is based on the tax laws of the United States (including the Internal Revenue Code of 1986, as amended, or the Code, its legislative history, existing and proposed Treasury regulations thereunder, published rulings and court decisions) and Brazil as in effect on the date hereof, which are subject to change (or changes in interpretation), possibly with retroactive effect.&nbsp; In addition, this summary is based in part upon the representations of our ADR depositary and the assumption that each obligation in our deposit agreement and any related agreement will be performed in accordance with its terms.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Although there is, at present, no income tax treaty between Brazil and the United States, the tax authorities of the two countries have had discussions that may result in such a treaty.&nbsp; Both countries have been accepting the offset of income taxes paid in one country against the income tax due in the other based on reciprocity.&nbsp; No assurance can be given, however, as to whether or when an income tax treaty will enter into force or how it will affect the U.S. Holders, as defined below, of common shares or ADSs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The discussion does not address any aspects of U.S. taxation (such as estate tax, gift tax and Medicare tax on net investment income) other than federal income taxation or any aspects of Brazilian taxation other than income, gift, inheritance and capital taxation.&nbsp; Prospective investors are urged to consult their own tax advisors regarding the U.S. federal, state and local and regarding Brazilian and other tax consequences of the acquisition, ownership and disposition of our common shares and ADSs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Brazilian Tax Considerations</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following discussion summarizes the principal Brazilian tax consequences of the acquisition, ownership and disposition of common shares or ADSs by a holder that is not domiciled in Brazil for purposes of Brazilian taxation (a &#8220;Non-Resident Holder&#8221;).&nbsp; It is based on Brazilian law as currently in effect.&nbsp; Any change in such law may change the consequences described below, possibly with retroactive effect.&nbsp; This discussion does not specifically address all of the Brazilian tax considerations applicable to any particular Non-Resident Holder.&nbsp; Each Non-Resident Holder of common shares or ADSs should consult their own tax advisor concerning the Brazilian tax consequences of an investment in common shares or ADSs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A Non-Resident Holder of ADSs may withdraw them in exchange for common shares in Brazil.&nbsp; Pursuant to Brazilian law, the Non-Resident Holder may invest in common shares under Resolution 2,689, of January&nbsp;26, 2000, of the National Monetary Council, or a 2,689 Holder.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Taxation of Dividends and Interest on Shareholders&#8217; Equity</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Dividends, including stock dividends and other dividends, paid by us (i)&nbsp;to our ADR depositary in respect of the common shares underlying the ADSs or (ii)&nbsp;to a Non-Resident Holder in respect of common shares are currently not subject to Brazilian withholding income tax, as far as such amounts are related to profits generated on or after January&nbsp;1, 1996.&nbsp; Dividends relating to profits generated prior to January&nbsp;1, 1996 may be subject to Brazilian withholding income tax at varying rates, depending on the year the profits have been generated.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Since 1996, Brazilian companies have been permitted to pay limited amounts of interest on shareholders' equity to holders of equity securities and to treat those payments as a deductible expense for purposes of its Brazilian income tax and social contribution on net profits tax basis.&nbsp; For tax purposes, this interest is limited to the daily pro rata variation of the Brazilian Federal Government's Long-Term Interest Rate (&#8220;TJLP&#8221;), as determined by the Central Bank from time to time, multiplied by the net equity value of the Brazilian company, and the amount of the deduction may not exceed the greater of (i) 50% of the net income (before taking into account the amounts attributable to shareholders as interest on shareholders' equity and the provision of corporate income tax but after the deduction of the provision of the social contribution on net profits) related to period in respect of which the payment is made; or (ii) 50% of the sum of retained profits and profits reserves as of the date of the beginning of the fiscal year in respect of which the payment is made.&nbsp; Payments of interest on shareholders' equity are decided by the shareholders on the basis of the recommendations of our Board of Directors.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>100</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Payment of interest on shareholders' equity to a Non-Resident Holder is subject to withholding income tax at the rate of 15%, or 25% if the Non-Resident Holder is domiciled in a tax haven.&nbsp; For this purpose, a &#8220;tax haven&#8221; is a country or location (1)&nbsp;that does not impose income tax, (2)&nbsp;where the income tax rate is lower than 20% or (3)&nbsp;where the local legislation imposes restrictions on disclosing the shareholding composition or ownership of the investment (&#8220;Tax Haven Jurisdiction&#8221;).&nbsp; These payments of interest on shareholders' equity may be included, at their net value, as part of any mandatory dividend.&nbsp; To the extent payment of interest on shareholders' equity is so included, the corporation is required to distribute to shareholders an additional amount to ensure that the net amount received by them, after payment of the applicable Brazilian withholding income tax, plus the amount of declared dividends is at least equal to the mandatory dividend.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition, Law No. 11,727, of June&nbsp;23, 2008, or Law No. 11,727, introduced a broader concept of tax haven jurisdiction applicable to transactions subject to Brazilian transfer pricing rules, with the creation of the privileged tax regime concept (which came into effect on January&nbsp;1, 2009).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Due to the recent enactment of this Law and the lack of relevant regulation issued by the Brazilian tax authorities, we are not able to ascertain if this privileged tax regime concept will also be applied to non-resident investors such as a Non-Resident Holder.&nbsp; We recommend prospective investors to consult their own tax advisors from time to time about the changes implemented by Law 11,727 and by any Brazilian tax law or regulation with respect to the concept of tax haven jurisdiction.&nbsp; If the tax authorities determine that payments of interest on shareholders' equity made to a Non-Resident Holder will benefit from a privileged tax regime, the withholding income tax rate applicable to such payments could be of 25%.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>No assurance can be given that our board of directors will not recommend that future distributions of income should be made by means of interest on shareholders' equity instead of dividends.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Taxation of Gains</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>According to Law No. 10,833/03, the gains recognized on a disposition of assets located in Brazil, such as our common shares, by a Non-Resident Holder, are subject to withholding income tax in Brazil.&nbsp; This rule is applicable regardless of whether the disposition is conducted in Brazil or abroad and/or if the disposition is or is not made to an individual or entity resident or domiciled in Brazil.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As a general rule, capital gains realized as a result of a disposition transaction are the positive difference between the amount realized on the disposition of the common shares and the respective acquisition cost. &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Capital gains realized by Non-Resident Holders on the disposition of common shares sold on the Brazilian stock exchange (which includes the transactions carried out on the organized over-the-counter market):</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>are exempt, when realized by a Non-Resident Holder that (i)&nbsp;is a 2,689 Holder and (ii)&nbsp;is not resident or domiciled in a Tax Haven Jurisdiction; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>are subject to income tax at a rate of 15% in case of gains realized by (A)&nbsp;a Non-Resident Holder that (i)&nbsp;is not a 2,689 Holder and (ii)&nbsp;is not resident or domiciled in a Tax Haven Jurisdiction; or (B)&nbsp;a Non-Resident Holder that (i)&nbsp;is a 2,689 Holder and (ii)&nbsp;is resident or domiciled in a Tax Haven Jurisdiction; and</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>are subject to income tax at a rate of up to 25% in case of gains realized by a Non-Resident Holder that (i)&nbsp;is not a 2,689 Holder and (ii)&nbsp;is resident or domiciled in a Tax Haven Jurisdiction. &nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A withholding income tax of 0.005% will apply and can be offset against any income tax due on the capital gain.&nbsp; Such withholding does not apply to a 2,689 Holder that is not resident or domiciled in a Tax Haven Jurisdiction.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Any other gains realized on the disposition of common shares that are not carried out on the Brazilian stock exchange:</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>are subject to income tax at a rate of 15% when realized by any Non-Resident Holder that is not resident or domiciled in a Tax Haven Jurisdiction, whether or not such holder is a 2,689 Holder; and</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>101</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>are subject to income tax at a rate of up to 25% when realized by a Non-Resident Holder that is resident or domiciled in a Tax Haven Jurisdiction, whether or not such holder is a 2,689 Holder.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In the cases described above, if the gains are related to transactions conducted on the Brazilian non-organized over-the-counter market with intermediation, the withholding income tax of 0.005% will also apply and can be offset against any income tax due on the capital gain.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Any exercise of preemptive rights relating to common shares will not be subject to Brazilian withholding income tax.&nbsp; Gains realized by a Non-Resident Holder on the disposition of preemptive rights will be subject to Brazilian income tax according to the same rules applicable to disposition of common shares.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In the case of a redemption of common shares or a capital reduction, the positive difference between the amount received by the Non-Resident Holder and the acquisition cost of the common shares redeemed in reais is treated as capital gain derived from the sale or exchange of shares not carried out on a Brazilian stock exchange market and is therefore subject to income tax at the rate of 15%, or 25%, as the case may be.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Sale of ADSs by U.S. Holders to Other Non-Residents in Brazil</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>As discussed above, pursuant to Law No. 10,833, the sale of assets located in Brazil involving Non-Resident Holders is subject to Brazilian withholding income tax.&nbsp; We believe that the ADSs do not fall within the definition of assets located in Brazil for the purposes of Law No. 10,833, and, thus, should not be subject to the Brazilian withholding tax.&nbsp; However, due to the lack of any administrative or judicial guidance, there is no assurance that such position would prevail.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Gains on the Exchange of ADSs for Common Shares</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The withdrawal of ADSs in exchange for common shares is not subject to Brazilian income tax, assuming compliance with applicable regulation regarding the registration of the investment with Brazilian Central Bank.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Gains on the Exchange of Common Shares for ADSs</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The deposit of common shares in exchange for the ADSs may be subject to Brazilian withholding income tax on capital gains if the amount previously registered with the Central Bank as a foreign investment in common shares or, in the case of other market investors under Resolution No. 2,689, the acquisition cost of the common shares, as the case may be, is lower than:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the average price per common share on the Brazilian stock exchange on which the greatest number of such common shares were sold on the day of deposit; or</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>if no common shares were sold on that day, the average price on the Brazilian stock exchange on which the greatest number of common shares were sold during the 15 preceding trading sessions.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The difference between the amount previously registered, or the acquisition cost, as the case may be, and the average price of the common shares, calculated as set forth above, is considered a capital gain subject to income tax at a rate of 15%, or 25% if the Non-Resident Holder is resident or domiciled in a Tax Haven Jurisdiction.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Tax on Financial Transactions</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Tax on Financial Transactions</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US> &nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>(</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Imposto sobre Opera&#231;&#245;es de Cr&#233;dito, C&#226;mbio e Seguro ou relativas a T&#237;tulos ou Valores Mobili&#225;rios</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>), or &#8220;IOF&#8221;, is imposed on foreign exchange, securities, credit and insurance transactions.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>IOF on Foreign Exchange Transactions</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Tax on foreign exchange transactions, or &#8220;IOF/Exchange&#8221;, may be levied on foreign exchange transactions (conversion of foreign currency in reais and conversion of reais into foreign currency), affecting either or both the inflow or outflow of investments.&nbsp; Currently, the IOF/Exchange rate applicable to most foreign currency exchange transactions is 0.38%. </FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>However, foreign exchange transactions entered into as of December 30, 2010 by foreign investors in connection with inflows of proceeds to Brazil related to investments carried out in the Brazilian financial and capital markets </FONT></FONT><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>or under the regulations issued by the Monetary Council of Brazil</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> are subject to the IOF/Exchange at rates ranging from 2% to 6% (outflow related to the return of such investment is subject to a zero percent rate).&nbsp;The 2% rate is levied on the trading in a Brazilian stock exchange (including over-the-counter trasactions) except for fixed income transactions with derivatives. The acquisition or subscription of shares through public offerings registered for trading on a Brazilian stock exchange is also subject to such rate. A zero rate applies to payments of dividends and interest on shareholders' equity received by foreign investors with respect to investments in the Brazilian financial and capital markets, such as investments made by 2,689 Holders.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The Brazilian Government may increase the rate of the IOF/Exchange to a maximum rate of 25% of the amount of the foreign exchange transactions at any time, but such an increase will only apply in respect to future foreign exchange transactions.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>IOF on Bonds and Securities Transactions</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>IOF may also be levied on transactions involving bonds and securities, or &#8220;IOF/Securities&#8221;, including those carried out on a Brazilian stock, futures or commodities exchanges.&nbsp; The IOF/Securities levies at a rate of 1.5% on transfer of shares traded on the Brazilian stock exchange with the specific purpose of enabling the issuance of depositary receipts to be traded outside Brazil starting November&nbsp;19, 2009.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The rate of the IOF/Securities applicable to most transactions involving common shares is currently zero percent.&nbsp; In particular, the IOF/Securities levies at a rate of 1.5% on the transfer of shares traded in the Brazilian stock exchange with the purpose of the issuance of depositary receipts to be traded outside Brazil.&nbsp; The Brazilian Government may increase the rate of the IOF/Exchange up to 1.5% per day at any time, but such an increase will only apply in respect of future transactions.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Other Brazilian Taxes</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>There are no Brazilian inheritance, gift or succession taxes applicable to the ownership, transfer or disposition of common shares or ADSs by a non-Brazilian holder, except for gift and inheritance taxes which are levied by some states of Brazil on gifts made or inheritances bestowed by individuals or entities not resident or domiciled in Brazil to individuals or entities resident or domiciled within that state in Brazil.&nbsp; There are no Brazilian stamp, issue, registration or similar taxes or duties payable by holders of common shares or ADSs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>U.S. Federal Income Tax Considerations</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The summary discussion below is applicable to you only if you are a &#8220;U.S. Holder&#8221; (as defined below) that is not domiciled in Brazil (or domiciled or resident in a tax haven jurisdiction) for purposes of Brazilian taxation and, in the case of a holder of common shares, that has registered its investment in common shares with the Central Bank as a U.S. dollar investment.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For purposes of this discussion, a U.S. Holder is any beneficial owner of common shares or ADSs that is (i)&nbsp;an individual who is a citizen or resident of the United States, (ii)&nbsp;a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia, (iii)&nbsp;an estate the income of which is subject to U.S. federal income tax without regard to its source, or (iv)&nbsp;a trust if a U.S. court is able to exercise primary supervision over administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or if the trust validly elects under applicable Treasury regulations to be taxed as a U.S. person.&nbsp; A &#8220;Non-U.S. Holder&#8221; is any beneficial owner of common shares or ADSs that is an individual, corporation, estate or trust who is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>If a partnership holds our common shares or ADSs, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership.&nbsp; A prospective investor who is a partner of a partnership holding our shares should consult its own tax advisor.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>103</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In general, and taking into account the earlier assumptions, for U.S. federal income tax purposes, holders of ADRs evidencing ADSs will be treated as the owners of the common shares represented by those ADSs, and exchanges of common shares for ADSs, and ADSs for common shares, will not be subject to U.S. federal income tax.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Taxation of Dividends</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>U.S. Holders</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Under the U.S. federal income tax laws, and subject to the passive foreign investment company (&#8220;PFIC&#8221;) rules discussed below, U.S. Holders will include in gross income, as dividend income, the gross amount of any distribution paid by us (including payments considered &#8220;interest&#8221; in respect of stockholders&#8217; equity under Brazilian law) (before reduction for Brazilian withholding taxes) out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) when the distribution is actually or constructively received by the U.S. Holder, in the case of common shares, or by our ADR Depositary, in the case of ADSs.&nbsp; Distributions in excess of current and accumulated earnings and profits, as determined under U.S. federal income tax principles, will be treated as a return of capital to the extent of the U.S. Holder&#8217;s adjusted tax basis in the common shares or ADSs and thereafter as capital gain, which will be either long-term or short-term capital gain depending on whether the U.S. holder held the common shares or ADSs for more than one year.&nbsp; We do not intend to maintain calculations of our earnings and profits under U.S. federal income tax principles and, unless and until such calculations are made, U.S. Holders should assume all distributions are made out of earnings and profits and constitute dividend income.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The dividend income will not be eligible for the dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations.&nbsp; Subject to certain exceptions for short-term and hedged positions certain non-corporate U.S. Holders (including individuals) may qualify for a maximum 15% rate of tax in respect of &#8220;qualified dividend income&#8221; received before January&nbsp;1, 2013.&nbsp; Dividend income with respect to the ADSs will be qualified dividend income, provided that, in the year that a non-corporate U.S. Holder receives the dividend, the ADSs are readily tradable on an established securities market in the United States, and we were not in the year prior to the year in which the dividend was paid, and are not in the year in which the dividend is paid, a PFIC.&nbsp; Based on existing Internal Revenue Service (&#8220;IRS&#8221;)&nbsp;guidance, it is not entirely clear whether dividends received with respect to the common shares will be treated as qualified dividend income, because the common shares are not themselves listed on a U.S. exchange.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The amount of the dividend distribution includible in gross income of a U.S. Holder will be the U.S. dollar value of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> payments made, determined at the spot </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>/U.S. dollar rate on the date such dividend distribution is includible in the gross income of the U.S. Holder, regardless of whether the payment is in fact converted into U.S. dollars.&nbsp; Generally, any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend payment is includible in gross income to the date such payment is converted into U.S. dollars will be treated as ordinary income or loss from sources within the United States and will not be eligible for the special tax rate applicable to qualified dividend income.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Dividends received by most U.S. holders will constitute foreign source &#8220;passive income&#8221; for foreign tax credit purposes.&nbsp; Subject to limitations under U.S. federal income tax law concerning credits or deductions for foreign income taxes and certain exceptions for short-term and hedged positions, any Brazilian income tax withheld from dividends paid by us would be treated as a foreign income tax eligible for credit against a U.S. Holder&#8217;s U.S. federal income tax liability (or at a U.S. Holder&#8217;s election, may be deducted in computing taxable income if the U.S. Holder has elected to deduct all foreign income taxes paid or accrued for the relevant taxable year).&nbsp; The rules with respect to foreign tax credits are complex and U.S. Holders are urged to consult their own tax advisors regarding the availability of the foreign tax credit under their particular circumstances.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The U.S. Treasury Department has expressed concern that intermediaries in connection with depositary arrangements may be taking actions that are inconsistent with the claiming of foreign tax credits by U.S. persons who are holders of depositary shares.&nbsp; Accordingly, investors should be aware that the discussion above regarding the availability of foreign tax credits for Brazilian income tax withheld from dividends paid with respect to common shares represented by ADSs could be affected by future action taken by the U.S. Treasury Department.</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>104</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Distributions of additional common shares to U.S. Holders with respect to their common shares or ADSs that are made as part of a pro rata distribution to all our stockholders generally will not be subject to U.S. federal income tax.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Non-U.S. Holders</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Dividends paid to a Non-U.S. Holder in respect of common shares or ADSs will not be subject to U.S. federal income tax unless those dividends are effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Holder (and are attributable to a permanent establishment maintained in the United States by the Non-U.S. Holder, if an applicable income tax treaty so requires as a condition for the Non-U.S. Holder to be subject to U.S. taxation on a net income basis in respect of income from common shares or ADSs), in which case the Non-U.S. Holder generally will be subject to U.S. federal income tax in respect of the dividends in the same manner as a U.S. Holder.&nbsp; Any such effectively connected dividends received by a corporate Non-U.S. Holder may also, under certain circumstances, be subject to an additional &#8220;branch profits tax&#8221; (at a 30% rate or at a reduced rate as may be specified by an applicable income tax treaty).</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Taxation of Capital Gains</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>U.S. Holders</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Subject to the PFIC rules discussed below, upon a sale, redemption or other taxable disposition of common shares or ADSs, a U.S. Holder will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the U.S. dollar value of the amount realized (before deduction of any Brazilian tax) and the U.S. Holder&#8217;s adjusted tax basis (determined in U.S. dollars) in the common shares or ADSs.&nbsp; Generally, the U.S. Holder&#8217;s gain or loss will be capital gain or loss.&nbsp; Capital gain of a non-corporate U.S. Holder that is recognized before January&nbsp;1, 2011 is generally taxed at a maximum rate of 15% where the property is held for more than one year.&nbsp; The deductibility of capital losses is subject to limitations under the Code.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>If a Brazilian income tax is withheld on the sale, exchange or other taxable disposition of common shares or ADSs, the amount realized by a U.S. Holder will include the gross amount of the proceeds of that sale, exchange or other taxable disposition before deduction of the Brazilian tax.&nbsp; Capital gain or loss, if any realized by a U.S. Holder on the sale, exchange or other taxable disposition of common shares or ADSs generally will be treated as U.S. source gain or loss for U.S. foreign tax credit purposes.&nbsp; Consequently, in the case of a gain from the disposition of a share or ADS that is subject to Brazilian income tax (see &#8220;Taxation &#8211; Brazilian Tax Considerations &#8211; Taxation of Gains&#8221;), the U.S. Holder may not be able to benefit from the foreign tax credit for that Brazilian income tax (i.e., because the gain from the disposition would be U.S. source income), unless the U.S. Holder can apply the credit against U.S. federal income tax payable on other income from foreign sources.&nbsp; Alternatively, the U.S. Holder may take a deduction for the Brazilian income tax if it does not elect to claim a foreign income tax credit for any foreign taxes paid or accrued during the taxable year.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>Non-U.S. Holders</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; A Non-U.S. Holder will not be subject to U.S. federal income tax in respect of gain recognized on a sale, exchange or other taxable disposition of common shares or ADSs unless:</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>the gain is effectively connected with a trade or business of the Non-U.S. Holder in the United States (and is attributable to a permanent establishment maintained in the United States by that Non-U.S. Holder, if an applicable income tax treaty so requires as a condition for that Non-U.S. Holder to be subject to U.S. taxation on a net income basis in respect of gain from the sale or other disposition of the common shares or ADSs); or</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>in the case of a Non-U.S. Holder who is an individual, that Non-U.S. Holder is present in the United States for 183 or more days in the taxable year of the sale and certain other conditions apply.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Effectively connected gains realized by a corporate Non-U.S. Holder may also, under certain circumstances, be subject to an additional branch profits tax (at a 30% rate or at a reduced rate as may be specified by an applicable income tax treaty).</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>105</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Based on current estimates of our gross income, gross assets and the nature of our business, we believe that our common shares and ADSs should not be treated as stock of a PFIC for U.S. federal income tax purposes.&nbsp; There can be no assurances in this regard, however, because the application of the relevant rules is complex and involves some uncertainty.&nbsp; The PFIC determination is made annually and is based on the portion of our assets and income that is characterized as passive under the PFIC rules.&nbsp; Moreover, our business plans may change, which may affect the PFIC determination in future years.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In general, we will be a PFIC with respect to a U.S. Holder if, for any taxable year in which the U.S. Holder held our ADSs or common shares, either (i)&nbsp;at least 75% of our gross income for the taxable year is passive income or (ii)&nbsp;at least 50% of the value (determined on the basis of a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.&nbsp; For this purpose, passive income generally includes, among other things, dividends, interest, royalties, rents (other than certain rents and royalties derived in the active conduct of a trade or business), annuities and gains from assets that produce passive income.&nbsp; If a foreign corporation owns at least 25% by value of the stock of another corporation, the foreign corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation, and as receiving directly its proportionate share of the other corporation&#8217;s income.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>If we are treated as a PFIC, a U.S. Holder that did not make a &#8220;mark-to-market election&#8221; or &#8220;QEF election,&#8221; each as described below, would be subject to special rules with respect to (a)&nbsp;any gain realized on the sale or other disposition of common shares or ADSs and (b)&nbsp;any &#8220;excess distribution&#8221; by CSN to the U.S. Holder (generally, any distributions to the U.S. Holder in respect of the common shares or ADSs during a single taxable year that are greater than 125% of the average annual distributions received by the U.S. Holder with respect to the common shares or ADSs during the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding period for the common shares or ADSs).&nbsp; Under these rules, (i)&nbsp;the gain or excess distribution would be allocated ratably over the U.S. Holder&#8217;s holding period for the common shares or ADSs, (ii)&nbsp;the amount allocated to the taxable year in which the gain or excess distribution was realized would be taxable as ordinary income, (iii)&nbsp;the amount allocated to each prior year, with certain exceptions, would be subject to tax at the highest tax rate in effect for that year and (iv)&nbsp;the interest charge generally applicable to underpayments of tax would be imposed in respect of the tax attributable to each such prior year.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>If we are treated as a PFIC and, at any time, we invest in non-U.S. corporations that are classified as PFICs (each, a &#8220;Subsidiary PFIC&#8221;), U.S. Holders generally will be deemed to own, and also would be subject to the PFIC rules with respect to, their indirect ownership interest in that Subsidiary PFIC.&nbsp; If we are treated as a PFIC, a U.S. Holder could incur liability for the deferred tax and interest charge described above if either (1)&nbsp;we receive a distribution from, or dispose of all or part of our interest in, the Subsidiary PFIC or (2)&nbsp;the U.S. Holder disposes of all or part of its common shares or ADSs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The special PFIC tax rules described above will not apply to a U.S. Holder if the U.S. Holder makes an election (i)&nbsp;to &#8220;mark-to-market&#8221; with respect to the common shares or ADSs (a &#8220;mark-to-market election&#8221;) or (ii)&nbsp;to have us treated as a &#8220;qualified electing fund&#8221; (a &#8220;QEF election&#8221;).&nbsp; The QEF election is not available to holders unless we agree to comply with certain reporting requirements and provide the required annual information statements.&nbsp; The QEF and mark-to-market elections only apply to taxable years in which the U.S. Holder&#8217;s common shares or ADSs are treated as stock of a PFIC.&nbsp; Our ADR Depositary has agreed to distribute the necessary information to registered holders of ADSs.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A U.S. Holder may make a mark-to-market election, if the common shares or ADSs are regularly traded on a &#8220;qualified exchange.&#8221;&nbsp; Under applicable U.S. Treasury regulations, a &#8220;qualified exchange&#8221; includes a national securities exchange, such as the New York Stock Exchange, that is registered with the SEC or the national market system established under the Exchange Act.&nbsp; Also, under applicable Treasury Regulations, PFIC securities traded on a qualified exchange are regularly traded on such exchange for any calendar year during which such stock is traded, other than in </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>de minimis</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> quantities, on at least 15&nbsp;days during each calendar quarter.&nbsp; We cannot assure you that the common shares or ADSs will be eligible for a mark-to-market election.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A U.S. Holder that makes a mark-to-market election must include for each taxable year in which the U.S. Holder&#8217;s common shares or ADSs are treated as shares of a PFIC, as ordinary income, an amount equal to the excess of the fair market value of the common shares or ADSs at the close of the taxable year over the U.S. Holder&#8217;s adjusted tax basis in the common shares or ADSs, and is allowed an ordinary loss for the excess, if any, of the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>adjusted tax basis over the fair market value of the common shares or ADSs at the close of the taxable year, but only to the extent of the amount of previously included mark-to-market inclusions (not offset by prior mark-to-market losses).&nbsp; These amounts of ordinary income will not be eligible for the favorable tax rates applicable to qualified dividend income or long-term capital gains.&nbsp; A U.S. Holder&#8217;s tax basis in the common shares or ADSs will be adjusted to reflect any such income or loss amounts.&nbsp; Although a U.S. Holder may be eligible to make a mark-to-market election with respect to its common shares or ADSs, no such election may be made with respect to the stock of any Subsidiary PFIC that such U.S. Holder is treated as owning, because such Subsidiary PFIC stock is not marketable.&nbsp; Thus, the mark-to-market election will not be effective to avoid all of the adverse tax consequences described above with respect to any Subsidiary PFICs.&nbsp; U.S. Holders should consult their own tax advisors regarding the availability and advisability of making a mark-to-market election with respect to their common shares of ADSs based on their particular circumstances.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A U.S. Holder that makes a QEF election will be currently taxable on its pro rata share of our ordinary earnings and net capital gain (at ordinary income and capital gain rates, respectively) for each of our taxable years, regardless of whether we distributed the income and gain.&nbsp; The U.S. Holder&#8217;s basis in the common shares or ADSs will be increased to reflect taxed but undistributed income.&nbsp; Distributions of income that had previously been taxed will result in a corresponding reduction of tax basis in the common shares or ADSs and will not be taxed again as a distribution to the U.S. Holder.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>In addition, notwithstanding any election that a U.S. Holder makes with regard to the common shares or ADSs, dividends that a non-corporate U.S. Holder receives from us will not constitute qualified dividend income if we are a PFIC either in the taxable year of the distribution or the preceding taxable year.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Special rules apply with respect to the calculation of the amount of the foreign tax credit with respect to excess distributions by a PFIC or, in certain cases, QEF inclusions.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>A U.S. Holder who owns common shares or ADSs during any year that we are a PFIC must file IRS Form 8621.</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Backup Withholding and Information Reporting</FONT></I></B></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>U.S. Holders</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Dividends paid on, and proceeds from the sale, redemption or other taxable disposition of common shares or ADSs to a U.S. Holder generally will be subject to information reporting and backup withholding, unless, in the case of backup withholding, the U.S. Holder provides an accurate taxpayer identification number or in either case otherwise establishes and exemption.&nbsp; The amount of any backup withholding collected from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&#8217;s U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that certain required information is timely furnished to the IRS.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Recently enacted legislation requires certain U.S. Holders to report information with respect to their investment in certain &#8220;foreign financial assets,&#8221; which would include an investment in our common shares, not held through a custodial account with a U.S. financial institution to the IRS.&nbsp; Investors who fail to report required information could become subject to substantial penalties. &nbsp;Prospective investors are encouraged to consult with their own tax advisors regarding the possible implications of this new legislation on their investment in our common shares.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Non-U.S. Holders</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>If common shares are held by a Non-U.S. Holder through the non-U.S. office of a non-U.S. related broker or financial institution, backup withholding and information reporting generally would not be required.&nbsp; Information reporting, and possibly backup withholding, may apply if the common shares are held by a Non-U.S. Holder through a U.S., or U.S.-related, broker or financial institution, or the U.S. office of a non-U.S. broker or financial institution and the Non-U.S. Holder fails to provide appropriate information.&nbsp; Information reporting and backup withholding generally will apply with respect to ADSs if the Non-U.S. Holder fails to timely provide appropriate information.&nbsp; Non-U.S. Holders should consult their tax advisors regarding the application of these rules.</FONT></FONT></P>
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<DIV><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10F.&nbsp; Dividends and Paying Agents</FONT></B></FONT></DIV>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10G.&nbsp; Statement by Experts</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not applicable.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10H.&nbsp; Documents on Display</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are subject to the information requirements of the Exchange Act and accordingly file reports and other information with the SEC.&nbsp; Reports and other information filed by us with the SEC may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549.&nbsp; You can obtain further information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. &nbsp;Our SEC filings are also available to the public from the SEC&#8217;s website at http://www.sec.gov.&nbsp; You may also inspect our reports and other information at the offices of the NYSE, 11 Wall Street , New York, New York 10005, on which our ADSs are listed.&nbsp; For further information on obtaining copies of our public filings at the NYSE, you should call (212) 656-5060.&nbsp; We also file financial statements and other periodic reports with the CVM.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>10I.&nbsp; Subsidiary Information</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Not required.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 11.&nbsp; Quantitative and Qualitative Disclosures About Market Risk</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are exposed to a number of different market risks arising from our normal business activities.&nbsp; Market risk is the possibility that changes in interest rates, currency exchange rates, commodities prices will adversely affect the value of financial assets, liabilities, expected future cash flows or earnings.&nbsp; We developed policies aimed at managing the volatility inherent to certain of these natural business </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>exposures</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>.&nbsp; We use financial instruments, such as derivatives, in order to achieve the main goals established by our Board of Directors to minimize the cost of capital and maximize the returns on financial assets, while observing, as determined by our Board of Directors, parameters of credit and risk.&nbsp; Derivatives are contracts whose value is derived from one or more underlying financial instruments, indices or prices defined in the contract.&nbsp; Only well-understood, conventional derivative instruments are used for these purposes.&nbsp; These include futures and options traded on regulated exchanges and &#8220;over-the-counter&#8221; swaps, options and forward contracts.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Market Risk Exposures and Market Risk Management</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our treasury department is responsible for managing our market risk exposures.&nbsp; We use some internal controls in order to:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>help us understand market risks;</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>reduce the likelihood of financial losses; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>diminish the volatility of financial results.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The principal tools used by our treasury department are:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;Sensitivity Analysis,&#8221; which measures the impact that movements in the price of different market variables such as interest rates and exchange rates will have in our earnings and cash flows; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&#8220;Stress Testing,&#8221; which measures the worst possible loss from a set of consistent scenarios to which probabilities are not assigned.&nbsp; The scenarios are deliberately chosen to include extreme changes in interest and currency exchange rates.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Following is a discussion of the primary market risk exposures that we face together with an analysis of the exposure to each one of them.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are exposed to interest rate risk on short- and long-term instruments and as a result of refinancing of fixed-rate instruments included in our consolidated debt.&nbsp; Consequently, as well as managing the currency and maturity of debt, we manage interest costs through a balance between lower-cost floating rate debt, which has inherently higher risk, and more expensive, but lower risk, fixed-rate debt.&nbsp; We can use swaps, options and other derivatives to achieve the desired ratio between floating-rate debt and fixed-rate debt.&nbsp; The desired ratio varies according to market conditions:&nbsp; if interest rates are relatively low, we will shift towards fixed rate debt.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are basically exposed to the following floating interest rates:</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>U.S. dollar LIBOR, due to our floating rate U.S. dollar-denominated debt (usually trade-finance related), to our cash position held offshore in U.S. dollars, which is invested in short-term instruments, </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>TJLP (Long Term Interest Rate), due to </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-denominated debt indexed to this interest rate, and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>CDI (benchmark Brazilian real overnight rate), due to our cash held in Brazil (onshore cash) and to our CDI indexed debt.</FONT></FONT></P>
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<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Exposure as of December&nbsp;20<FONT style="FONT-SIZE: 8pt" face="Times New Roman">1</FONT>0*&nbsp;(amortization) </FONT></B></FONT></P>
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<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>US dollar LIBOR</FONT></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2,229</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">488</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">460</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">130</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">271</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">279</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><B>6</B></FONT><B>01&nbsp;</B></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=left>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=left>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>US dollar fixed rate</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>6,<FONT style="FONT-SIZE: 8pt" face="Times New Roman">73</FONT>4</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">134</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">1<FONT style="FONT-SIZE: 8pt" face="Times New Roman">.</FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman">0</FONT>1<FONT style="FONT-SIZE: 8pt" face="Times New Roman">1</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">77</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">702</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>4,697</B></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=left>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=left>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=left>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>CDI</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>7,<FONT style="FONT-SIZE: 8pt" face="Times New Roman">000</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">&nbsp;0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">1.033</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">53<FONT style="FONT-SIZE: 8pt" face="Times New Roman">3</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">1.433</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">1.000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><B>3.00</B></FONT><B>0&nbsp;</B></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=left>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=left>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=left>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=left><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>TJLP</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>1,268</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">210</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">244</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">251</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">42</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">29</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>492</B></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<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: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Exposure as of December&nbsp;2009*</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;(amortization) &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>Notional</B></FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2011</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2014</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>Thereafter</B></FONT><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>US dollar LIBOR</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>2,679&nbsp;</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">183</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">897</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">958</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">326</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">315</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">0&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>US dollar fixed rate</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>5,2<FONT style="FONT-SIZE: 8pt" face="Times New Roman">2</FONT>4&nbsp;</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">364</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">143</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">117</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">1,055</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">80</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT lang=EN-US>3,<FONT style="FONT-SIZE: 8pt" face="Times New Roman">465</FONT>&nbsp;</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B><FONT lang=EN-US>CDI</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><B>3,999</B></FONT><B>&nbsp;</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">&nbsp;0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">667</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">2,366</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">532</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">434</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">0&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>TJLP</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"><B>1,377&nbsp;</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">&nbsp;200</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">200</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">235</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">242</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">40</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">460</FONT></P>
</TD></TR></TABLE></DIV>
<DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</DIV></DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>* All figures in Reais (R$) .&nbsp; Because we primarily use Brazilian GAAP controls, the numbers shown in the table do not add up to 100% of our debt and might differ, within some margin, from the numbers shown in this report.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our cash and cash equivalent were as follows: </FONT></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="34%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="20%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="20%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="20%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>December 31, &nbsp;2010</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>December 31, &nbsp;2009</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Exposure</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="44%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Cash in </FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>reais</I></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">: &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,635&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,131</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">CDI&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Cash in U.S. dollars: &nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,556&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,850</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">LIBOR&nbsp;</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The table below shows the average interest rate and the average life of our debt.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="37%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>December&nbsp;2010</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="37%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>December&nbsp;2009</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average rate %</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average life</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average rate %</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average life</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">U.S. dollar LIBOR*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.23&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3.15&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.52&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.36&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>U.S. dollar fixed rate&nbsp;</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">7.41&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">14.91 (with perpetual bond)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">8.27&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">15.81 (with perpetual bond)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Euro fixed rate&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">UMBNDES*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">CDI&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">110.58 of CDI&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4.61&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">112.53 of CDI&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.46&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">IGPM*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">N/A&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">TJLP*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2.21&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5.58&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3.00&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5.57&nbsp;</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>109</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
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<A href="#page_3"></A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company entered into cross-currency swap agreements to hedge liabilities indexed to US Dollar from Brazilian Real fluctuations, which are mostly affected by market, economic, political, regulatory and geopolitical conditions, among others. The gains and losses from these contracts are directly related to exchange (dollar) and CDI fluctuations. The duration of our U.S. dollar fixed-rate derivatives increased from&nbsp; 40&nbsp;days as of December&nbsp;31, 2009 to&nbsp; 54&nbsp;days as of December&nbsp;31, 2010 (see tables below).</FONT></FONT></P>

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<TR>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Notional</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average interest rate</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average maturity</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>As of December&nbsp;31,&nbsp; 2010</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(in U.S. dollar million,</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>(U.S. dollar)</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>(days)</B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>unless otherwise indicated)</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="84%" colSpan=6>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Swaps (U.S. dollar fixed - rate versus CDI)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>2.29%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>54</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="44%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Notional</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average interest rate</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Average maturity</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>As of December 31, &nbsp;2009</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>(in U.S. dollar million,</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>(U.S. dollar)</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>(days)</B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>unless otherwise indicated)</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="44%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Swaps (U.S. dollar fixed - rate versus CDI )</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,520</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>0.8823%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>40</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="84%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif">* daily reset</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Foreign Currency Exchange Rate Risk</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Fluctuations in exchange rates can have significant effects on our operating results.&nbsp; Therefore, exchange rate fluctuations affect the values of our </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-denominated assets, the carrying and repayment costs of our </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-denominated financial liabilities, our </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-denominated production costs, the cost of </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>-denominated capital items and the prices we receive in the Brazilian market for our finished steel products.&nbsp; We attempt to manage our net foreign exchange rate exposures, trying to balance our non-</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> denominated assets with our non-</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> denominated liabilities.&nbsp; We use derivative instruments to match our non-</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> denominated assets to our non-</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> denominated liabilities, but at any given time we may still have significant foreign currency exchange rate risk exposure.</FONT></FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our exposure to U.S. dollar is due to the following contract categories:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>U.S. dollar-denominated debt;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>offshore cash;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>currency derivatives (in the case of options, we use the delta as a measure of exposure);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>U.S. dollar indexed accounts payable and receivable (usually related to international trade, i.e., imports and exports); and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>offshore investments:&nbsp; assets that we bought offshore and that are denominated in U.S. dollars on our balance sheet.</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>December&nbsp;31, 2010</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>December&nbsp;31, 2009</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>U.S. dollar Liabilities</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5,803</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,660</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;loans and financing&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5,735</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,597</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;trade accounts payable&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">32</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;other&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">31</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>U.S. dollar Assets</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">5,903</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,530</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;offshore cash and cash equivalents&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,240</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,908</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;derivatives (swaps and NDFs)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">1,402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,170</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;trade accounts receivable&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">107</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>offshore investments (net of cash)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">97</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">184</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>other</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">131</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">161</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Total U.S. dollar Exposure</FONT></B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>100</B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>131</B></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>110</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_115"></A>

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<DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Offshore investments</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have capitalized our offshore subsidiaries domiciled in U.S. dollar-based countries with equity investments, and those investments are accounted as U.S. dollar investments.&nbsp; The result is that they work as assets indexed to U.S. dollar from an earnings perspective.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Commodity Price Risk</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Fluctuations in the price of steel and some of the commodities used in producing steel, such as zinc, aluminum, tin, coal, coke and energy, can have an impact on our earnings.&nbsp; Currently, we are not hedging our exposure to commodity prices.&nbsp; Our biggest commodity price exposure is the price of steel and coal, but there are no liquid instruments that provide an effective hedge against their price fluctuations.</FONT></FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Sensitivity analysis</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The economic environment in which we operate determines the main factors taken into consideration to establish risk scenarios.&nbsp; In the Brazilian economic environment exchange rate variation is the most notable market risk.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> exchange rate has significant volatility.&nbsp; Between 1999 and 2008 the </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><I><FONT lang=EN-US>real&nbsp;</FONT></I></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> exchange rate had an average annual volatility of 22% and in four years during this period volatility was of approximately 50%, including 2008.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>To develop our sensitivity analysis we analyze five different scenarios of exchange rate variation.&nbsp; Based on the foreign exchange rate of December&nbsp;31, 2010 of R$1.6662 per US$1.00, adjustments were estimated for five scenarios:&nbsp; scenario 1: Probable scenario,&nbsp; rate of R$1.6736 per US$1.00; scenario 2:&nbsp; (25% of Real appreciation) rate of R$1.2497 per US$1.00; scenario 3:&nbsp; (50% of Real appreciation) rate of R$0.8331 per US$1.00; scenario 4: (25% of Real devaluation) rate of R$ 2.0828; scenario 5: (50% of Real devaluation) rate of R$ 2.4993.</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>December 31, 2010</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top rowSpan=4 width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Risk</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top rowSpan=4 width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Scenario</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Reference</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Exchange</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Additional</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Value</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Rates</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Results</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>(In million of US$)</FONT></I></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>(In million of R$)</FONT></I></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1,178</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6662</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Foreign Exchange swaps</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Fluctuation of US$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6736</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>9</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.2497</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>491)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>0.8331</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>981)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.0828</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>491</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.4993</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>981</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>1,151)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6662</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Exchange position - BRL <BR>Functional currency </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Fluctuation of US$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6736</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>9)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(not including exchange derivatives above)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.2497</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>479</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>0.8331</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>958</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.0828</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>479)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.4993</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>958)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>99</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6662</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 18.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Consolidated exchange position</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Fluctuation of US$</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6736</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 23.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(including exchange derivatives above)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.2497</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>41)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>0.8331</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(83)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.0828</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>41</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.4993</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>83</FONT></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>111</FONT></FONT></FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_116"></A>

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<DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For consolidated exchange transactions with Euro fluctuation risk, based on the foreign exchange rate on December 31, 2010, of R$ 2.2280 per &#8364;$ 1.00, adjustments were estimated for five scenarios: scenario 1: Probable scenario, rate of R$2.2188 per &#8364;$ 1.00; scenario 2: (25% of Real appreciation) rate of R$1.6710 per &#8364;$ 1.00; scenario 3: (50% of Real appreciation) rate of R$1.1140 per &#8364;$ 1.00; scenario 4: (25% of Real devaluation) rate of R$ 2.7850; scenario 5: (50% of Real devaluation) rate of R$ 3.3420.</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>December 31, 2010</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top rowSpan=4 width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Risk</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top rowSpan=4 width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Scenario</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Reference</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Exchange</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Additional</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Value</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Rates</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><B><FONT lang=EN-US>Results</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>(in million of EUR)</FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><I><FONT lang=EN-US>(in million of R$)</FONT></I></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>90</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.2280</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Foreign Exchange swaps</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Fluctuation of EURO</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.2188</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>1)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6710</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>50)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.1140</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(100)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.7850</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>50</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3.3420</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>100</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>6</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.2280</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 21.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Exchange position - BRL <BR>Functional currency</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Fluctuation of EURO</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.2188</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>0)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 23.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(not including exchange derivatives above)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6710</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(3)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.1140</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>6<FONT style="FONT-SIZE: 8pt" face="Times New Roman">)</FONT></FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.7850</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3.3420</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>6</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>96</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.2280</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Consolidated exchange position</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>Fluctuation of EURO</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.2188</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>1)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 23.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>(including exchange derivatives above)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.6710</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>53)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>1.1140</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US>(</FONT></FONT><FONT lang=EN-US>106)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>4</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>2.7850</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>53</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>5</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>3.3420</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face="Times New Roman,serif"><FONT lang=EN-US>106</FONT></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>112</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_117"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Sensitivity analysis of interest rate swaps</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><I><FONT lang=EN-US>In millions of R$, except for nocional amount</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="36%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nocional</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>US$ million</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Risk</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Probable</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25%</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>50%</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="36%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Swaps </I></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>of interest rate libor vs CDI</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Libor) US$</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(32)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Sensitivity analysis of changes in interest rate</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>The Company considers&nbsp; the effects of an increase or decrease of 5% in interest rates on its outstanding loans, financing and debentures as at December 31, 2010 in the consolidated financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><I><FONT lang=EN-US>In millions of R$</FONT></I></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="29%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Impact on Profit or Loss</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD width="29%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="29%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variation on interest rates</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f8f8f8 width="29%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="29%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Libor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="29%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CDI</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="29%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Share market price risk</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company is exposed to the risk of changes in the price of shares due to the investments made and classified as available-for-sale.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sensitivity analysis is based on the assumption of maintaining the market values of 31/12/2010 as probable scenario. Therefore, not impacting on the above-mentioned financial instruments classified as available for sale. The Company considered the scenarios presented below for volatility of shares.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Scenario 1: (25% of shares appreciation); </FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Scenario 2: (50% of of shares appreciation); </FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Scenario 3: (25% of shares devaluation); </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-US>Scenario 4: (50% of shares devaluation).</FONT></FONT></P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>113</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>




<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_118></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><I><FONT lang=EN-US>In millions of R$</FONT></I></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="36%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Impact on Equity</B></FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companies</B></FONT>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25%</B></FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>50%</B></FONT>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25%</B></FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>50%</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>205</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>410</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(205)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(410)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Riversdale Mining Limited</FONT>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>206</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(103)</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(206)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Planatl&#226;ntica</FONT>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="36%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>311</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>621</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(311)</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(621)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;</FONT></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 12.&nbsp; Description of Securities Other Than Equity Securities</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>American Depositary Shares</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The <FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">JP Morgan Chase Bank, N.A.</FONT> serves as the depositary for our ADSs.&nbsp; ADR holders are required to pay various fees to the depositary, and the depositary may refuse to provide any service for which a fee is assessed until the applicable fee has been paid.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>ADR holders are required to pay the depositary amounts in respect of expenses incurred by the depositary or its agents on behalf of ADR holders, including expenses arising from compliance with applicable law, taxes or other governmental charges, facsimile transmission or conversion of foreign currency into U.S. dollars.&nbsp; In this case, the depositary may decide in its sole discretion to seek payment by either billing holders or by deducting the fee from one or more cash dividends or other cash distributions.</FONT></FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>ADR holders are also required to pay additional fees for certain services provided by the depositary, as set forth in the table below.</FONT></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm"> <H3 style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Depositary service</FONT></B></FONT></H3></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Fee payable by ADR holders</FONT></B></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Issuance and delivery of ADRs, including in connection with share distributions, stock splits </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>USD 5.00 for each 100 ADSs (or portion thereof)</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Distribution of dividends </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">USD 5.00 for each 100 ADSs</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Deposit of securities, including in respect of share, rights and other distributions </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>USD 5.00 for each 100 ADSs (or portion thereof)</FONT></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>Withdrawal of deposited securities </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>
<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><FONT lang=EN-US>USD 5.00 for each 100 ADSs (or portion thereof)</FONT></FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Direct and indirect payments by the depositary</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The depositary reimburses us for certain expenses we incur in connection with the ADR program, subject to a ceiling agreed between us and the depositary from time to time.&nbsp; These reimbursable expenses currently include legal and accounting fees, listing fees, investor relations expenses and fees payable to service providers for the distribution of material to ADR holders.&nbsp; For the year ended December&nbsp;31, 2010, such reimbursements totaled US$520 thousand.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 13.&nbsp; Defaults, Dividend Arrearages and Delinquencies</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>None.</FONT></FONT></P>
</DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>114</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_119></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<DIV><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 14.&nbsp; Material Modification to the Rights of Security Holders and Use of Proceeds</FONT></B></FONT></DIV>
<DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>None.</FONT></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>PART II</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 15.&nbsp; Controls and Procedures</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Disclosure Controls and Procedures</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have carried out an evaluation under the supervision of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934.&nbsp; Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that the design and operation of our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that we file and submit under the Exchange Act is (i)&nbsp;recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii)&nbsp;collected and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosure as of the end of our most recent fiscal year.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>MANAGEMENT&#8217;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our management is responsible for establishing and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our internal control over financial reporting is a process designed by, or under the supervision of, our Audit Committee, principal executive and principal financial officers, and effected by our board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.&nbsp; Our internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Because of its inherent limitations, internal control over</FONT></B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US> financial reporting may not prevent or detect material misstatements on a timely basis.&nbsp; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Management assessed the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2010 based on the criteria established in &#8220;Internal Control &#8211; Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations &#8211; COSO &#8211; of the Treadway Commission.&nbsp; Based on the assessment, management has concluded that, as of December&nbsp;31, 2010, our internal control over financial reporting is effective. &nbsp;&nbsp;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Attestation Report of the Independent Registered Public Accounting Firm</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>For the report of KPMG Auditores Independentes, our independent registered public accounting firm, dated June 17</FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, 2011, on the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2010, see &#8220;Item 18.&nbsp; Financial Statements&#8221;.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Changes in internal control over financial reporting</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>There have been no changes in our internal control over financial reporting that occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</FONT></FONT></P>
</DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>115</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 16.&nbsp; [Reserved]</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>16A. Audit Committee Financial Expert</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>After reviewing the qualifications of the members of our Audit Committee, our Board of Directors has determined that all three members of our Audit Committee qualify as an &#8220;audit committee financial expert,&#8221; as defined by the SEC.&nbsp; In addition, all of the members of out Audit Committee meet the applicable independence requirements both under Brazilian Corporate Law and under the NYSE rules.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our Audit Committee is permanently assisted by a consultant, who renders financial and consulting services, among others, to the members of our Audit Committee.</FONT></FONT></P>
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<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>16B.&nbsp; Code of Ethics</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have adopted a Code of Ethics in 1998, reinforcing our ethical standards and values that apply to all of our employees, including executive officers and directors.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Given its importance, copies of the Code of Ethics were distributed to each employee of the organization, to our Board of Directors and our Audit Committee members, who have signed a Commitment Letter, which reinforces the compromise with the established values.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>There was no amendment to or waiver from any provision of our Code of Ethics in 2010.&nbsp; Our Code of Ethics is in compliance with the SEC requirements for codes of ethics for senior financial officers.&nbsp; A copy of our Code of Ethics is available on our websites www.csn.com.br or www.csn.com.br/ir.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>16C.&nbsp; Principal Accountant Fees and Services</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our interaction with our independent auditors with respect to the contracting of services unrelated to the external audit is based on principles that preserve the independence of the auditors and are otherwise permissible under applicable rules and regulations.&nbsp; For the fiscal years ended December&nbsp;31, 2010 and 2009, KPMG Auditores Independentes acted as our independent auditors.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following table describes the services rendered and the related fees.</FONT></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Year ending</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>December&nbsp;31,</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2010</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>2009</B></FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><I>(In thousands of R$)</I></FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Audit fees&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">2,649</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,496</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Audit &#8211; related fees&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">774 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">195</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="76%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">Tax fees&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">89</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">145</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=5>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif"><B>Total</B></FONT><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">3,512</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman,serif">4,836</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=PT-BR>Audit fees</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Audit fees in 2009 and 2010 consisted of the aggregate fees billed and billable by our independent auditors in connection with the audit of our consolidated financial statements, reviews of interim financial statements and attestation services that are provided in connection with statutory and regulatory filings or engagements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Audit-related fees</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Audit-related fees in the above table are fees billed by our independent auditors for services that are reasonably related to the performance of the audit or review of our financial statements.&nbsp; In 2009, audit-related fees refer mainly to due diligence services and in 2010 refer mainly to comfort letters for offering of bonds.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Tax Fees</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Fees billed in 2010 and 2009 for professional services rendered by our independent auditors are for tax compliance services.</FONT></FONT></P>
</DIV>
<DIV>&nbsp;</DIV>
<DIV>
<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>116</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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</DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Pre-approval Policies and Procedures</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Our Board of Directors and Audit Committee&nbsp; must approve before we engage independent auditors to provide any audit or permitted non-audit services to us or our subsidiaries.</FONT></FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>16D.&nbsp; Exemptions from the Listing Standards for Audit Committees</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are in full compliance with the listing standards for audit committee pursuant to Exchange Act Rule 10A- 3. For a discussion on our audit committee, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Committee and Audit Committee.&#8221;</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>16E.&nbsp; Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Since the beginning of 2004, in accordance with the limits and provisions of CVM&#8217;s Instruction No. 10/80, our Board of Directors approved a number of share buyback programs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>On May&nbsp;6, 2010, our Board of Directors approved a new share buyback program, authorizing us to acquire up to 28,874,810 of our shares.&nbsp; As of the date of this annual report no shares were acquired through this buyback program.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>16F.&nbsp; Change in Registrant&#8217;s Certifying Accountant</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>None.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>16G.&nbsp; Corporate Governance</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Significant Differences between our Corporate Governance Practice and NYSE Corporate Governance Standards</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We are subject to the NYSE corporate governance listing standards.&nbsp; As a foreign private issuer, the standards applicable to us are considerably different than the standards applied to U.S. listed companies.&nbsp; Under the NYSE rules, we are required only to:&nbsp; (i)&nbsp;have an audit committee or audit board, pursuant to an applicable exemption available to foreign private issuers, that meets certain requirements, as discussed below, (ii)&nbsp;provide prompt certification by our Chief Executive Officer of any material non-compliance with any corporate governance rules, and (iii)&nbsp;provide a brief description of the significant differences between our corporate governance practices and the NYSE corporate governance practice required to be followed by U.S. listed companies.&nbsp; The discussion of the significant differences between our corporate governance practices and those required of U.S. listed companies follows below.</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Majority of Independent Directors</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The NYSE rules require that a majority of the board of directors must consist of independent directors.&nbsp; Independence is defined by various criteria, including the absence of a material relationship between the director and the listed company.&nbsp; Brazilian law does not have a similar requirement.&nbsp; Under Brazilian law, neither our board of directors nor our management is required to test the independence of directors before their election to the board.&nbsp; However, both Brazilian Corporate Law and the CVM have established rules that require directors to meet certain qualification requirements and that address the compensation and duties and responsibilities of, as well as the restrictions applicable to, a company&#8217;s executive officers and directors.&nbsp; While our directors meet the qualification requirements of Brazilian Corporate Law and the CVM, we do not believe that a majority of our directors would be considered independent under the NYSE test for director independence.&nbsp; Brazilian Corporate Law requires that our directors be elected by our shareholders at an annual shareholders&#8217; meeting.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Executive Sessions</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>NYSE rules require that the non-management directors must meet at regularly scheduled executive sessions without management present.&nbsp; Brazilian Corporate Law does not have a similar provision.&nbsp; According to Brazilian Corporate Law, up to one-third of the members of the board of directors can be elected from management.&nbsp; Mr. </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Benjamin Steinbruch, our Chief Executive Officer, is also the Chairman of our Board of Directors.&nbsp; There is no requirement that non-management directors meet regularly without management.&nbsp; As a result, the non-management directors on our Board of Directors do not typically meet in executive session.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Nominating and Corporate Governance Committee</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>NYSE rules require that listed companies have a nominating and corporate governance committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities, which include, among other things, identifying and selecting qualified board member nominees and developing a set of corporate governance principles applicable to the company.&nbsp; We are not required under Brazilian Corporate Law to have, and currently we do not have, a nominating and a corporate governance committee.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Compensation Committee</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>NYSE rules require that listed companies have a compensation committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities, which include, among other things, reviewing corporate goals relevant to the chief executive officer&#8217;s compensation, evaluating the chief executive officer&#8217;s performance, approving the chief executive officer&#8217;s compensation levels and recommending to the board non-chief executive officer compensation, incentive-compensation and equity-based plans.&nbsp; We are not required under applicable Brazilian law to have, and currently do not have, a compensation committee.&nbsp; Under Brazilian Corporate Law, the total amount available for compensation of our directors and executive officers and for profit-sharing payments to our executive officers is established by our shareholders at the annual shareholders&#8217; meeting.&nbsp; The board of directors is then responsible for determining the individual compensation and profit-sharing of each executive officer, as well as the compensation of our board and committee members.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Audit Committee</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>NYSE rules require that listed companies have an audit committee that (i)&nbsp;is composed of a minimum of three independent directors who are all financially literate, (ii)&nbsp;meets the SEC rules regarding audit committees for listed companies, (iii)&nbsp;has at least one member who has accounting or financial management expertise and (iv)&nbsp;is governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities.&nbsp; However, as a foreign private issuer, we need only to comply with the requirement that the audit committee meet the SEC rules regarding audit committees for listed companies to the extent compatible with Brazilian corporate law.&nbsp; We have established an Audit Committee, which is equivalent to a U.S. audit committee, provides assistance to our Board of Directors in matters involving our accounting, internal controls, financial reporting and compliance.&nbsp; Our Audit Committee recommends the appointment of our independent auditors to our Board of Directors and reviews the compensation of, and coordinates with, our independent auditors.&nbsp; They also reports on our auditing policies and our annual auditing plan prepared by our internal auditing team, Our Audit Committee also evaluates the effectiveness of our internal financial and legal compliance controls, and is comprised of up to three members elected by our Board of Directors for a one-year term of office.&nbsp; The current members of our Audit Committee are&nbsp; Fernando Perrone, Yoshiaki Nakano and Alexandre Gon&#231;alves Silva.&nbsp; All members of our Audit Committee satisfy the audit committee membership independence requirements set forth by the SEC and the NYSE.&nbsp; All members of our Audit Committee have been determined by our Board of Directors to qualify as an &#8220;audit committee financial expert&#8221; within the meaning of the rules adopted by the SEC relating to the disclosure of financial experts on audit committees in periodic filings pursuant to the Exchange Act.&nbsp; For further information on our Audit Committee, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Committee and Audit Committee.&#8221;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Code of Business Conduct and Ethics</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>NYSE rules require that listed companies adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers.&nbsp; Applicable Brazilian law does not have a similar requirement.&nbsp; We have adopted a Code of Ethics applicable to all our employees, including our executive officers and directors.&nbsp; We believe this code addresses the matters required </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>to be addressed pursuant to the NYSE rules.&nbsp; For a further discussion of our Code of Ethics, see &#8220;Item 16B.&nbsp; Code of Ethics.&#8221;</FONT></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>118</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Shareholder Approval of Equity Compensation Plans</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>NYSE rules require that shareholders be given the opportunity to vote on all equity compensation plans and material revisions thereto, with limited exceptions.&nbsp; We currently do not have any such plan and, pursuant to our bylaws, we would require shareholder approval to adopt an equity compensation plan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><I><FONT lang=EN-US>Corporate Governance Guidelines</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>NYSE rules require that listed companies adopt and disclose corporate governance guidelines.&nbsp; We have adopted the following corporate governance guidelines, either based on Brazilian law, our Code of Ethics or institutional handbook:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>insider trading policy for securities issued by us;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>disclosure of material facts;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>disclosure of annual financial reports;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>confidential policies and procedures; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" face=Symbol><FONT lang=EN-US>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Sarbanes-Oxley Disclosure Committee&#8217;s duties and activities.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 17.&nbsp; Financial Statements</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>We have responded to Item 18 in lieu of responding to this item.&nbsp; See &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>PART III</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>Item 18.&nbsp; Financial Statements</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>The following consolidated financial statements of the Registrant, together with the report of KPMG Auditores Independentes thereon, are filed as part of this annual report.</FONT></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Reports of Independent Registered Public Accounting Firm</FONT></FONT></P></A></TD>

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   <P style="MARGIN-LEFT: 15px"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Balance sheets as of December&nbsp;31, 2010 and 2009 and January 1, 2009</FONT></FONT></P></A></TD>

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   <A href="csnform20f2010.htm#page_132"><FONT lang=EN-US>Notes to consolidated financial statements</FONT></A><FONT lang=EN-US> &nbsp;</FONT></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=PT-BR>Item 19.&nbsp; Exhibits</FONT></B></FONT></P>

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   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B>Number</B></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">
   <A href="exhibit11.htm">1.1+</A></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit11.htm">Bylaws of CSN, as amended to date.</A></FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2.1</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Form of Amended and Restated Deposit Agreement dated as of November 1, 1997 as amended and restated as of November 13, 1997, among Companhia Sider&#250;rgica Nacional, JP Morgan Chase Bank, N.A. (as successor to Morgan Guaranty Trust Company of New York), as successor depositary, and all holders from time to time of American Depositary Receipts issued thereunder (iorporated by reference from the Registration Statement on Form F-6 (333-7818) filed with the SEC).</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Form of Amendment No. 1 to the Deposit Agreement (inorporated by reference from the Registration Statement on Form F-6EF (333-115078) filed with the SEC on April&nbsp;30, 2004).</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Form of Amendment No. 2 to Deposit Agreement, including the form of American Depositary Receipt (iorporated by reference from the Registration Statement on Form F-6POS Filed filed with the SEC on January 5, 2011)</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit81.htm">8.1+</A>&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit81.htm">List of subsidiaries</A>&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>10.1*&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Equity Swap Agreement, originally dated as of July&nbsp;11, 2008 between CSN Madeira&nbsp;Ltda. and Goldman Sachs International. &nbsp;(incorporated&nbsp;by reference from the Annual Report on Form 20-F for the year ended December&nbsp;31, 2008, filed with the SEC on June&nbsp;30, 2009).</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10.2*&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Share Purchase Agreement, dated October&nbsp;21, 2008, among CSN, 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.&nbsp; (incorporated&nbsp;by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December&nbsp;31, 2008, filed with the SEC on March&nbsp;18, 2010)</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10.3*&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Shareholders Agreement of Nacional Min&#233;rios S.A., dated October&nbsp;21, 2008, between CSN and Big Jump Energy Participa&#231;&#245;es S.A.&nbsp; (incorporated&nbsp;by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December&nbsp;31, 2008, filed with the SEC on March&nbsp;18, 2010)</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10.4*&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>High Silica ROM Iron Ore Supply Contract, dated October&nbsp;21, 2008, between CSN and Nacional Min&#233;rios S.A.&nbsp; (incorporated&nbsp;by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December&nbsp;31, 2008, filed with the SEC on March&nbsp;18, 2010)</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10.5*&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Low Silica ROM Iron Ore Supply Contract, dated October&nbsp;21, 2008, between CSN and Nacional Min&#233;rios S.A.&nbsp; (incorporated&nbsp;by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December&nbsp;31, 2008, filed with the SEC on March&nbsp;18, 2010)</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10.6*&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Iron Ore Supply Contract, dated October&nbsp;21, 2008, between CSN and Nacional Min&#233;rios S.A.&nbsp; (incorporated&nbsp;by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December&nbsp;31, 2008, filed with the SEC on March&nbsp;18, 2010)</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10.7*&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Port Operating Services Agreement, dated October&nbsp;21, 2008, between CSN and Nacional Min&#233;rios S.A.&nbsp; (incorporated&nbsp;by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December&nbsp;31, 2008, filed with the SEC on March&nbsp;18, 2010)</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">
   <A href="exhibit121.htm">12.1+</A>&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit121.htm">Section&nbsp;302 Certification of Chief Executive Officer.</A>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">
   <A href="exhibit122.htm">12.2+</A>&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit122.htm">Section&nbsp;302 Certification of Chief Financial Officer.</A> &nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">
   <A href="exhibit131.htm">13.1+</A>&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit131.htm">Section&nbsp;906 Certification of Chief Executive Officer.</A> &nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">
   <A href="exhibit132.htm">13.2+</A>&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit132.htm">Section&nbsp;906 Certification of Chief Financial Officer.</A></FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">
   <A href="exhibit151.htm">15.1+</A>&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit151.htm">Management&#8217;s report dated June 17</A></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>
   <A href="exhibit151.htm">, 2011, on the effectiveness of our internal control over&nbsp;financial reporting as of December&nbsp;31, 2010.</A>&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">15.2&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>Consent of Golder Associates S.A. (incorporated by reference from the Annual Report on Form 20-F for the year ended December&nbsp;31, 2008, filed with the SEC on June&nbsp;30, 2009).</FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>*&nbsp; &nbsp; &nbsp; 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.</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face="Times New Roman,serif"><FONT lang=EN-US>+&nbsp; &nbsp; &nbsp; Filed herewith.</FONT></FONT></P></TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>119</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_3"></A></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><B><FONT lang=EN-US>SIGNATURE</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>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.</FONT></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="6%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="42%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">June</FONT>&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">17</FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>, 2011</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">By:&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><U>/s/ Benjamin Steinbruch</U></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"> &nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Name:&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Benjamin Steinbruch </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Title:&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Chief Executive Officer </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">By:&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><U>/s/ Paulo Penido Pinto Marques</U></FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"> &nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Name:&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Paulo Penido Pinto Marques </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Title:&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Chief Financial Officer </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="42%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt; mso-line-height-rule: exactly" align=center><FONT style="mso-bidi-font-size: 10.0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT lang=EN-US>120</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 10.0pt">&nbsp;</FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_125"></A>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 24pt"><FONT face=Arial,sans-serif><B><FONT style="FONT-SIZE: 9pt">Report of Independent Registered Public Accounting Firm</FONT></B></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Board of Directors and Shareholders</FONT></P>

<P style="MARGIN: 0cm 0cm 18pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>We have audited the accompanying consolidated balance sheets of Companhia Sider&#250;rgica Nacional and subsidiaries (&#8220;the Company&#8221;) as of December&nbsp;31, 2010 and 2009 and January 1, 2009, and the related consolidated statements of income, changes in shareholders&#8217; equity, comprehensive income and cash flows for each of the years in the two-year period ended December&nbsp;31, 2010. We also have audited the Company&#8217;s internal control over financial reporting as of December&nbsp;31, 2010, based on criteria established in </FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,sans-serif><I>Internal Control &#8211; Integrated Framework</I></FONT><FONT face=Arial,sans-serif> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company&#8217;s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on these consolidated financial statements and an opinion on the Company&#8217;s internal control over financial reporting based on our audits.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Companhia Sider&#250;rgica Nacional and subsidiaries as of December&nbsp;31, 2010 and 2009 and January 1, 2009, and the results of their operations and their cash flows for each of the years in the two-year period ended December&nbsp;31, 2010, in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2010, based on criteria established in </FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,sans-serif><I>Internal Control &#8211; Integrated Framework</I></FONT><FONT face=Arial,sans-serif> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 8pt" align=left>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 8pt" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>KPMG Auditores Independentes</FONT></P>

<P style="MARGIN: 0cm 0cm 30pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=PT-BR><FONT style="FONT-SIZE: 10pt">S&#227;o Paulo, SP - Brazil<BR></FONT><FONT style="FONT-SIZE: 10pt">June 17, 2011</FONT></FONT></FONT></P>

<DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-R1</FONT></P></DIV></DIV>

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<P><A name="page_126"></A></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_123"></A></FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="100%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Balance Sheets</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="52%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=middle><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>01/01/09</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>ASSETS</U></B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CURRENT ASSETS</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,970,791</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9,151,409</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,367,759</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,327,941</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,788,712</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,355,786</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,605,373</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,621,249</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Recoverable taxes</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>473,787</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>744,774</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>462,141</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid expenses</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>12,997</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,814</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>27,945</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other current assets</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>344,081</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>170,780</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,893,049</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current assets</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,793,688</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12,835,473</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,944,505</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>NON-CURRENT ASSETS</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Long-term receivables</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Investment Securities</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>112,484</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>58,485</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>212,486</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>375,772</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income taxes</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,592,941</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,957,058</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,596,905</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid pension cost</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>115,755</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>105,921</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>125,011</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Receivables from related parties</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>479,120</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>479,120</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11,828</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other non-current assets</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,306,094</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,222,637</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,598,233</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,664,879</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,977,222</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,707,749</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,103,624</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>321,902</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,512</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>13,776,567</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11,133,347</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10,071,834</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>462,456</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>457,559</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>526,796</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current assets</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>22,007,526</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,890,030</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,307,891</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=9><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TOTAL ASSETS</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>37,801,214</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30,725,503</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33,252,396</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-1</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_127"></A>

<P>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_123"></A></FONT><BR></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="100%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Balance Sheets</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities and shareholders&#8217; equity</B></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="52%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=middle><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%"><FONT size=2>&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%"><FONT size=2>&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>01/01/09</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>SHAREHOLDERS&#8217; EQUITY AND LIABILITIES</U></B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CURRENT LIABILITIES</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Payroll and related charges</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>164,799</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>134,190</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>117,994</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts payable</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>521,156</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,939,205</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Taxes payable</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>275,991</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>336,804</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>333,811</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Current portion of long-term debt</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,308,632</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,113,920</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,302,055</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other accounts payables</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,854,952</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,618,574</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,563,466</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>222,461</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>189,517</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>161,144</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>civil risks</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>107,964</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>100,838</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>76,688</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current liabilities</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,455,955</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,998,066</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,494,363</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>NON-CURRENT LIABILITIES</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Long-term debt and debentures</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>18,780,815</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>13,153,681</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8,681,098</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other accounts payables</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,067,435</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,666,323</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,930,613</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income taxes</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30,040</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,181</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,016,842</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,838,670</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,747,601</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>civil risks</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Employee benefits</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>317,145</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>364,140</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>22</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>289,640</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>132,068</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>85,649</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current liabilities</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,522,571</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>20,137,927</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,811,282</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Shareholders&#8217; Equity</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=middle><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Common stock</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Capital surplus</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Earnings reserves</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6,119,798</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5,444,605</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>4,254,572</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(33,417)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,011,804</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(168,015)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(585,715)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(602)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total shareholders&#8217; equity attributable to</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>owners of the Company</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,632,760</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,506,450</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,946,751</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Noncontrolling interests</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>189,928</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>83,060</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total shareholders&#8217; equity</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,822,688</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,589,510</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,946,751</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TOTAL SHAREHOLDERS&#8217; EQUITY AND</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>LIABILITIES</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>37,801,214</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30,725,503</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="11%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33,252,396</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-2</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_128"></A>

<P>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_123"></A></FONT><BR></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="100%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statements of Income</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="61%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>NET OPERATING REVENUES</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,450,510</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,978,364</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products sold</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(7,686,742)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(7,022,119)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>GROSS PROFIT</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,763,768</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,956,245</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>OPERATING EXPENSES</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,765,422)</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(395,013)</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Selling</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(677,962)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(635,784)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(536,857)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(480,072)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Equity in results of affiliated companies</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other expenses</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(643,081)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(695,905)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>92,478</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,416,735</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Operating income</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,998,346</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,561,232</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance income (expenses), net</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>27</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,911,458)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(246,435)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income before income taxes</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,086,888</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,314,797</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income tax benefit (expense)</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(313,371)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(581,735)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Deferred</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(257,326)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(117,881)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net income</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,516,191</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,615,181</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net income attributable to:</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Compania Sider&#250;rgica Nacional</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,516,376</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,618,934</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Noncontrolling interests</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(185)</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3,753)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Basic and diluted earnings per common share</B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=left><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Basic</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>29</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.72594</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.75478</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="61%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Diluted</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=middle><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>29</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.72594</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="1%"><FONT size=2>&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="12%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.75478</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-3</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>




<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_129></A>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_123"></A></FONT><BR>
</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="100%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="100%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="100%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statement of Cash Flows</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of razilian reais</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="72%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="13%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="13%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Net income for the year</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,516,191</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,615,181</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for charges on loans and financing</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,489,191</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,130,089</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Depreciation and amortization</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>806,169</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>780,152</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Gain (loss) on disposal of assets</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5,827</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>70,494</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Deferred income tax expense (benefit)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>257,326</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>117,881</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for swap/forward transactions</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>126,492</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(88,986)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Gain/loss on change in percentage equity interest</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(835,115)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Allowance for doubtful accounts</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(46,675)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,527</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for actuarial liabilities</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,393</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(47,622)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Accrual for contingencies</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>199,558</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>99,157</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Inflation adjustment and foreign exchange gains (losses), net</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>57,119</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,024,573)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Other</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(72,705)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>416,265</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash flows from operating activities</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,340,886</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,234,450</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=5><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Trade accounts receivables</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>143,250</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(51,082)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Inventories</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(794,331)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>926,260</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Taxes for offset</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>247,366</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(313,697)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Trade accounts payables</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11,964</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,137,203)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Payroll and related charges</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(36,757)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,257</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Taxes payable</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(101,723)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>263,734</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Taxes payable in installments - Refis</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(414,473)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(103,775)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Judicial deposits</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(33,822)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(737,041)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Contingent liabilities</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>16,868</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(422,375)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Interest paid</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,190,423)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(992,280)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Interest paid on swap transactions</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(676,163)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(742,700)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Other</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(30,107)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>287,433</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Changes in assets and liabilities</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,858,351)</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(3,007,469)</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=5><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash provided by (used in) operating activities</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,482,535</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(773,019)</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=5><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Receipts/payments on derivative transactions</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>395,346</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>248,966</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Net effects of equity swap</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,420,322</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Investments</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,370,016)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(284,232)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Property, plant and equipment</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3,635,911)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,996,759)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Intangible assets</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(25,216)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(5,628)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash used in investing activities</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(4,635,797)</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(617,331)</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=5><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Loans and financing</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8,789,548</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,671,696</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Financial institutions - principal</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,706,982)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,783,313)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Dividends and interest on shareholders' equity</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,560,795)</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2,027,600)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Capital contribution in subsidiaries by non-controlling shareholders</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>128,811</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>- Treasury shares</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1,350,307)</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash provided by financing activities</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,650,582</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,510,476</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=5><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Effects of changes in exchange rates on cash and cash equivalents</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(228,833)</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,300,744)</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=5><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Increase (decrease) in cash and cash equivalents</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,268,487</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,180,618)</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash equivalents, beginning of year</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,970,791</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,151,409</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="72%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash equivalents, end of year</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,239,278</B></FONT><FONT size=2>&nbsp;</FONT></TD>
     <TD bgColor=#eaeaea width="1%"><FONT size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea width="13%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,970,791</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-4</FONT></P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_130></A>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_123"></A></FONT><BR>
</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="100%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="100%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="100%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statements of Changes in Shareholders&#8217; Equity</FONT><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="21%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="3%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="3%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="3%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="3%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="3%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="3%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="3%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>Profit reserves</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=3 align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>Comprehensive Income</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=33><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Unrealized gain&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Cumulative&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Gain (loss) on&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(loss) on&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Companhia&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Common&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Capital&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Legal&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Retained&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Treasury&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Retained&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">translation </FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">defined benefit&nbsp;</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">available-for-sale&nbsp;</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Sider&#250;rgica</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;Non-controlling&nbsp;</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Stock&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">reserve&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">reserve&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">earnings&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Dividends&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Reserve&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Total&nbsp;</FONT></TD>
     <TD width="2%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">stock&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">earnings&nbsp;&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">adjustment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">pension plan&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">securities&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Total&nbsp;&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;Nacional</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">interests&nbsp;&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="4%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;Total equity</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>At December 31, 2008 - as reported</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.680.947</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>30</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>336.190</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>2.493.493</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.658.115</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>4.487.798</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(719.042)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.012.732</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>200.124</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>200.124</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>6.662.589</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>6.662.589</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=33><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Impact of restatement of prior years&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(176.185)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(176.185)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(176.185)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>Balances at December 31, 2008</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.680.947</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>30</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>336.190</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>2.493.493</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.658.115</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>4.487.798</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(719.042)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>836.547</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>200.124</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>200.124</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>6.486.404</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>6.486.404</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=33><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Unrealized gain/loss- Investment&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(602)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(602)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(602)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(602)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">IFRS adjustments&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">485.816&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">485.816&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">175.257&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(200.124)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(200.124)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>460.949</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>460.949</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=33><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>Opening balance at January 1, 2009</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.680.947</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>30</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>336.190</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>2.493.493</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>485.816</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.658.115</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>4.973.614</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(719.042)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.011.804</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(602)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(602)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>6.946.751</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>6.946.751</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Approval of proposed dividends&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(485.816)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(485.816)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(485.816)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(485.816)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Profit for the year&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2.618.934&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>2.618.934</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(3.753)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>2.615.181</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>Allocation of profit for the year</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">- Declared dividends (R$1,028.82 per thousand shares)&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(321.365)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(321.365)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(321.365)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">- Interest on capital (R$219.46 per thousand shares)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(319.965)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(319.965)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(319.965)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">- Reserves&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.285.864&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">561.658&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.847.522&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(1.847.522)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">- Proposal to the General Meeting&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.178.635&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.178.635&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(1.178.635)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Comprehensive income&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(618.723)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(3.275)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">36.885&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(585.113)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(585.113)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(585.113)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Repurchase of treasury shares as per EGM 8/13/2009&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(1.350.308)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(1.350.308)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(1.350.308)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Cancelation of treasury shares as per EGM 8/21 and 9/14/2009&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(877.791)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(877.791)&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">877.791&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Non-controlling interests&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">86.813&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>86.813</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Other&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3.332&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>3.332</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>3.332</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>Balances at December 31, 2009</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.680.947</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>30</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>336.190</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>3.779.357</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.178.635</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.341.982</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>6.636.164</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(1.191.559)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(33.417)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(619.325)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(3.275)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>36.885</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(585.715)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>6.506.450</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>83.060</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>6.589.510</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Approval of proposed dividends&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(1.178.635)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(1.178.635)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(1.178.635)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(1.178.635)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Profit for the year&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2.516.376&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>2.516.376</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(185)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>2.516.191</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Allocation of profit for the year&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">- Declared dividends (R$186.76 per thousand shares)&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(272.297)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(272.297)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(272.297)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">- Interest on capital (R$244.72 per thousand shares)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(356.800)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(356.800)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(356.800)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">- Dividends proposed to the General Meeting (R$842.06 per thousand shares)&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.227.703&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.227.703&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(1.227.703)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Investment reserve&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">626.159&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">626.159&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(626.159)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Cancelation of treasury shares&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(621.417)&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(621.417)&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">621.383&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(34)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>(34)</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Comprehensive income&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(69.270)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(28.603)&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">515.573&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">417.700&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>417.700</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>417.700</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Non-controlling interests&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">-&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>-</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">107.053&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B>107.053</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>Balances at December 31, 2010</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.680.947</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>30</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>336.190</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>3.779.357</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.227.703</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>1.346.724</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>6.689.974</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="2%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(570.176)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>-</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(688.595)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(31.878)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>552.458</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="3%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>(168.015)</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>7.632.760</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>189.928</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><B><I>7.822.688</I></B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-5</FONT></P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_131></A>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">
<A href="#page_123"></A></FONT><BR>
</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="100%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="100%" align=left><FONT style="FONT-FAMILY: Arial" size=2><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="100%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Consolidated Statements of Comprehensive Income</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Thousands of Brazilian reais</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 2pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.9pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.9pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.9pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.9pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>&nbsp;Profit for the year </B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>&nbsp; 2,516,191 </B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>&nbsp; 2,615,181 </B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>&nbsp;Other comprehensive income </B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp; 417,700 </B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>&nbsp;&nbsp; (585,113)</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><FONT lang=EN-US>&nbsp;Cumulative foreign currency translation adjustments and&nbsp; </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><FONT lang=EN-US>&nbsp;exchange gain on investments in foreign operations, net of taxes&nbsp; </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>(69,270)&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (618,723)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><FONT lang=EN-US>&nbsp;Pension plan, net of taxes </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>(28,603)&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,275)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><FONT lang=EN-US>&nbsp;Available-for-sale financial assets, net of taxes </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>515,573 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,885 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>&nbsp;Comprehensive income for the year </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>2,933,891 &nbsp;</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>&nbsp; 2,030,068 </B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif><B>&nbsp;Attributable to: </B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp;Company Sider&#250;rgica Nacional</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; 2,933,891 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp; 2,030,068 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="61%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>&nbsp;Non-controlling interests </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>-</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-6</FONT></P>
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<P style="TEXT-ALIGN: right"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(expressed In thousands of reais &#8211; R$, except otherwise stated)</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1. DESCRIPTION OF BUSINESS</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Sider&#250;rgica Nacional is a publicly-held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&#250;rgica Nacional, its subsidiaries and jointly-controlled subsidiaries collectively referred to herein as "CSN" or the &#8220;Company&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN is a Company with shares listed on the S&#227;o Paulo Stock Exchange (IBOVESPA) and New York Stock Exchange (NYSE). Accordingly, it reports its information to the Brazilian Securities Commission (CVM) and the U.S. Securities and Exchange Commission (SEC).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The main operating activities of CSN are divided into 5 (five) segments as follows:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel:</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s main industrial facility is the Presidente Vargas Steel Mill (&#8220;UPV&#8221;), located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of flat steel, metallic packaging and galvanized steel, with operations in Brazil, the United States and Portugal aimed at gaining markets and performing excellent services for final consumers. Its steels are used in the home appliance, civil construction and automobile industries.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining:</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The production of iron ore is developed in the city of Congonhas, in the State of Minas Gerais. It further mines limestone and dolomite in branches in the State of Minas Gerais and tin in the State of Rond&#244;nia to supply the needs of UPV, with the excess of these raw materials being sold to subsidiaries and third parties. CSN holds a concession to operate TECAR, a solid bulk maritime terminal, of the 4 (four) terminals that form the Port of Itagua&#237;, located in Rio de Janeiro. Importations of coal and coke are carried out through this terminal.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement:</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company entered the cement market boosted by the synergy between this new activity and its already existing businesses. Next to the Presidente Vargas Steel Mill in Volta Redonda (RJ), it installed a new business unit: CSN Cimentos, which is already producing CP-III type cement by using slag produced by the UPV blast furnaces in Volta Redonda. At present the clinker used in manufacturing the cement is purchased from third parties, though it will begin to be produced by CSN Cimentos in 2011, with the conclusion of the first stage of the plant in Arcos (MG), where CSN further has a limestone quarry.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Logistics</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Railroads:</I></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN has equity interests in two railroad companies: MRS Log&#237;stica, which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica, which operates the former Northeast Network of the RFFSA in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Ports</I></FONT><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif><B><I>:</I></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In the State of Rio de Janeiro, the Company operates the Container Terminal known as Sepetiba Tecon at the Port of Itagua&#237;. Located in the Bay of Sepetiba, this port has privileged highway, railroad and maritime access.</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-7</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tecon handles the shipments of CSN steel products, movement of containers, as well as storage, consolidation and deconsolidation of cargo.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energy:</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As energy is fundamental in its production process, the Company has invested in assets for generation of electric power to guarantee its self-sufficiency.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For further details on strategic investments in the Company&#8217;s segments, see Notes 12, 13 and 28 &#8211; Business Segment Reporting.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(a) Basis of presentation</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The consolidated financial statements have been prepared and are being presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These are the first financial statements presented by the Company in accordance with IFRS. The main differences between the accounting practices previously disclosed including the reconciliations of equity and profit for the year, are described in Note 4.2, 4.3 and 4.4.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company&#8217;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the notes to this report and refer to the allowance for doubtful accounts, provision for inventory losses, provision for labor, civil, tax, environmental and social security risks, depreciation, amortization, depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. Actual results may differ from these estimates.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The financial statements are presented in thousands of reais (R$). Depending on the applicable IFRS standard, the measurement criterion used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable amount.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The consolidated financial statements were approved by the Board of Directors and authorized for issue on June 16, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(b) Consolidated financial statements</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accounting policies have been consistently applied to all consolidated companies.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The consolidated financial statements for the years ended December 31, 2009 and 2010 include the following direct and indirect subsidiaries and jointly-controlled subsidiaries, as well as the exclusive funds Diplic and Mugen:</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-8</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;Equity interest (%)</FONT></B></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Companies</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2010 </FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2009 </FONT></B></FONT></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Main activities</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 2.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Direct interest: full consolidation</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Islands VII </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Islands VIII </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Islands IX </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Islands X </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Islands XI </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Islands XII</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Tangua</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>International Investment Fund</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests and financial transactions</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Minerals (1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Export </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions, sale of products and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Metals (2)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests and financial transactions </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Americas (3)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests and financial transactions </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Steel</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests and financial transactions </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>TdBB S.A</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Dormant company</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Galvasud - Merged on 1/29/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Steel-making</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Sepetiba Tecon </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Port services</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Minera&#231;&#227;o Nacional </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Mining and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN A&#231;os Longos - Merged on 1/28/2011</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Manufacture and sale of steel and/or metallurgical products</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Florestal Nacional (4)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Reforestation</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Estanho de Rond&#244;nia - ERSA </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Tin mining</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Cia Metalic Nordeste</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Manufacture of packaging and distribution of steel products</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Manufacture of packaging and distribution of steel products</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Cimentos </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Manufacture of cement</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Inal Nordeste&nbsp; - Merged on 05/30/2011</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Service center for steel products</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Gest&#227;o de Recursos Financeiros</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>99.99 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Dormant company</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Congonhas Min&#233;rios</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Mining and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Energia </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.90 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Sale of electric power</FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Transnordestina Log&#237;stica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 76.45 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 84.34 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Railroad logistics</FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Special partnership - Extinguished on 11/30/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 39.47 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Indirect interest: full consolidation</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Aceros</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Cayman - Liquidated on 8/31/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions, sale of products and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN IRON - Extinguished on 1/31/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Companhia Siderurgica Nacional LLC</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Steel-making</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Europe (5)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions, sale of products and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Ib&#233;ria </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Portugal (6)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions and sale of products</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Lusosider Projectos Sider&#250;rgicos </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Lusosider A&#231;os Planos </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.94 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.94 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Steel-making and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Acquisitions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Resources (7)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Finance UK Ltd </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Holdings UK Ltd </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Energy I - Liquidated on 8/31/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Itamambuca Participa&#231;&#245;es&nbsp;&nbsp; - Merged on 05/30/2011</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Mining and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Special partnership - extinguished on 11/30/2010</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 60.53 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests</FONT></P>
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<TR style="HEIGHT: 2.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Direct interest: proportional consolidation</FONT></B></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Nacional Min&#233;rios (NAMISA)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 59.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 59.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Mining and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>It&#225; Energ&#233;tica </FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 48.75 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 48.75 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Genaration of electric power</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>MRS Log&#237;stica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 22.93 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 22.93 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Railroad transportation</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>17.92 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 17.92 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Electric power consortium</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Aceros Del Orinoco</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 22.73 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 22.73 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Dormant company</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Indirect interest: proportional consolidation</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Namisa International Minerios SLU </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests and sale of products and ores</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Namisa Europe</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Equity interests and sale of products and ores</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Pelotiza&#231;&#227;o Nacional - Merged on 12/30/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 59.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Mining and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>MG Min&#233;rios&nbsp; - Merged on 12/30/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 59.99 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Mining and equity interests</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>MRS Log&#237;stica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 10.34 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp; 10.34 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Railroad transportation</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Aceros Del Orinoco</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.08 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 9.08 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="41%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Dormant company</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1) New corporate name of CSN Energy, changed on December 15, 2010. <BR>
(2) New corporate name of CSN Overseas, changed on December 15, 2010. <BR>
(3) New corporate name of CSN Panam&#225;, changed on December 15, 2010. <BR>
(4) New corporate name of Itagua&#237; Log&#237;stica, changed on December 27, 2010.<BR>
<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5) New corporate name of CSN Madeira, changed on January 8, 2010. <BR>
(6) New corporate name of Hickory, changed on January 8, 2010.<BR>
</FONT></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7) New corporate name of CSN Cement, changed on June 18, 2010.</FONT></P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-9</FONT></P>
</DIV>
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<P>&nbsp;</P><BR>

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<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exclusive funds</B></FONT></P>

<DIV align=left>

<DIV align=left>

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<TR style="HEIGHT: 8.15pt">

   <TD style="HEIGHT: 8.15pt" vAlign=top width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.15pt" vAlign=top width="19%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.15pt" vAlign=top width="52%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;Equity interest in </FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>capital social (%)</B></FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Special purpose entities</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 8.15pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.15pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2010 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 8.15pt" vAlign=top width="3%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 8.15pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2009 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 8.15pt" vAlign=top width="3%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.15pt" vAlign=top width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Principal activities</FONT></B></FONT></P></TD></TR>

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   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.8pt" vAlign=top width="58%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Direct equity interest: full consolidation</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.8pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.8pt" vAlign=top width="9%">

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   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.8pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.8pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="48%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>DIPLIC&nbsp; - Fundo de investimento multimercado</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;100.00 &nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Multimarket Investment fund</FONT></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Mugen - Fundo de investimento multimercado</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.3pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.3pt" vAlign=top width="3%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.3pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;100.00 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.3pt" vAlign=top width="3%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.3pt" vAlign=top width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Multimarket investment fund</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In preparing the consolidated financial statements the following consolidation procedures have been applied:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized gains on transactions with subsidiaries, jointly-controlled subsidiaries and affiliated companies are eliminated to the extent of CSN&#8217;s equity interests in the related entity in the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although only to the extent that there are indications of impairment. The base date of the financial statements of the subsidiaries, jointly-controlled subsidiaries and affiliated companies is the same as that of the Company, and their accounting policies are in line with the policies adopted by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Subsidiaries</B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Subsidiaries are all entities (including special purpose entities) over which the Company has the power to determine the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are actually exercisable or convertible are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date when control is transferred to the Company and are deconsolidated from the date when such control ceases.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Affiliated companies</B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Affiliated companies are all entities over which the Company has significant influence, but not control, generally accompanying a shareholding of 20% to 50% of the voting rights. Investments in its affiliated companies are accounted for under the equity method of accounting and are initially recognized at cost. The Company&#8217;s investment in affiliated companies includes goodwill identified on acquisition, plus the investor&#8217;s share of the profit or loss of the investee after the acquisition and other changes in the value of the net assets, less any accumulated impairment loss.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Jointly-controlled subsidiaries</B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The financial statements of jointly-controlled subsidiaries are included in the consolidated financial statements from the date when shared control starts through the date when shared control ceases to exist. Jointly-controlled subsidiaries are proportionally consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(c) Foreign currencies</B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>i. Functional currency and reporting currency</B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Items included in the financial statements of each one of CSN&#8217;s subsidiaries are measured using the currency of the primary economic environment in which each subsidiary operates ("the functional currency"). The consolidated financial statements are presented in Brazilian reais (R$), which is the Company&#8217;s functional currency, and also the Group&#8217;s reporting currency.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii. Transactions and balances</B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transactions in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions or valuation on which items are remeasured. Foreign exchange gains and losses resulting from the</FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;</P>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>settlement of these transactions and from the translation at exchange rates in effect as at December 31, 2010 of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income, except when they are recognized in shareholders&#8217; equity as qualifying cash flow hedges and qualifying net investment hedges.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The balances of balance sheet accounts are translated at the exchange rate in effect at the end of the reporting period, with US$ 1.00 being equivalent to R$ 1.6662 as at December 31, 2010 (R$ 1.7412 as at December 31, 2009), Euro 1.00 being equivalent to R$ 2.2280 (R$ 2.5073 in 2009), and JPY 1.00 being equivalent to R$ 0.0205 (R$ 0.0188 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>All other foreign exchange gains and losses, including foreign exchange gains and losses related to loans and cash and cash equivalents, are presented in the income statement as finance income or costs.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized in equity.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Translation differences on non-monetary financial assets and liabilities, such as investments in shares classified as measured at fair value through profit or loss, are recognized in profit or loss as part of the gain or loss on the fair value. Translation differences on non-monetary financial assets, such as investments in shares classified as available- for-sale, are included in comprehensive income in equity.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>iii. Group companies</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The results and financial position of all the Group&#8217;s entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the reporting currency are translated into the reporting currency as follows:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Assets and liabilities of each balance sheet presented are translated at the closing rate at the balance sheet date.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates in effect at the transaction dates, in which case income and expenses are translated at the rate in effect at the transaction dates); and</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>All resulting exchange differences are recognized as a separate component in other comprehensive income.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in foreign operations are recognized in equity. When a foreign operation is partly disposed of or sold, exchange differences previously recorded in other comprehensive income are recognized in the income statement as part of the gain or loss on sale.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(d) Cash and cash equivalents</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents include cash on hand and in banks and other short-term highly investments redeemable within 90 (ninety) days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Certificates of deposit that can be redeemed at any time without penalties are considered as cash equivalents.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(e) Trade accounts receivable</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts receivable are recognized at the amounts billed, including the related taxes and ancillary expenses, and trade accounts receivable in foreign currency are inflation adjusted at the exchange rate in effect at the end of the reporting period. The allowance for doubtful accounts was recorded in an amount considered sufficient to cover any losses. Management&#8217;s assessment takes into consideration the customer&#8217;s history and financial situation, as well as the opinion of our legal counsel regarding the collection of these receivables for recording the allowance.</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-11</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(f) Inventories</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition of raw materials. The costs of finished products and work in process comprise raw materials, labor and other direct costs (based on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business, less estimated costs of completion and costs necessary to make the sale. Losses for slow-moving or obsolete inventories are recorded when considered appropriate. The Company holds spare parts that will be used within its operating cycle which are classified as other current assets rather than inventories.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(g) Investments in affiliated companies and other investments</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In the case of foreign exchange gains or losses on foreign investments that involve a functional currency different from the Company&#8217;s, the changes in the value of the investment that result exclusively from foreign exchange gains or losses are recognized under &#8220;Cumulative foreign currency translation adjustments&#8221; in the Company&#8217;s shareholders&#8217; equity and are only recognized in profit or loss when the investment is sold or written off as a loss. Other investments are stated at cost or fair value. When necessary, the accounting policies of the subsidiaries and jointly-controlled subsidiaries are changed to ensure consistency and uniformity of criteria with the policies adopted by the Company.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(h) Property, plant and equipment</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment are stated at cost of acquisition, formation or construction, less accumulated depreciation or depletion and any impairment. Depreciation is calculated under the straight-line method based on the remaining economic useful economic lives of assets, as mentioned in note 14, and depletion of mines is calculated based on the quantity of ore mined. Land is not depreciated since their useful life is considered indefinite. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement, reducing the carrying amount of the part that it is replacing if it is probable that future economic benefits embodied therein will revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred. Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>If some components of the property, plant and equipment have different useful lives, these components are recognized separately as property, plant and equipment items.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gains and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &#8220;Other operating income/expenses&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Costs for the development of new ore deposits or for the expansion of the capacity of mines already in operation are capitalized and amortized using the units produced (mined) method, based on the probable and proven quantities of ore. Exploration expenditures are recognized as expenses until the viability of mining activities is established; after this period subsequent development costs are capitalized.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(i) Intangible assets</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets comprise assets acquired from third parties, including through business combinations and/or those internally generated.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These assets are recognized at cost of acquisition or formation, less amortization calculated under the straight-line method based on the exploration or recovery periods.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets with indefinite useful lives and goodwill based on expected future profitability are not amortized.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Goodwill</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill represents the excess of the cost of an acquisition over the net fair value of assets and liabilities of the acquired subsidiary. Goodwill on acquisitions of subsidiaries is included in &#8220;Intangible assets&#8221; in the consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-12</FONT></P>
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<P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Negative goodwill is recognized as a gain in profit for the period at the acquisition date. Goodwill is tested annually for impairment. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.</FONT></P>
<P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill is allocated to Cash-Generating Units (CGUs) for impairment testing purposes. The allocation is made to Cash-Generating Units or groups of Cash-Generating Units that are expected to benefit from the business combination from which the goodwill arose, and the unit is not greater than the operating segment.</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Computer software</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Software licenses acquired are capitalized based on the costs incurred to buy the software and bring them to use. These costs are amortized under the straight-line method over the estimated economic useful lives.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(j) Impairment of non-financial assets</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Assets that have an indefinite useful life, such as goodwill, are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized in the amount by which the carrying amount of the asset exceeds its recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to sell and its value in use. For impairment assessment purposes, assets are grouped at the lowest levels for which there are separately identified cash flows (CGUs). Non-financial assets, except goodwill, that are considered impaired are subsequently reviewed for possible reversal of the impairment at the reporting date.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(k) Employee benefits </B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(i<FONT size=1 face=Arial>)</FONT>. Employee Benefits Defined contribution plans</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity (pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions to defined contribution pension plans are recognized as employee benefit expenses in the income statement for the periods during which services are provided by employees. Contributions paid in advance are recognized as an asset on condition that either cash reimbursement or reduction in future payments is available. Contributions to a defined contribution plan that is expected to mature 12 (twelve) months after the end of the period in which the employee provides services are discounted to their present values.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Defined benefit plans</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company&#8217;s net obligation regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted to its present value. Any unrecognized costs of past services and the fair values of any plan assets are deducted. The discount rate is the yield presented at the end of the reporting period for top line debt securities whose maturity dates approximate the terms and conditions of the Company&#8217;s obligations and which are denominated in the same currency as the one in which it is expected that the benefits will be paid. The calculation is made annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit for the Company, the asset to be recognized is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available in the form of future plan reimbursements or reduction in future contributions to the plan. In calculating the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any Company plan. An economic benefit is available to the Company if it is realizable during the life of the plan or upon liquidation of the plan&#8217;s liabilities.</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
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<P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>When the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized under the straight-line method over the average period until the benefits become vested. When the benefits become immediately vested, the expense is immediately recognized in profit or loss.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has chosen to recognize all the actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii. Profit sharing and bonuses</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employee profit sharing is linked to the achievement of operating and financial targets, substantially allocated to the production cost when applicable and to general and administrative expenses.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(l) Provisions</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provisions are recognized when: (i) the Company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources will be required to settle a present obligation, and (iii) the amount can be reliably measured. Provisions are determined discounting the expected future cash flows based on a pre-tax discount rate that reflects current market assessments of the time value of money and, when appropriate, the specific risks of the liability. The increase in the provision due to passage of time is recognized as finance costs.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(m) Concessions</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has government concessions and their payments are classified as operating leases.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(n) Share capital</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Common shares are classified as equity.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds, net of taxes.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>When any Group company buys Company shares (treasury shares), the amount paid, including any directly attributable additional costs (net of income tax), is deducted from equity attributable to owners of the Company until the shares are canceled or reissued. When these shares are subsequently reissued, any amount received, net of any directly attributable additional transaction costs and the related income tax and social contribution effects, is included in equity attributable to owners of the Company.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(o) Operating revenue</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The operating revenue from the sale of goods in the normal course of the Company&#8217;s business activities is measured at the fair value of the consideration received or receivable. Revenue is recognized when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized as it is realized.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this timing depends on the type of incoterm of the contract.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(p) Finance income and expenses</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finance income includes interest income from funds invested (including available-for-sale financial assets), dividend income (except for dividends received from investees accounted for under the equity method in the Company), gains on disposal of</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-14</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>available-for-sale financial assets, changes in the fair value of financial assets measured at fair value through profit or loss, and gains on hedging instruments that are recognized in profit or loss. Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized when the Company&#8217;s right to receive payment has been established. Distributions received from investees accounted for under the equity method reduce the investment value.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finance costs comprise interest expenses on loans, net of the discount to present value of the provisions, dividends on preferred shares classified as liabilities, losses in the fair value of financial instruments measured at fair value through profit or loss, impairment losses recognized in financial assets, and losses on hedging instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured through profit or loss under the effective interest method.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange gains and losses are reported on a net basis.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(q) Income tax and social contribution</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The current and deferred Income Tax and Social Contribution are calculated at the rates of 15% (plus a 10% surtax on taxable profit exceeding R$ 240 for income tax and 9% on taxable profit for social contribution on net profit, and consider the offset of income tax and social contribution tax loss carry forwards, limited to 30% of the taxable profit.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The income tax and social contribution expense comprises current and deferred taxes. The current tax and the deferred tax are recognized in profit or loss unless they are related to business combinations or items directly recognized in equity.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted or substantially enacted by the end of the reporting period and any adjustment to taxes payable in relation to prior years.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and controlled entities when it is probable that they will not reverse in the foreseeable future. Moreover, a deferred tax liability is not recognized for taxable temporary differences resulting in the initial recognition of goodwill. The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on the laws that have been enacted or substantially enacted by the end of the reporting period.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred tax assets and liabilities are offset if there is a legal right to offset current tax liabilities and assets and they relate to income taxes assessed by the same taxing authority on the same entity subject to the taxation.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A deferred income tax and social contribution asset is recognized for tax losses, tax credits and deductible temporary differences that have not been utilized when it is probable that future profits subject to taxation will be available against which they will be utilized.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax and social contribution assets are reviewed at the end of each reporting period and reduced to the extent that realization thereof is no longer probable.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(r) Earnings per share</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Basic earnings per share are calculated by means of the profit for the year attributable to owners of the Company and the weighted average number of common shares outstanding in the related period. Diluted earnings per share are calculated by means of the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in the reported periods. The Company does not have any instruments potentially convertible into shares and, accordingly, diluted earnings per share are equal to basic earnings per share.</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-15</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(s) Environmental and restoration costs</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company recognizes a provision for the costs of recovery of areas and fines when a loss is probable and the amounts of the related costs can be reliably measured. Generally, the period for providing for the amount to be used in recovery coincides with the end of a feasibility study or the commitment to adopt a formal action plan.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expenses related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization is considered appropriate when the expenses refer to items that will continue to benefit the Company and that are basically related to the acquisition and installation of equipment to control and/or prevent pollution.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(t) Research and development</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>All these costs are recognized in the income statement when incurred, except when they meet the criteria for capitalization. Expenditures on research and development of new products for the year ended December 31, 2010 amounted to R$ 4,314 (R$ 2,515 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(u) Financial instruments</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>i) Classification</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial assets are classified under the following categories: at fair value through profit or loss, loans and receivables, held-to-maturity and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at the time of initial recognition.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#183; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial assets at fair value through profit or loss</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized as held for trading and, accordingly, are classified in this category unless they have been designed as cash flow hedging instruments. Assets in this category are classified in current assets.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#183; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loans and receivables</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted in an active market. They are included in current assets, except those with maturity of more 12 months after the end of the reporting period (which are classified as non-current assets). Loans and receivables comprise loans to affiliated companies, trade accounts receivable, other receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair value. Loans and receivables are carried at amortized cost using the effective interest rate method.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#183; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Held-to-maturity financial assets</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less any impairment loss.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#183; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Available-for-sale financial assets</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category. They are included in non-current assets when they are strategic investments of the Company, unless Management intends to dispose of the investment within up to 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at fair value.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii) Recognition and measurement</B></FONT></P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-16</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Regular purchases and sales of financial assets are recognized at the trading date - the date on which the Company undertakes to buy or sell the asset. Investments are initially recognized at their fair value, plus transaction costs for all financial assets not classified as at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognized at their fair value and the transaction costs are charged to the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the latter case, provided that the Company has transferred significantly all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are carried at amortized cost using the effective interest method.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gains or losses resulting from changes in the fair value of financial assets at fair value through profit or loss are presented in the income statement under &#8220;finance income&#8221; in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of other finance income when the Company&#8217;s right to receive the dividends has been established.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in the fair value of monetary securities denominated in a foreign currency and classified as available-for-sale are segregated into translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences on monetary securities are recognized in profit or loss, while translation differences on non-monetary securities are recognized in equity. Changes in the fair value of monetary and non-monetary securities classified as available-for-sale are recognized in other comprehensive income.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement as part of other finance income when the Company&#8217;s right to receive payments has been established.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The fair values of publicly quoted investments are based on the actual purchase prices. If the market for a financial asset (and for instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques. These techniques include the use of recent transactions contracted with third parties, references to other instruments that are substantially similar, analysis of discounted cash flows, and models for pricing options that make the greatest possible use of information generated by the market and contain the minimum possible amount of information generated by the management of the entity itself.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At the end of the reporting period the Company assesses whether there is objective evidence of impairment of a financial asset or group of financial assets. In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security to a level below its cost is considered as an indication that the securities are impaired. If there is such evidence for available-for-sale financial assets, the cumulative loss &#8211; measured as the difference between the acquisition cost and the current fair value, less any impairment loss on the financial asset previously recognized in profit or loss &#8211; is removed from equity and recognized in the income statement. Impairment losses recognized in the income statement on equity instruments are not reversed through the income statement.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Offset of financial instruments</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial assets and liabilities are set off and the net amount is reported in the balance sheet when there is a legally enforceable right to set off the recognized amount and the intention to settle on a net basis, or to realize the asset and settle the liability simultaneously.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Impairment of financial assets</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets measured at amortized cost</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company assesses, at the end of each reporting period, whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-17</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>recognition of the asset (a "loss event") and such loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>The criteria used by CSN to determine whether there is objective evidence of an impairment loss include the following:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face="SymbolMT,Times New Roman,Times,serif">&#183; </FONT><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>significant financial difficulty of the issuer or counterparty;</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face="SymbolMT,Times New Roman,Times,serif">&#183; </FONT><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>breach of contract, such as a default or delinquency in interest or principal payments;</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp; </FONT><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>the Issuer, for economic or legal reasons relating to the borrower&#8217;s financial difficulty, grants to the borrower a concession that the lender would not consider;</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp; </FONT><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>it becoming probable that the borrower will enter bankruptcy or financial reorganization;</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp; </FONT><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>the disappearance of an active market for that financial asset due because of the financial difficulties; or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.1in; MARGIN-LEFT: 0.1in"><FONT color=#231f20 size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp; </FONT><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>observable data indicating that there is a measurable decrease in the estimated future cash flows based on a portfolio of financial assets since the initial recognition of such assets, although the decrease cannot yet be identified with the individual assets in the portfolio, including: <BR>
- adverse changes in the payment status of the borrowers in the portfolio; <BR>
- national or local economic conditions that correlate with defaults on the assets in the portfolio.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>The amount of the loss is measured as the difference between the carrying amount of the asset and the present value of estimated future cash flows (excluding future credit losses that have not yet been incurred) discounted at the original effective interest rate of the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement. If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the current effective interest rate determined pursuant to the contract. As a practical expedient, the Company can measure the impairment based on the fair value of an instrument using an observable market price.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>If in a subsequent period the amount of the impairment loss decreases and the decrease can be objectively related to an event that occurred after the impairment was recognized (such as an improvement in the debtor&#8217;s credit rating), the reversal of the impairment loss is recognized in the consolidated income statement.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets classified as available-for-sale</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#231f20 size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. For debt securities, the Company uses the criteria mentioned above. In the case of equity instruments (shares) classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If there is any evidence of this type for available-for-sale financial assets, the cumulative loss &#8211; measured as the difference between the acquisition cost and the current fair value, less any impairment loss on the financial asset previously recognized in profit or loss &#8211; is removed from equity and recognized in the income statement. If in a subsequent period the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to an event that occurred after the impairment loss was recognized in profit or loss, the impairment loss is reversed through the income statement.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>iii) Derivative financial instruments and hedging activities</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Foreign exchange gain on foreign operations</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Any gain or loss on the instrument related to the effective portion is recognized in capital. The gain or loss related to the ineffective portion is immediately recognized in the income statement under "Other gains (losses), net".</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gains and losses accumulated in equity are included in the income statement when the foreign operation is partially disposed<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>of or sold.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-18</FONT></P>
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<A name=page_144></A></P>
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<A href="#page_123"></A></FONT></P>
<P style="MARGIN-RIGHT: 0.2in"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp;&nbsp; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Derivatives measured at fair value through profit or loss</B></FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Our derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recognized in the income statement under "Other gains (losses), net". Although the Company uses derivatives for hedging purposes, it does not apply hedge accounting.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(v) Segment information</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#181619 size=1 face=ArialMT,Arial,Helvetica,sans-serif>An operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur expenses, including revenues and expenses related to transactions with any other components of the Group. All the operating results of operating segments are reviewed regularly by the Executive Officers of CSN to make decisions regarding funds to be allocated to the segment and assessment of its performance, and for which there is distinct financial information available (see Note 28).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(w) Government grants</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT color=#181619 size=1 face=ArialMT,Arial,Helvetica,sans-serif>Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received, when they will be recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs for which the grants are intended.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has state tax incentives in the North and Northeast regions that are recognized in profit or loss as a reduction of the corresponding costs and expenses.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(x) New standards and interpretations that have not yet been adopted</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Several IFRS standards, amendments to standards and interpretations issued by the IASB are not yet effective for the year ended December 31, 2010, as follows:</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="1%"><FONT size=2>&#8226;</FONT></TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="98%"><FONT size=1 face=Arial>Limited exemption from Comparative IFRS 7 Disclosures for First-time Adopters;</FONT></TD></TR>
<TR>
     <TD width="1%"><FONT size=2>&#8226; </FONT></TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="98%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Improvements to IFRS 2010;</FONT></TD></TR>
<TR>
     <TD width="1%"><FONT size=2>&#8226;</FONT></TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="98%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IFRS 9 Financial Instruments;</FONT></TD></TR>
<TR>
     <TD width="1%"><FONT size=2>&#8226;</FONT></TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="98%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment of a minimum fund requirement (Amendment to IFRIC 14); and</FONT></TD></TR>
<TR>
     <TD width="1%"><FONT size=2>&#8226; </FONT></TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="98%">
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amendments to IAS 32 Classification of rights issues.</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><FONT color=#181619 size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has not yet estimated the extent of the impact of these new standards on its financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3. RESTATEMENT OF THE 2008 AND 2009 FINANCIAL STATEMENTS</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp;&nbsp;&nbsp; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Restatement &#8211; Health Care Plan</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to December 31, 2009, costs on the health care plan provided by the Company to former employees retired up to 1997 were recorded monthly as incurred, without any recognition of the constructive obligation resulting from probable future payments to be made.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Upon adoption of the IFRS and the detailed review of the policies and contracts that link some post-retirement payment to employees, a need to recognize the constructive obligation was identified. Therefore, the Company decided to make retrospective adjustments to the financial statements for 2008 and 2009 issued in accordance with USGAAP.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The balances of the accounts affected by the restatement as at January 1, 2009 are as follows:</FONT></P>
<P style="TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-19</FONT></P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Published</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(US$ thousand)</B></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Exchange<BR>rate</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Published</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(R$ thousand)</B></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Adjustments</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(R$ thousand)</B></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Adjusted</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(R$ thousand)</B></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Adjusted</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(US$ thousand)</B></FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Non-Current&nbsp; Assets</FONT></B></FONT></P></TD>

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<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>3</FONT><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>35,919&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2.3370</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785,043</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>100,847</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>885,889</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379,071</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Non-Current&nbsp; Liabilities</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.4pt">

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Provision for pension fund - Post-employment benefits</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>60,343</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2.3370</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,022</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296,608</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437,630</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>187,261</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Equity</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">3,315,687</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2.3370</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,748,761</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195,762)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,552,999</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">3,231,921</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=top width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The balances of the accounts affected by the restatement as at December 31, 2009 are as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 2pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.5pt">

   <TD style="HEIGHT: 12.5pt" vAlign=top width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="HEIGHT: 12.5pt" vAlign=top width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Published</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(US$ thousand)</B></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Exchange<BR>rate</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Published</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(R$ thousand)</B></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Adjustments</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(R$ thousand)</B></FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Adjusted</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(R$ thousand)</B></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Adjusted</FONT></B></FONT></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(US$ thousand)</B></FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Non-Current&nbsp; Assets</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>152,189</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1.7412</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>264,991</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>107,829</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>372,820</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>214,117</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Non-Current&nbsp; Liabilities</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.4pt">

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Provision for pension fund - Post-employment benefits</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">-</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1.7412</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">-</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>317,145</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>317,145</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.4pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>182,142</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Equity</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,263,762</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">1.7412</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,424,062</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">(209,316)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,214,746</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">4,143,548</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Income statement</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Other income (expenses)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(46,854)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1.9935</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93,403)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,800)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108,203)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54,278)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>51,820</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1.9935</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103,303 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,032 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108,335 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,344 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Profit for the year</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,280,778</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">1.9935</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,553,231 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,768)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,543,463 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,275,878 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=top width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.9pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In addition, the statements of comprehensive income, changes in equity, cash flows and value added, as well as Note 30 (Employee Benefits), Note 10 (Deferred Income Tax and Social Contribution) and Note 4.4 (Equity) have been adjusted to show the book balances and disclosures after the corrections mentioned in the paragraph and tables above.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4. TRANSITION TO IFRS</B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4.1. Application of the first-time adoption of IFRS</B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As disclosed in Note 2(a), the consolidated financial statements for the year ended December 31, 2010 are the first annual consolidated financial statements in conformity with IFRS. The Company has applied IFRS 1 in preparing these consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The transition date is January 1, 2009. Management has prepared the opening balance sheets in accordance with IFRS at that date, pursuant to the accounting policies defined in Note 2.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In preparing these financial statements, the Company applied the relevant mandatory exceptions and certain optional exemptions in relation to full retrospective application.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In preparing its opening balance sheet under IFRS, as mentioned in Note 3, the Company adjusted the amounts previously presented in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;), which are the accounting practices for the previously published consolidated financial statements in our annual report on Form 20-F.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4.2. Exemptions from some requirements of other IFRS</B></FONT></P>

<P style="TEXT-ALIGN: justify">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-20</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_146></A>
<P>&nbsp;</P>
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<P>&nbsp;</P>
<BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company elected to apply the following exemptions in relation to retrospective application of other IFRS, in accordance to IFRS 1:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(a) Exemption from requirements for employee benefits &#8211; Defined benefit plan</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company elected to recognize all the past actuarial gains and losses up to the transition date against the retained earnings account. The application of this exemption is detailed in Note 30.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(b) Exemption from requirements for business combination in accordance with IFRS 3</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company applied the exemption relating to the standard for business combinations described in IFRS 1 and, accordingly, elected not to remeasure and restate the business combinations that occurred prior to January 1, 2009, the transition date.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(c) Exemption from requirements for fair value as deemed cost of property, plant and equipment:</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company elected not to measure its property, plant and equipment and intangible assets at fair value at the transition date, maintaining them at their historical costs of acquisition, adjusted by inflation indices through December 31, 1997, in conformity with standards IAS 21 and IAS 29. The application of this exemption is detailed in Note 14.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4.3. Explanation of the transition to IFRS</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(a) Business combinations</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill represents the excess of the cost of an acquisition over the Company&#8217;s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If there is any negative goodwill determined by the acquirer in the fair value of the assets, liabilities and contingent liabilities acquired in relation to the cost of acquisition, the Company should recognize it immediately in the income statement.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As previously mentioned, the Company elected not to remeasure the business acquisitions that occurred prior to January 1, 2009, according to the business combination exemption permitted by IFRS 1. Acquisitions subsequent to January 1, 2009 have been recognized in accordance with IFRS 3, &#8220;Business Combinations&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(b) Deferred charges</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>With respect to the pre-operating expenses recorded prior to the transition date, the Company elected to recognize the net balance in retained earnings at the transition date.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to December 31, 2008, the Company adopted as accounting practice the capitalization of pre-operating expenditures in the group of deferred charges. Pre-operating expenditures that were not attributed to the cost of property, plant and equipment items or the formation of intangible assets were immediately expensed.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Part of the expenditures previously recorded as deferred charges related to pre-operating expenditures attributable to the cost of certain assets has been allocated to property, plant and equipment.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(c) Deferred taxes</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The deferred income tax is recognized based on the estimated future effect of temporary differences and income tax and social contribution tax loss carryforwards. A deferred income tax liability is recognized for all temporary tax differences, while a deferred income tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the deductible temporary difference can be utilized. Deferred tax assets and liabilities are classified as long-term. Tax assets and liabilities are offset if the entity has a legally enforceable right to offset them and they are related to taxes levied by the same taxing authority. If the criterion for offset of current tax assets and liabilities is met, deferred tax</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-21</FONT> </P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_147></A>
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<P>&nbsp;</P>
<BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>assets and liabilities will also be offset. The income tax related to items recognized directly in equity in the current period or in a prior period is recognized directly in the same account.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(d)&nbsp; Property, plant and equipment </B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT style="FONT-FAMILY: arial" size=1>i. Cost</FONT><BR>
</P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp;&nbsp;&nbsp; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Option for adoption of historical cost</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company did not elect to use the deemed cost for measuring its property, plant and equipment, due to the fact that its property, plant and equipment as presented in accordance with previous accounting practices already met in a material manner the main requirements for recognition, measurement and presentation under IAS 16, based principally on the fact that: (i) the internal controls in the area of property, plant and equipment already included at the transition date (January 1, 2009) periodic reviews as to the best estimate of useful life and residual value of the main classes of its property, plant and equipment; (ii) the procedures in place for measurement of property, plant and equipment under previous accounting practices were reviewed and confirmed as to the compliance with the measurement requirements of IAS 16, including, but not limited to, regarding non-recording of foreign exchange gains (losses), non-indexation in periods in which Brazil&#8217;s economy was considered hyper-inflationary, etc; and (iii) the segmentation and classification of the main items of the property, plant and equipment subject to depreciation already took into consideration the impacts of differentiated depreciation of the main components of the property, plant and equipment.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Moreover, the Company&#8217;s Management believes that the accounting practice of measuring property, plant and equipment at historical cost less the best estimate of depreciation and the provision for impairment, when required, is an accounting practice that best reflects its property, plant and equipment.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Hyper-inflation during 1996 and 1997</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accounting for hyper-inflation, in accordance with previous BR GAAP, was applied in line with IAS 29 during the period in which Brazil was classified as a hyper-inflationary economy, for local purposes, through 1995. However, in accordance with IFRS, the Brazilian economy still met the definition of hyper-inflationary in 1996 and 1997. The effect of the recognition of these two additional years has been reflected in the transition adjustments.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp;&nbsp;&nbsp; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loans costs</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment are stated at cost, including capitalized interest incurred during the construction of new facilities. Foreign exchange gains (losses) on loans denominated in foreign currency are capitalized to property, plant and equipment when they reflect an adjustment in the interest rate.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii.&nbsp;&nbsp;Depreciation</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The basis for calculation of depreciation is the cost of the asset less the estimated residual value upon sale. While no specific depreciation method is recommended, the method chosen should be applied consistently for all significant components of assets and allocation of the depreciation should be on a systematic basis for each one of the accounting periods that best represents the realization of the economic benefits during the usable lives of assets.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A review of the estimated useful life was conducted, and the adjustments in the depreciation of assets recorded in property, plant and equipment were made on a prospective basis as from January 1, 2010. See further details in Note 14.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(e) Earnings per share</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The calculation of basic and diluted earnings per share (EPS) is required for entities with shares, or potential shares, traded on a stock exchange.</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Basic EPS are the amounts for profit or loss attributable to equity holders of the Parent Company in the period, divided by the weighted average number of shares outstanding.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Diluted EPS are calculated by adjusting the numerator used in calculating basic EPS and the average number of shares outstanding (denominator) for the effects all potential dilutive shares outstanding. CSN does not have any instruments that are potentially convertible into shares with a diluting effect in the reported periods and, therefore, diluted earnings per share are equal to basic earnings per share.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The data for the current period and prior periods for basic and diluted EPS are adjusted for those transactions that do not involve the conversion of potential shares that change the number of shares without a corresponding change in equity. Basic and diluted EPS also are adjusted for bonus issues and share splits or reverse share splits that occur after the end of the reporting period, but prior to the authorization for issue of the financial statements. The number of shares is adjusted as if the event had occurred at the beginning of the first reported period.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(f) Dividends and interest on shareholders&#8217; equity</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends proposed or declared after the end of the reporting period, but prior to the authorization for issue of the financial statements, should not be recognized as liabilities, unless they meet the definition of liabilities at the end of the reporting period.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(g) Reclassifications</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under IFRS, the following reclassifications to the consolidated financial statements have also been made:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>i. Reclassifications in the balance sheet between BR GAAP and IFRS:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits are presented as an item of non-current assets and not net of the provisions for contingencies;<BR>
</FONT><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restricted accounts are classified as judicial deposits;<BR>
</FONT><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes recoverable and payable are presented at their net amounts;<BR>
</FONT><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred taxes are reclassified as non-current;<BR>
</FONT><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred tax assets and liabilities will be offset only when the entity has a legally enforceable right to do so and if they are related to taxes levied by the same taxing authority.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ii. Reclassifications in the income statement between BR GAAP and IFRS:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finance income (expenses) is presented after operating profit in finance income (expenses), net.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4.4. Reconciliation of the consolidated financial statements adjusted to IFRS with those previously disclosed</B></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>i. Balance Sheet as at January 1, 2009</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1/1/2009</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">BRGAAP Published</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">BRGAAP Republished</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">IFRS</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">IFRS</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reclassifications</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Adjustments </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><U><FONT style="FONT-SIZE: 8pt">ASSETS</FONT></U></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current assets</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;18,352,070 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;18,352,070 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (432,746)</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,181 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,944,505 </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 9,151,409 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,151,409 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,151,409 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Trade accounts receivable</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,086,557 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

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   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,086,557 </FONT></P></TD>

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   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,086,557 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 3,622,775 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,622,775 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,526)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3,621,249 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income tax and social contribution for offset</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>128,055 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,055 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,055 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>739,227 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739,227 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (739,227)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Proposed dividends receivable</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,890 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,890 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,707 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,597 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Guarantee margin for financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,570,050 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,570,050 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2,570,050 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,011,107 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,011,107 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306,481 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,317,588 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-current Assets</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;13,145,369 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,236,131 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,113,702 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; (41,942)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,307,891</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Long-term receivables</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,490,802 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,581,564 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,113,702 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,483 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,707,749 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>753,831 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844,593 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739,227 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,085 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,596,905 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Recoverable taxes</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302,831 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302,831 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302,831 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740,341 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740,341 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,366,910 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2,107,251 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Trade accounts receivable</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376,374 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376,374 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (602)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375,772 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125,011 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,011 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,011 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192,414 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192,414 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,565 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199,979 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Investments in affiliated companies and other investments</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>1,512 </B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,512 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,512 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Property, plant and equipment</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;10,083,777 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,083,777 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,708 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; (33,651)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,071,834 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Intangible assets</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526,796 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526,796 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526,796 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Deferred charges</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,482 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,482 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21,708)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; (20,774)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">TOTAL ASSETS</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;31,497,439 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;31,588,201 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,680,956 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; (16,761)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;3,252,396 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><U><FONT style="FONT-SIZE: 8pt">SHAREHOLDERS EQUITY AND LIABILITIES</FONT></U></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current Liabilities</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 9,633,228 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,633,228 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320,243 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (459,108)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,494,363 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Trade accounts payable</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,939,205 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,939,205 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,939,205 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 2,916,759 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,916,759 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340,868 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,257,627 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,428 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,428 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,428 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Payroll and related charges</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 117,994 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117,994 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117,994 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333,811 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333,811 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333,811 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Taxes payable in installments</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249,930 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249,930 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249,930 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Provision for pension fund</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,818 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,818 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54,818)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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;</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dividends payable</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,790,642 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,790,642 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (459,108)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,331,534 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Provisions for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>91,710 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,710 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,434 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161,144 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Equity swap financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,596,394 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,596,394 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,596,394 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497,537 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497,537 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35,241)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462,296 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-current Liabilities</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;15,201,622 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,468,569 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,360,713 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; (18,000)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,811,282 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 8,040,773 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,040,773 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,565 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,048,338 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632,760 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632,760 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632,760 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Provisions for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,450,126 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,450,126 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,297,475 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,747,601 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Provision for environmental risks</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71,425 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,425 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,224 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,649 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>855 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,326 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,181 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Taxes payable in installments</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795,052 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795,052 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795,052 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Amounts due to related parties</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,878,200 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,878,200 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,878,200 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Employee benefits</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,750 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329,697 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,818 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(20,375)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364,140 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270,536 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270,536 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,224)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,049 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257,361 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Shareholders Equity</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 6,662,589 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;6,486,404 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&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;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">460,347 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,946,751 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Common stock</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,680,947 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,680,947 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,680,947 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Capital reserve</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Earnings reserve</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 3,682,865 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,682,865 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85,891 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>4</FONT><FONT style="FONT-SIZE: 8pt">85,816 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4,254,572 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Additional dividends proposed</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>485,816 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485,816 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 3,682,865 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,682,865 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>85,891 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3,197,049 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Retained earnings</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;(176,185)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,212,855 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(24,866)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,011,804 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Carrying value adjustment</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,298,747 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,298,747 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,298,746)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(603)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (602)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">TOTAL SHAREHOLDERS EQUITY AND LIABILITIES</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>31,497,439 </B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;31,588,201 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,680,956 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(16,761)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=center width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,252,396 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-24</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>

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<P>&nbsp;</P>

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<P>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ii. Reconciliation of shareholders equity BRGAAP x IFRS as at January 1, 2009</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Note</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1/1/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Shareholders equity in accordance with BRGAAP </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>6,486,404 &nbsp;</B></FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IFRS adjustments:</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred charges</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 b</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44,113)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Capitalized exchange gains (losses)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194,368)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Inflation adjustment for hyperinflationary period</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180,635 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Excess dividends (mandatory minimum)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 f</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485,816&nbsp;&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Pension plan - Private </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.2 a</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,035 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Pension plan - Health care plan</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.2 a</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29,661)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution on IFRS adjustments</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 c</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,759 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other adjustments, net</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Shareholders equity in accordance with IFRS</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>6,946,751 &nbsp;</B></FONT></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-25</FONT></DIV></DIV></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>iii. Balance Sheet as at December 31, 2009</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">12/31/2009</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">BRGAAP Published</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">BRGAAP Republished</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">IFRS</FONT></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">IFRS</FONT></B></FONT></P>
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<TR style="HEIGHT: 7.1pt">
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Reclassifications</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Adjustments </FONT></B></FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><U><FONT style="FONT-SIZE: 7pt">ASSETS</FONT></U></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Current Assets</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp; &nbsp;13,568,594 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; 13,568,594 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749,273)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,152 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp; 12,835,473 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,970,791 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,970,791 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;7,970,791 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Trade accounts receivable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;1,186,315 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,186,315 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,186,315 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Inventories</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;2,588,946 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,588,946 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 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;(35)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,462 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2,605,373 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Income tax and social contribution for offset</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;398,172 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398,172 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;398,172 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;749,272 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749,272 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749,272)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Other current assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;675,098 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675,098 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 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;34 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674,822 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Non-current Assets</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;15,598,630 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; 15,695,676</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,241,576 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47,222)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp; 17,890,030 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Long-term receivables</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; 3,640,162 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; 3,737,208 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,241,573 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,559)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp; 5,977,222 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;1,112,299 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,209,345 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749,272 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,559)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;1,957,058 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Recoverable taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;236,852 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236,852 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236,852 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Judicial deposits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;1,214,670 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,214,670 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,492,301 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2,706,971 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Trade accounts receivable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;212,486 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212,486 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;212,486 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Receivables from subsidiaries</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;479,120 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479,120 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479,120 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Prepaid expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;105,921 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,921 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;105,921 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;278,814 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278,814 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278,814 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Investments in affiliated companies and other investments</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;321,889 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;321,889 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321,902 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Property, plant and equipment</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;11,145,530 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; 11,145,530 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,846 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30,029)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp; 11,133,347 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Intangible assets</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457,580 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457,580 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457,559 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Deferred charges</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,469 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,469 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(17,843)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,626)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">TOTAL ASSETS</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; 29,167,224 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;29,264,270 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,492,303 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31,070)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp; &nbsp;&nbsp;&nbsp;30,725,503 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><U><FONT style="FONT-SIZE: 7pt">SHAREHOLDERS EQUITY AND LIABILITIES</FONT></U></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Current Liabilities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; 5,128,196 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; 5,128,196 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,897 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; (1,179,027)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp; 3,998,066 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Trade accounts payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504,223 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504,223 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504,223 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Loans and financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,160,407 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,160,407 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77,146)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,083,261 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Debentures</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,659 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,659 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,659 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Amounts due to related parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80,062 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80,062 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80,062 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Payroll and related charges</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,190 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,190 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,190 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Taxes payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336,804 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336,804 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336,804 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Taxes payable in installments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582,190 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582,190 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582,190 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Provision for pension fund</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,158 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,158 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57,158)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 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;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Dividends payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,562,085 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,562,085 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(1,179,006)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383,079 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Provisions for tax, social security, labor and civil risks</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,462 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,462 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106,055 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189,517 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596,956 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596,956 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77,146 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674,081 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Non-current Liabilities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp; 18,445,535 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; 18,730,965 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,443,406 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(36,444)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; 20,137,927 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Loans and financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 12,547,840 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 12,547,840 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,729)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 12,529,111 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Debentures</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624,570 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624,570 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;624,570 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Provisions for tax, social security, labor and civil risks</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;1,452,422 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,452,422 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,386,248 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2,838,670 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Provision for environmental risks</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;116,544 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116,544 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 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;15,524 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;132,068 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Deferred income tax and social contribution</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;28,325 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,325 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,715 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;30,040 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Taxes payable in installments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;437,231 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437,231 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;437,231 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Amounts due to related parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;2,980,772 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,980,772 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2,980,772 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Employee benfits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,788 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298,218 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,158 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38,231)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;317,145 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;245,043 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245,043 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 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;3,205 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;248,320 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Shareholders Equity attributed to CSN</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; 5,510,433 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,322,049 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&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;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,184,401 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,506,450 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Share capital</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;1,680,947 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,680,947 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,680,947 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Capital reserve</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Earnings reserve</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;4,211,770 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,211,770 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,200 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5,444,605 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Additional dividends proposed</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,178,635 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1,178,635 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;4,211,770 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,211,770 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,200 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4,265,970 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Retained earnings</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188,384)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150,604 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,363 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33,417)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Carrying value adjustment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382,314)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382,314)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (204,804)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,403 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (585,715)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Non-controlling interests</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,060 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,060 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,060 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Shareholders equity</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; 5,593,493 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,405,109 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&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;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,184,401 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,589,510 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">TOTALSHAREHOLDERS &nbsp;EQUITY AND LIABILITIES</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">29,167,224 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp; &nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,264,270 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,492,303</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;(31,070)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; 30,725,503 </FONT></B></FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-26</FONT></DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_152"></A>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>iv. Reconciliation of equity BRGAAP x IFRS as at December 31, 2009</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Note</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">12/31/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Shareholders equity in accordance with BRGAAP </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>5,405,109 &nbsp;</B></FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IFRS adjustments:</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred charges</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 b</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37,163)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Capitalized exchange gains (losses)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173,145)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Inflation adjustment for hyperinflationary period</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164,323 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Excess dividends (mandatory minimum)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 f</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;1,178,635 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Pension plan </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,947 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Pension plan - Health care plan</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(31,714)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution on IFRS adjustments</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 c</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,277)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other adjustments, net</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,158 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Shareholders equity in accordance with IFRS</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>6,589,510 &nbsp;</B></FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>v. Income statement for the year ended December 31, 2009</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.8pt">

   <TD style="HEIGHT: 10.8pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">12/31/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="HEIGHT: 10.8pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 20.5pt">

   <TD style="HEIGHT: 20.5pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 20.5pt" vAlign=top width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">BRGAAP Published</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 20.5pt" vAlign=top width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">BRGAAP Republished</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 20.5pt" vAlign=top width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">IFRS adjustments</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 20.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">IFRS</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net operating revenues</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;10,978,364 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;10,978,364 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,978,364 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cost of Products sold</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(7,045,504)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(7,045,504)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,385 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; (7,022,119)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Depreciation, depletion and amortization</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (751,266)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (751,266)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,102 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (747,164)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(6,294,238)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(6,294,238)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,283 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,274,955)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">GROSS PROFIT</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 3,932,860 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 3,932,860 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,385 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,956,245 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Operating Expenses/Income</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (400,455)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (412,480)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,467 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (395,013)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Selling</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (635,784)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (635,784)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (635,784)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,250)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,250)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,250)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (629,534)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (629,534)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (629,534)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">General and administrative</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (483,067)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (483,067)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,995 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (480,072)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (29,733)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (29,733)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,995 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26,738)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (453,334)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (453,334)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (453,334)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other operating income</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 1,416,756 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 1,416,756 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,416,735 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other operating expenses</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (698,360)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (710,385)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,480 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (695,905)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Equity in results of affiliated companies</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">-</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">OPERATING INCOME</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 3,532,405 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 3,520,380 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,852 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,561,232 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Finance income (expenses)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (246,435)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (246,435)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246,435)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586,025 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586,025 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586,025 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Finance expenses</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (832,460)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (832,460)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (832,460)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Inflation adjustment and foreign exchange gains (losses), net</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,060,055 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 1,060,055 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,060,055 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Finance costs</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,892,515)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,892,515)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,892,515)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">INCOME BEFORE INCOME TAXES </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 3,285,970 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 3,273,945 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,852 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,314,797 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current income tax and social contribution</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (581,735)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (581,735)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (581,735)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Deferred income tax and social contribution</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (109,323)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (103,993)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,888)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117,881)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred income tax</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (83,497)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (79,578)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,211)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89,789)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred social contribution</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (25,826)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (24,415)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,677)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28,092)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net income </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>attributable to:</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 2,594,912 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 2,588,217 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,964 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.25pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,615,181 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 7.2pt">

   <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="BACKGROUND: white; HEIGHT: 10.8pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.8pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,598,665 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.8pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 2,591,970 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.8pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.8pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,618,934 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="HEIGHT: 10.8pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Noncontrolling interests</FONT></P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,753)</FONT></P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,753)</FONT></P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,753)</FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=center>&nbsp;</DIV>

<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-27</FONT></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_153"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>vi. Reconciliation of profit BRGAAP x IFRS for the year ended December 31, 2009</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Note</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net income in accordance with BR GAAP </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>2,588,217 &nbsp;</B></FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IFRS adjustments:</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred assets</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 b</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,519 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Capitalized exchange gains (losses)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,545 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Inflation adjustment for hyperinflationary period</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16,312)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Pension plan</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.2 a</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,481 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred income tax and social contribution on IFRS adjustments</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.3 c</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,887)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other adjustments, net</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,618 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net income in accordance with IFRS</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>2,615,181 &nbsp;</B></FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>vii. Reconciliation of cash flows BRGAAP x IFRS for the year ended December 31, 2009</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="BACKGROUND: white; HEIGHT: 21.7pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 21.7pt" vAlign=top width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">BRGAAP Published</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 21.7pt" vAlign=top width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">BRGAAP Republished</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 21.7pt" vAlign=top width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">IFRS adjustments</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 21.7pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">IFRS</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Cash flows from operating activities:</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Profit for the year</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2,594,912 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2,588,217 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">26,964 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2,615,181 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Adjustments to profit for the year</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp; to cash provided by operating activities:</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Inflation adjustment and exhcange gains (losses), net </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2,024,573)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2,024,573)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2,024,573)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Provision for charges on borrowings and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,130,089 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>1,130,089 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,130,089 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Depreciation/depletion/amortization</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>787,249 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>787,249 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(7,097)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>780,152 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Gain (loss) on disposal of assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>70,494 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>70,494 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>70,494 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Gains (losses) on change in percentage equity interest</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(835,115)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(835,115)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(835,115)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Deferred income tax and social contribution</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>109,324 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>103,994 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>13,887 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>117,881 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Provision for losses on trade receivables</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,527 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,527 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,527 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Provision for actuarial liabilities - CBS</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(47,622)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(47,622)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(47,622)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Provision for swap transactions</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(88,986)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(88,986)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(88,986)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Provision for contingencies</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>99,157 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>99,157 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>99,157 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Other provisions</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>437,994 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>450,019 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(33,754)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>416,265 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2,234,450 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2,234,450 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">2,234,450 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Trade accounts receivable</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(51,082)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(51,082)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(51,082)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Inventories</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>926,260 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>926,260 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926,260 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Taxes for offset</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(313,697)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(313,697)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (313,697)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Taxes payable</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>263,734 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>263,734 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263,734 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Taxes payable in installments - Refis program</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(103,775)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(103,775)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103,775)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Trade accounts payable</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(1,137,203)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(1,137,203)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (1,137,203)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Payroll and payroll taxes</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>15,257 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>15,257 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,257 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Contingent liabilities</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(422,375)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(422,375)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (422,375)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Judicial deposits</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(737,041)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(737,041)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (737,041)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>- Interest paid</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>(992,280)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(992,280)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (992,280)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>- Interest paid on swap transactions</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>(742,700)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(742,700)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (742,700)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Other </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>287,433 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>287,433 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287,433 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Changes in assets and liabilities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">(3,007,469)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">(3,007,469)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; (3,007,469)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Net cash provided by operating activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">(773,019)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">(773,019)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (773,019)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Net effects of equity swap</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,420,322 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>1,420,322 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,420,322 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Swap transactions carried out</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>248,966 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>248,966 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248,966 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Investments</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(284,232)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(284,232)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (284,232)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>(1,996,759)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>(1,996,759)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (1,996,759)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Intangible assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,628)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>(5,628)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,628)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Net cash used in investing activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617,331)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">(617,331)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617,331)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,671,696 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>7,671,696 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,671,696 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,027,600)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2,027,600)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (2,027,600)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Treasury shares</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,350,307)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(1,350,307)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (1,350,307)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>- Financial institutions - principal</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2,783,313)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2,783,313)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2,783,313)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Net cash used in financing activities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,510,476 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">1,510,476 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,510,476 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Exchange gains (losses) on cash and cash equivalents</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,300,744)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">(1,300,744)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; (1,300,744)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Increase (decrease) in cash and cash equivalents</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,180,618)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">(1,180,618)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; (1,180,618)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Cash and cash equivalents at beginning of year</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,151,409 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>9,151,409 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,151,409 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">Cash and cash equivalents at end of year</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,970,791 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">7,970,791 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 9.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,970,791 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="BACKGROUND: white; HEIGHT: 4.3pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.3pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.3pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.3pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.3pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.3pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.3pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.3pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4.5. Additional reconciliation between US GAAP and IFRS</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reconciliations between the U.S. GAAP and IFRS figures presented in the consolidated financial statements as of December 31, 2009 and as of January 1, 2009.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>I. Summary of main differences between U.S. GAAP and IFRS.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>a) Exchange variation on foreign operations</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under U.S. GAAP and IFRS, part of the net investment in a foreign operation must be long-term in nature. The parties to the transaction can include not only the parent and / or any subsidiaries of the group, but also equity-method investees (affiliated companies). Loan payable to a subsidiary that the parent does not intend to repay is similar to a capital distribution, which reduces the parent&#8217;s net investment in the subsidiary. Therefore, we have compared the amount payable to subsidiaries with the net equity of these entities. Unlike IFRS, under US GAAP, the excess of such balances did not meet the definition of net investment and, consequently, the corresponding foreign exchange effect of this piece of the payable has to be recognized in the statement of income.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>b) Pension plan</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US GAAP, in accordance with &#8220;SFAS 158&#8221;, included in ASC Subtopic 715-20, </FONT><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Compensation - Retirement Benefits - Defined Benefit Plans -General</I></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>, requires an entity to recognize in its statement of financial position the overfunded or underfunded status of its defined benefit employee pension and postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation. &#8220;SFAS 158&#8221; (ASC Subtopic 715-20) also requires an entity to recognize changes in the funded status of a defined benefit employee pension or postretirement plan within accumulated other comprehensive income, net of tax, to the extent such changes are not recognized in earnings as components of periodic net benefit cost.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>According to&nbsp;IFRS the asset resulting from the actuarial valuation was not recorded by the Company since there is no clear evidence of its realization, in accordance with IAS 19 &#8211; Employee benefits.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>c) Business combination (Goodwill)</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>According to US GAAP, goodwill represents the difference between the amount paid and the carrying amount attributed to the net assets acquired; however, goodwill is the difference calculated between the net fair value of the assets acquired and liabilities assumed, including intangible assets.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company applied the exemption relating to the standard for business combinations described in IFRS 1 and, accordingly, elected not to remeasure and restate the business combinations that occurred prior to January 1, 2009, the transition date. Accordingly, the goodwill for IFRS purposes corresponds to the amount recorded in BR GAAP and amortized until December 31, 2008.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>d) US GAAP differences in equity method investees</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>According to U.S. GAAP, the Company used the equity method of accounting for all long-term investments for which it owns at least 20% of the investee&#8217;s outstanding voting stock or has the ability to exercise significant influence over operating and financial policies of the investee. Investments in which the Company has a majority interest, but, through shareholders&#8217; agreements, does not have effective management control are also accounted for under the equity method. Under IFRS, the Company uses proportionate consolidation for jointly controlled entities, thereby resulting in non-controlling results, using the </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>gross method. The difference between previous accounting practice and IFRS in investees refers mainly to business combination adjustments.</FONT></P>
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<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-<FONT style="FONT-SIZE: 10pt" face="Times New Roman">29</FONT></FONT> </P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>e) <FONT size=1 face=Arial>Minimum d</FONT>ividends liability</U></B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1><FONT style="FONT-FAMILY: arial">According to US GAAP and IFRS, dividends proposed or declared after the end of the reporting period, but prior to the authorization for issue of the financial statements, should not be recognized as liabilities, unless they meet the definition of liabilities at the end of the reporting period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1><FONT style="FONT-FAMILY: arial">The Brazilian Securities and Exchange Commission (CVM) Resolution 624, issued in January 2010, determined that the exchange rate variations of monetary items characterized as net investment in a foreign operation should be recognized within equity in the parent company financial statements, with application on December 31, 2009 and retrospectively to the year 2008. Previously, those effects were required to be recognized only in the consolidated financial statements resulting in a difference between net income at the consolidated financial statements and the net income for statutory purposes (the latter is the basis for the determination of minimum dividends). Therefore, due to the change in Company&#8217;s statutory net income of 2008, in the IFRS financial statements there was a reclassification of the additional minimum dividends which were recognized as a liability in the opening balance, without changing the total dividends distributed for that year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-FAMILY: arial" size=1><B><U>f) Deferred taxes</U></B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The tax effect of the adjustments included in the reconciliation of net income and shareholders&#8217; equity from IFRS to US GAAP is calculated by applying the applicable tax rate to the pretax adjustments where such adjustments have a tax effect. The applicable tax rate is the tax rate expected to apply at the time the temporary difference will reverse based on the specific tax jurisdiction in which the reversal will occur.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>II. Reconciliation of net income under IFRS x U.S. GAAP for the year ended December 31, 2009.</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">12/31/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net income in accordance with IFRS</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,615,181 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Exchange variation on </FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>foreign operations</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5.a</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137,046)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Business combination (Goodwill)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5 c</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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; 23,137 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>US GAAP differences in equity method investees</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5.d</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37, 669 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5 f</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,807)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,329</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net income in accordance with U.S. GAAP (Restated - note 3)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,543,463 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Post-employment health benefits adjustments</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Note 3</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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; 9,768 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net income in accordance with U.S. GAAP</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>2,553,231 </B></FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>III. Reconciliation of shareholders&#8217; equity under IFRS x U.S. GAAP as of January 1, 2009 and December 31, 2009.</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="54%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">12/31/2009</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">01/01/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Shareholders&#8217; equity </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"><FONT color=black face=Arial,sans-serif><B>in accordance with </B></FONT></FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>IFRS &nbsp;</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 6,589,510 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; 6,946,751 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dividends</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5 e</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324,233 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Pension plan </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5 b</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516,746 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (128,306)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Business combination (Goodwill)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5 c</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179,645 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156,508 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>US GAAP differences in equity method investees</FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5 d</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>158,269</FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230,359</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4.5 f</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229,505)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,923</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>81 </FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23,469)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.75pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Shareholders&#8217; equity </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"><FONT color=black face=Arial,sans-serif><B>in accordance with</B></FONT></FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B> U.S. GAAP (Restated - note 3)</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.75pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,214,746 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.75pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,552,999 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Post-employment health benefits adjustments </FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Note 3</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20</FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,316 </FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195,762 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.75pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Shareholders&#8217; equity </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"><FONT color=black face=Arial,sans-serif><B>in accordance with</B></FONT></FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B> U.S. GAAP </B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.75pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,424,062 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.75pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,748,761 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-30</FONT> </P>

<HR align=center SIZE=2 width="100%" noShade>



<P>&nbsp;</P></DIV></DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_156></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5. TRANSACTIONS WITH RELATED PARTIES </B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a) Transactions with Holding Company</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vicunha Siderurgia S.A. is a holding company set up for the purpose of holding equity interests in other companies. It is the Company&#8217;s principal shareholder, holding 47.86% of the voting shares.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN distributed dividends and paid interest on shareholders&#8217; equity to Vicunha Siderurgia in the amount indicated in the following table, according to the percentage equity interest held by Vicunha Siderurgia in CSN, at the end of the reporting period.</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 6.5pt">
     <TD style="HEIGHT: 6.5pt" vAlign=top width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Company</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 6.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 6.5pt" vAlign=top width="18%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Mandatory minimum dividend</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 6.5pt" vAlign=top width="18%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Proposed interest on shareholders&#8217; equity</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 6.5pt" vAlign=top width="13%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Dividends paid</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 6.5pt" vAlign=top width="14%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Interest on shareholders&#8217; equity paid</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 6.5pt" vAlign=top width="16%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Additional dividends proposed</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=top width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=top width="16%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total in 2010</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>130,701 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>170,813 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>717,834 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>33,499 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>587,524 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total in 2009</FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>153,<FONT face=Arial>805</FONT> </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>153,121 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>689,747 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>243,060 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>564,095 </FONT></P>
</TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The ownership structure of Vicunha Siderurgia is as follows (unaudited information):</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rio Purus Participa&#231;&#245;es S.A. &#8211; holds 60% of National Steel and 59.99% of Vicunha Steel S.A. </FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CFL Participa&#231;&#245;es S.A. &#8211; holds 40% of National Steel and 39.99% of Vicunha Steel S.A. </FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>National Steel &#8211; holds 33.04% of Vicunha A&#231;os </FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vicunha Steel &#8211; holds 66.96% of Vicunha A&#231;os </FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vicunha A&#231;os &#8211; holds 99.99% of Vicunha Siderurgia</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>b) Transactions with jointly-controlled subsidiaries</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s strategic areas of mining, logistics and energy maintain equity interests in companies under joint control. The characteristics, objectives and transactions with these companies are as follows:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 18.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 18.95pt" vAlign=top width="26%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Companies</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 18.95pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 18.95pt" vAlign=top width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Trade receivables</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 18.95pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 18.95pt" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Intercompany loans (*)</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 18.95pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 18.95pt" vAlign=top width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="26%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nacional Min&#233;rios</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>18,597 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>496,438 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>515,035 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="HEIGHT: 9.85pt" vAlign=top width="26%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>MRS Log&#237;stica</FONT></P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>518 </FONT></P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="22%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>518 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="26%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2010</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">19,115 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">496,438 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">515,553 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #ffffff; HEIGHT: 9.85pt" vAlign=top width="26%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2009</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #ffffff; HEIGHT: 9.85pt" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">10,989 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #ffffff; HEIGHT: 9.85pt" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">492,689 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 9.85pt" vAlign=top width="5%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #ffffff; HEIGHT: 9.85pt" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">503,678 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.95pt">
     <TD style="HEIGHT: 3.95pt" vAlign=top width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.95pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.95pt" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.95pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.95pt" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.95pt" vAlign=top width="5%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.95pt" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) Intercompany loan in the amount of R$ 1,197,800 (loan non-consolidated corresponds to R$479,120), beginning January 28, 2009 and bearing interest in the amount of R$ 43,295 as at December 31, 2010. Interest is levied on the nominal amount of this agreement, corresponding to 101% of the CDI Cetip rate, with due date on January 31, 2012.</FONT></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-31</FONT></DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
</DIV>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV></DIV>
<P>
<A name=page_157></A></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 9.85pt">
     <TD style="HEIGHT: 9.85pt" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liabilities</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.85pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.85pt" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 16.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.95pt" vAlign=top width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Companies</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 16.95pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.95pt" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Advances from customers</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.95pt" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Intercompany loans / Current accounts</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.95pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 16.95pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.95pt" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="23%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nacional Min&#233;rios</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,169,817 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,369</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="12%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,177,186 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="HEIGHT: 9.85pt" vAlign=top width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>MRS Log&#237;stica</FONT></P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,846 </FONT></P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 9.85pt" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36.846 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>It&#225; Energ&#233;tica</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,726 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,726 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2010</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,169,817 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">7,369 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">43,572 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,220,758 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2009</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,055,463 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">5,364 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">55,766 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="4%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.85pt" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,116,593 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.85pt">
     <TD style="HEIGHT: 3.85pt" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.85pt" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.85pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.85pt" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.85pt" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=justify>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios: The customer advance received from the jointly-controlled subsidiary Nacional Min&#233;rios S.A. refers to the contractual obligation for supply of iron ore and port services. The agreement is subject to interest rate of 12.5% p.a. and expires in June 2042. The amount falling due in 2011 corresponds to R$ 325,099.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica: In other payables we have recorded the amount accrued to cover contractual expenses for take or pay and block rates relating to the railroad transportation agreement.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica: These liabilities refer to the supply of electric power, which is billed under normal terms applicable to the Brazilian energy market, regulated by the Electric Power Trading Chamber.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Results</B></FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Companies</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Income</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Expenses</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.15pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Sales</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="16%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Interest, inflation adjustment and exchange gains (losses)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Purchases</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="16%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Interest, inflation adjustment and exchange gains (losses)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nacional Min&#233;rios</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>277,751 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>45,997 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>323,728 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,515 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>373,606 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>383,121 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>MRS Log&#237;stica</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>248,039</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>248,039 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>It&#225; Energ&#233;tica</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>79,067 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>79,067 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">277,751 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">45,977 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">323,728 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">336,621 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">373,606 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">710,227 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.65pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">203,553 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">42,163 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">245,716 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">600,851 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">359,340 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">960,191 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.7pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The main transactions carried out by the Company with its jointly-controlled subsidiaries are sales and purchases of products and services, which include the supply of iron ore, provision of port services and railroad transportation, as well as the supply of electric power for CSN&#8217;s operations.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>c) Other related parties</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CBS Previd&#234;ncia</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company is the principal sponsor of this not-for-profit entity established in July 1960. Its principal objective is paying benefits that supplement the official government Social Security benefits to participants. In its capacity as sponsor, CSN carries out transactions involving the payment of contributions and recognition of actuarial liabilities calculated in defined benefit plans, as detailed in Note 30.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Funda&#231;&#227;o CSN</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company develops socially responsible policies concentrated today in Funda&#231;&#227;o CSN, of which it is the sponsor. The transactions between the parties relate to the operating and financial support for Funda&#231;&#227;o CSN to carry out the social projects undertaken mainly in the locations where the Company operates.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-32</FONT> </P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Banco Fibra</B></FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Fibra is under the same ownership structure of Vicunha Siderurgia and the financial transactions carried out with this bank are limited to current account operations and investments in fixed-income securities.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CBL &#8211; Companhia Brasileira de Latas</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBL &#8211; Companhia Brasileira de Latas is a company engaged in the manufacture of steel metallic packaging for the food and chemical industries, supplying to the main companies in the market. CSN has shares in this company because it is a holder of CBL debentures, representing an equity interest of 0.0053%.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010 the Company has long-term receivables of R$ 239,039 (R$ 239,039 in 2009) and debentures of R$ 212,870 (R$ 212,870 in 2009), which are duly covered by a provision for losses.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The balances of the transactions between the Company and these entities are as follows:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets and Liabilities</B></FONT></P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Assets</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liabilities</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Companies</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=top width="15%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Banks/Marketable securities</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Receivables</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=top width="12%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current account</FONT></B></FONT></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=top width="12%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Actuarial liabilities</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Payables</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CBS Previd&#234;ncia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>367,839</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>367,839 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Funda&#231;&#227;o CSN</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,199</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,199 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Banco Fibra</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>94</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>94 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Usiminas </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,455</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,455 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US>16,09<FONT face=Arial>6</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>16,096 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Panatl&#226;ntica</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,227</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,227 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">94 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">24,682 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,199 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">25,975 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">367,839 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">16,133 </FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">383,972 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.55pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">37 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">906 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">943 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">317,145 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">90 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">317,235 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.7pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Results</B></FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 15.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="40%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Income</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="38%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Expenses / Cost</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 19.1pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Companies</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="19%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Sales / Interest income</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="12%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other income</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Pension fund expenses</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="16%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Purchases / Other expenses</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CBS Previd&#234;ncia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>90 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>90 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>86,199 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>86,199 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Funda&#231;&#227;o CSN</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,385 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,385 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Banco Fibra</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>680 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>680 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CBL</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>84,350 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>84,350 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37,672 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37,672 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Usiminas</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>103,486 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>103,486 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>18,594 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>18,594 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Panatl&#226;ntica</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>224,795 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>224,795 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.9pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">413,311 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">90 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">413,401 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">86,199 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">58,651 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">144,850 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.05pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in 2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">97,487 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">190 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">97,677 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">77,515 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,305 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.05pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">78,820 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.7pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>e) Key management personnel</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The key management personnel, who have authority and responsibility for planning, directing and controlling the Company&#8217;s activities, include the members of the Board of Directors and the statutory Executive Officers. The following is information on the compensation of such personnel and the related balances as at December 31, 2010.</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Results</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Results</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Short-term benefits for employees and officers</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,881 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,926 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Post-employment benefits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other long-term benefits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>n/a</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>n/a</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Severance benefits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>n/a</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>n/a</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Share-based compensation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>n/a</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>n/a</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,962 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,001 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a &#8211; not applicable</FONT></DIV></DIV>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-33</FONT> </P>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_159></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P>&nbsp;</P>
</DIV>
<P style="MARGIN: 0px"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>f) Policy of investments and payment of interest on shareholders&#8217; equity and distribution of dividends</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At a meeting held on December 11, 2000, the Board of Directors decided to adopt a policy of distributing earnings which, after the provisions contained in 6404/76, as amended by Law 9457/97) are complied with, will entail the distribution of all the profit to the Company&#8217;s shareholders, provided that the following priorities are preserved, irrespective of their order: (i) carrying out the business strategy; (ii) fulfilling its obligations; (iii) making the required investments; and (iv) maintaining a healthy financial situation of the Company.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6. CASH AND CASH EQUIVALENTS</B></FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current Assets</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt 0.1in"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cash and cash equivalents</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt 0.2in"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cash and banks</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156,580 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142,045 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Marketable securities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt 0.1in"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">In Brazil:</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt 0.2in"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Government bonds </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477,529 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,339,972 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt 0.2in"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Fixed-income investments and debentures</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,134,364 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,304,713 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,611,893 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,644,685 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Abroad:</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt 0.2in"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Time deposits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,470,805 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,184,061 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total marketable securities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">10,082,698 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">7,828,746 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cash and cash equivalents</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">10,239,278 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">7,970,791 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=justify>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The funds available in the Company and subsidiaries set up in Brazil are basically invested in exclusive investment funds, with repurchase agreements backed by Brazilian government bonds with immediate liquidity. In addition, a significant part of the funds of the Company and its foreign subsidiaries is invested in time deposits with leading banks.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fixed Income: </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments of R$ 2,079,549, backed by Certificates of Bank Deposit (CDBs), with yield based on the variation in the Certificate of Interbank Deposit (CDI) rate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Debentures: </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments in debentures made by the jointly-controlled subsidiary MRS in the amount of R$ 54,815, with yield based on the variation in the CDI rate, in securities issued by the following banks: Santander, Votorantim, Safra, Ita&#250; BBA and Bradesco.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7. TRADE ACCOUNTS RECEIVABLE</B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Trade accounts receivable</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Third parties</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Domestic market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>846,507 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>977,239 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Foreign market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>530,356 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>359,355 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Doubtful debt allowance </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(117,402)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(164,077)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.4pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,259,461 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.4pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,172,517 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Related parties (Note 5)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">13,798 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,259,461 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,186,315 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.05pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other receivables</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans to jointly-controlled subsidiaries</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>17,318 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>13,569 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90,980 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128,057 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108,298 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,626 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 8.3pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 8.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 1,367,759 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 8.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 8.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 1,327,941 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-34</FONT></DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_160></A><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P>&nbsp;</P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In order to meet the needs of some customers in the domestic market, related to the extension of the payment term for billing of steel, in common agreement with the internal commercial policy of the CSN Group and maintenance of its very short-term receipts (up to 14 days), at the request of the customer, transactions are carried out for assignment of receivables without co-obligation negotiated between the customer and banks with common relationship, where the CSN Group assigns the trade notes/bills that it issues to the banks with common relationship.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Due to the characteristics of the transactions for assignment of receivables without co-obligation, after assignment of the customer&#8217;s trade notes/bills and receipt of the funds from the closing of each transaction, the CSN Group settles the trade accounts receivable and becomes entirely free of the credit risk on the transactions.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These transactions total R$ 247,680 as at December 31, 2010 (R$ 235,204 in 2009), less the trade accounts receivable.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The changes in the provision for losses on the Company&#8217;s trade accounts receivable are as follows:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Opening balance</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (164,077)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (162,550)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Allowance for losses on trade accounts receivable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(7,439)&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68,524)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Receivables recovered</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,114 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66,997 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.2pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.2pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.2pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(117,402)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.2pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(164,077)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8. INVENTORIES</B></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Finished products</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,016,594 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>600,955 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Work in process</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>588,723 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>510,006 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Raw materials </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>656,286 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>581,393 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Supplies</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>864,205 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>711,855 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Iron ore</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>313,716 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>249,978 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.8pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Provision for losses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(83,738)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(48,814)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,355,786 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,605,373 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provisions have been recognized for certain items considered as obsolete or slow-moving inventories.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010, the Company has long-term iron ore inventories in the amount of R$ 130,341, classified in other non-current assets.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-35</FONT> </P>
<HR align=center SIZE=2 width="100%" noShade>
<P>&nbsp;</P>
</DIV>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_161"></A>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9. OTHER CURRENT ASSETS</B></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The group of other current assets are comprised as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.5pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Prepaid taxes</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>89,596 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>54,831 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.5pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Guarantee margin on financial instruments (Note 17)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>254,485 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>115,949 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.35pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">344,081 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">170,780 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 4.55pt">

   <TD style="HEIGHT: 4.55pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.55pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10. INCOME TAXES</B></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(a) Income tax and social contribution recognized in profit or loss:</B></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The income tax and social contribution recognized in profit or loss for the year are as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="HEIGHT: 10.8pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 10.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.8pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="84%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Income tax and social contribution expense (income)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Current</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>313,371</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>581,735</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>257,326</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>117,881</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">570,69<FONT face=Arial>7</FONT></FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">699,616</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="BACKGROUND: white; HEIGHT: 4.1pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.1pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.1pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reconciliation of Consolidated income tax and social contribution expenses and income and the result from applying the effective rate on profit before income tax (IRPJ) and social contribution (CSLL) are as follows:</FONT></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Profit before income tax and social contribution</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT style="LINE-HEIGHT: 115%" color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>3,086,888</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,314,797 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Tax rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>34%</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>34%</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Income tax and social contribution at combined tax rate</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT style="LINE-HEIGHT: 115%" color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>(1,049,542)</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,127,031)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Adjustments to reflect effective rate:</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Benefit of interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>121,312 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108,788 </FONT></P></TD></TR>

<TR style="HEIGHT: 18.6pt">

   <TD style="HEIGHT: 18.6pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Equity in results of affiliated companies/ Profits (losses) of subsidiaries with different rates or not subject to taxation</FONT></P></TD>

   <TD style="HEIGHT: 18.6pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>216,529 </FONT></P></TD>

   <TD style="HEIGHT: 18.6pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 18.6pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169,314 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Tax incentives</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,824 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,732 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Adjustments resulting from installment payments under Law 11941 and MP 470 (Note 20)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>106,216</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.85pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252,838 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Other permanent exclusions (additions) (*)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (115,257)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Income tax and social contribution on profit (loss) for the year</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT style="LINE-HEIGHT: 115%" color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>(570,697)</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (699,616)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Effective rate</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">18%</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">21%</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) In 2009 this refers mainly to income tax on tax loss of subsidiary Prada.</FONT></P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(b) Deferred income tax and social contribution:</B></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred taxes are recorded to reflect the future tax effects attributable to temporary differences between the tax base of assets and liabilities and their carrying amounts.</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.5pt" vAlign=top width="31%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">01/01/09</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Deferred income tax and social contribution</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.1pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.1pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Income tax loss carry forwards</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.1pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4,944</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.1pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.1pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>162,123</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.1pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.1pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>307,545 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Social contribution tax loss carryforwards</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,871</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>56,661</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>110,763 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Temporary differences</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,586,126</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,708,234</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,176,416 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Provision for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>298,708</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>279,184</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>556,725 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Provision for impairment of assets</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>40,345</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>46,984</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>39,519</FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Provision for inventory losses</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>26,011</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>17,969</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6,899 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Provision for gains/losses on financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>183,169</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>160,239</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>78,821 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Provision for interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>121,351</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>20,706</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>91,276 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Provision for long-term sales</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,221</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6,806</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,383 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Provision for consumption and services</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>43,828</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>33,929</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>26,074 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Allowance for losses on trade accounts receivable</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>146,865</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>102,482</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>59,950 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Provision for payments of private pension plans</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,012</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4,358</FONT></P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>21,336 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- IFRS adjustments</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>57,813</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>103,532</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>102,757 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Goodwill on merger</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>599,730</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>791,184</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>61,563 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>- Other temporary diffeences</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>60,073</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>140,861</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>129,113 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,592,941</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,927,018</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,594,724 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-Current Assets</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,592,941</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,957,058</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,596,905 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.35pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-Current Liabilities</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.35pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.35pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.35pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(30,040) </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.35pt" vAlign=center width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 9.35pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(2,181)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 3.85pt">

   <TD style="BACKGROUND: white; HEIGHT: 3.85pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.85pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.85pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.85pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.85pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.85pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-36</FONT> </P>

<HR align=center SIZE=2 width="100%" noShade>



<P>&nbsp;</P></DIV></DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_162></A><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>&nbsp;</DIV>
<P style="MARGIN: 0px" align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Some companies of the Group recognized tax credits on income tax and social contribution tax loss carryforwards not subject to statute of limitations and based on the history of profitability and expected future taxable profits determined in technical studies approved by Management.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Since they are subject to significant factors that may change the projections for realization, the carrying amounts of deferred tax assets are reviewed monthly and projections are reviewed annually. These studies indicate the realization of these tax assets within the term stipulated by the mentioned instruction and the limit of 30% of the taxable profit.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Certain subsidiaries of CSN have tax assets in the amounts of R$ 265,532 and R$ 69,910, related to income tax and social contribution tax loss carryforwards, for which no deferred taxes were set up. Out of these totals, R$ 14,800 expire in 2011, R$ 50 in 2012, R$ 8,902 in 2013, R$ 623 in 2014, R$ 25,594 in 2015, and R$ 42,265 in 2025. The remaining tax assets refer to Brazilian companies and, therefore, they can be carried forward indefinitely.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The tax benefit of goodwill of Nacional Min&#233;rios S.A., which arose on the merger of Big Jump in July 2009, amounted to R$1,391,858. Up to December 2010 a total amount of R$ 394,360 had been realized (R$ 115,988 in 2009), leaving a remaining amount of R$ 997,498, which will be realized through 2014. From 2011 to 2013, the amount realized each year will be R$ 278,372 and, in the final year of 2014, the benefit will be R$ 162,382.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The undistributed profits of the Company&#8217;s foreign subsidiaries have been invested and will continue to be indefinetly invested in tin their operations. These undistributed profits of the Company&#8217;s foreign subsidiaries amounted to R$ 2,434,537 as of December 31, 2010. If circumstances change and the tax authorities position on the application of tax treaties prevails in Courts, these undistributed earnings may generate a tax liability in lieu in the amount of R$ 1,083,367.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(c) Income tax recognized in equity:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The income tax and social contribution recognized directly in equity are shown below:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 9.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.8pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="84%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Income tax and social contribution (losses)/gains</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Actuarial gains and losses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>125,065</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76,069 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financial instruments (available-for-sale)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;75,522</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Exchange variation on </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" face=Arial,sans-serif>foreign operations</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>433,297</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425,510 </FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(d) Tax incentives</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The company enjoys Income Tax incentives based on the legislation in effect, such as: Worker Food Program, the Rouanet Law (tax incentives related to cultural activities), Tax Incentives for Audiovisual Activities, Funds for the Rights of Children </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>and Adolescents, and Incentives for Sporting and Para-sporting Activities. As at December 31, 2010, these tax incentives involved a total amount of R$ 8,160 (R$ 11,732 in 2009).</FONT></P>
</DIV>
<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-37</FONT></DIV></DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_163></A>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(e) Transition Tax System</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Transition Tax System (RTT), which was regulated by Law 11941/09, will remain in effect until a law takes effect to govern the tax effects of the new accounting standards, with a view to tax neutrality.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The system was optional in calendar years 2008 and 2009, respecting: (i) the application for the two-year period of 2008-2009, not one single calendar year; and (ii) the option in the Corporate Income Tax Return (DIPJ), and is now mandatory as from calendar year 2010.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN elected to adopt the RTT in 2008. Accordingly, for purposes of calculating income tax and social contribution for the years ended 2009 and 2008, the prerogatives defined in the RTT were used.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>11. OTHER NON-CURRENT ASSETS</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The group of other non-current assets classified in long-term receivables is as follows:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Judicial deposits (Note 21)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,774,706 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,706,971 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Recoverable taxes (*)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>247,910 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>236,852 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>283,478 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>278,814 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.1pt">
     <TD style="BACKGROUND: white; HEIGHT: 8.1pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 8.1pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>3,306,094 </B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.1pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 8.1pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>3,222,637 </B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.9pt">
     <TD style="HEIGHT: 4.9pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) Refer mainly to PIS/COFINS (taxes on revenue) and ICMS (state VAT) on purchases of property, plant and equipment items that will be recovered in a period of 48 months.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12. INVESTMENTS</B></FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Riversdale Mining</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,061,961 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>319,727 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Panatl&#226;ntica</FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>19,800 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Usiminas</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,020,350 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,513 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,175 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Total Investments</B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,103,624 </B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321,902 </B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="HEIGHT: 5.05pt" vAlign=bottom width="69%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>RIVERSDALE MINING LIMITED - Riversdale</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Founded in 1986, Riversdale Mining Limited (&#8220;Riversdale&#8221;) is a mining company listed on the Australian Stock Exchange. Riversdale intends to develop as a diversified mining company, with focus on growth through investments in mining opportunities. The company has anthracite coal mines in South Africa and coking coal mines in Mozambique.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In November 2009, the Company&#8217;s Board of Directors approved the acquisition by the indirect subsidiary CSN Madeira Ltda. (currently named CSN Europe Ltd.) of a non-controlling interest in the capital of Riversdale Mining Limited. This acquisition at first involved 28,750,598 shares, which at the time represented 14.99% of the capital of Riversdale. Subsequently, on January 8, 2010 CSN Europe obtained approval from the appropriate Australian governmental authorities, which allowed it to</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-38</FONT> </P>
<HR align=center SIZE=2 width="100%" noShade>
<P>&nbsp;</P>
</DIV>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_164"></A>

<P><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>conclude the second stage of the operation, involving the acquisition of 2,482,729 shares. The price involved was A$ 6.10 (six Australian Dollars and ten cents) per share.</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In January 2010, with the conclusion of the two stages of the operation, CSN began indirectly holding 16.20% of Riversdale&#8217;s capital. Subsequently, due to the exercise of call options for shares issued by Riversdale, the Company&#8217;s indirect interest was diluted to 15.6%.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between the months of July and August 2010 Riversdale carried out an operation involving the issue of new shares and new fund-raising in which CSN Europe participated by acquiring 5,602,478 new common shares and thus raising its total stake to 36,835,805 shares, keeping its equity interest of 15.6% in Riversdale&#8217;s capital.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp;&nbsp; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>PANATL&#194;NTICA</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 5, 2010 the Company&#8217;s Board of Directors approved the acquisition of common shares representing 9.39% of the capital of Panatl&#226;ntica S.A. (&#8220;Panatl&#226;ntica&#8221;), a publicly-traded corporation with head offices in the city of Gravata&#237;, State of Rio Grande do Sul. The purpose of this company is to manufacture, sell, import, export and process steel and ferrous and non-ferrous metals, both coated and uncoated varieties. At present this investment is carried at fair value.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp;&nbsp; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USIMINAS</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS with head offices in city of Belo Horizonte, State of Minas Gerais, is engaged in steel and correlated industries. The Company produces flat rolled products in the steel mills known as Intendente C&#226;mara and Jos&#233; Bonif&#225;cio de Andrada e Silva, located in Ipatiga &#8211; Minas Gerais and Cubat&#227;o &#8211; S&#227;o Paulo, respectively, aimed at both the domestic market and exportation. USIMINAS owns and operates iron ore mines located in the city of Ita&#250;na &#8211; Minas Gerais aimed at achieving the strategies of verticalization and optimization of production costs. The Company maintains service and distribution centers located in several regions of Brazil, as well as the ports of Cubat&#227;o in S&#227;o Paulo and Praia Mole in Esp&#237;rito Santo, as strategic points for shipping out its production.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USIMINAS is listed on the S&#227;o Paulo Stock Exchange (&#8220;Bovespa&#8221;: USIM3 and USIM5). As at December 31, 2010 CSN directly and indirectly holds 4.97% of the capital of Usiminas.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13. INVESTMENTS IN JOINTLY CONTROLLED ENTITIES</B></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The balances of the balance sheets and income statements of the companies under shared control are stated below and have been consolidated into the Company&#8217;s financial statements according to the percentage equity interests described in item (b) of Note 2.</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">NAMISA</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">MRS</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">ITASA</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">NAMISA</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">MRS</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">ITASA</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,937,574 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,034,466 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>82,817 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,266,333 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,271,294 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>78,005 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,519,584 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,769,878 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>769,422 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,651,083 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,652,432 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>883,329 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Long-term receivables</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>8,570,421 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>476,758 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>48,850 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>8,773,789 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>763,116 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5,385 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Investments, PP&amp;E and intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>949,163 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,293,120 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>720,572 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>877,294 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,889,316 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>877,944 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total Assets</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><FONT face=Arial><B><FONT style="FONT-SIZE: 8pt">1</FONT></B></FONT><FONT style="FONT-SIZE: 8pt"><B>3,457,158 </B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,804,344 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">852,239 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">11,917,416 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,923,726 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">961,334 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 7.2pt">

   <TD style="HEIGHT: 7.2pt" vAlign=center width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Current liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,273,436 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,015,234 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>115,454 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>624,682 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>1</FONT><FONT style="FONT-SIZE: 8pt">,469,225 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>118,072 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Non-current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,455,604 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,769,262 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>139,870 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,473,765 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,737,801 </FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>207,694 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Equity</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10,728,118 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,019,848 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>596,915 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,818,969 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,716,700 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>635,568 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=center width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total Equity and Liabilities</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">13,457,158 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><FONT face=Arial><B><FONT style="FONT-SIZE: 8pt">4</FONT></B></FONT><FONT style="FONT-SIZE: 8pt"><B>,804,344 </B></FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">852,239 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><FONT face=Arial><B><FONT style="FONT-SIZE: 8pt">1</FONT></B></FONT><FONT style="FONT-SIZE: 8pt"><B>1,917,416 </B></FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><FONT face=Arial><B><FONT style="FONT-SIZE: 8pt">4,</FONT></B></FONT><FONT style="FONT-SIZE: 8pt"><B>923,726 </B></FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">961,334 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="HEIGHT: 5.05pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-39</FONT> </P>

<HR align=center SIZE=2 width="100%" noShade>



<P>&nbsp;</P></DIV></DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P>
<A name=page_165></A></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.9pt">
     <TD style="HEIGHT: 10.9pt" vAlign=top width="34%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="HEIGHT: 12.35pt" vAlign=top width="34%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">NAMISA</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">MRS</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">ITASA</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">NAMISA</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">MRS</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">ITASA</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net&nbsp; Operating Revenue</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2,937,169 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,247,101 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 222,594 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; 1,465,327 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2,275,950 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 226,453 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="HEIGHT: 10.9pt" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cost of Products sold</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (1,109,067)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (1,326,655)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (76,600)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (889,681)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (1,217,982)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (73,583)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gross Profit (Loss)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,828,102 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920,446 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 145,994 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575,646 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,057,968 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 152,870 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="HEIGHT: 10.9pt" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Operating (expenses) income</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (476,621)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (306,668)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (52,422)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (339,882)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118,866)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (51,677)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Finance income (expenses), net</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,016,778 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,243 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (23,890)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; 1,073,547 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51,995)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (25,508)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="35%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Profit (Loss) before income tax and social contribution</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2,368,259 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652,021 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,682 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; 1,309,311 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887,107 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,685 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="35%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Current and deferred income tax and social contribution</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (412,989)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (216,451)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (23,724)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (402,475)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281,385)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (25,674)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="BACKGROUND: white; HEIGHT: 8.15pt" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net income</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.15pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 8.15pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; 1,955,270 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.15pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 8.15pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435,570 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.15pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 8.15pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,958 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.15pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 8.15pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906,836 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.15pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 8.15pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605,722 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.15pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 8.15pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,011 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.9pt">
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="34%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 4.9pt" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>NACIONAL MIN&#201;RIOS &#8211; NAMISA</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Headquartered in Congonhas, State of Minas Gerais, this company is primarily engaged in the production, purchase and sale of iron ore and is mainly focused on foreign markets for sale of its products. Its major operations are carried out in the cities of Congonhas, Ouro Preto, Itabirito and Rio Acima, in the State of Minas Gerais, and in Itagua&#237;, in the State of Rio de Janeiro.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In December 2008 CSN sold 2,271,825 shares of the voting capital of Nacional Min&#233;rios S.A. to the company Big Jump Energy Participa&#231;&#245;es S.A. (Big Jump), the shareholders of which are the companies Posco and Brazil Japan Iron Ore Corp (Itochu Corporation, JFE Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel Ltd., Nisshin Steel Co. Ltd., Nippon Steel). Subsequent to this sale, Big Jump subscribed to new shares, paying up in cash the total amount of US$ 3,041,473 thousand, corresponding to R$ 7,286,154, of which R$ 6,707,886 was recognized as goodwill on the share subscription.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Due to the new corporate structure of the jointly-controlled subsidiary, where Big Jump holds 40% and CSN 60%, and in view of the shareholders&#8217; agreement signed by the parties, CSN consolidates it proportionally.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Such shareholders&#8217; agreement states that certain situations of severe impasse between the shareholders that are not resolved after mediation and negotiation procedures between the executive officers of the parties may give CSN the right to exercise its call option and Big Jump the right to exercise its put option regarding the equity interest held by Big Jump in Namisa.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other agreements signed, in order to make such association feasible, among them the agreement for purchase of shares and the long-term operating agreements between Namisa and CSN (see Note 31), provide for certain obligations to do that, if not complied with or remedied within the stipulated deadlines in certain extreme situations may give rise to the right on the part of the aggrieved party to exercise its put or call option, as the case may be, with respect to the equity interest held by Big Jump in Namisa.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Further to the process of restructuring Namisa, on July 30, 2009 this jointly-controlled subsidiary merged its parent Big Jump Energy Participa&#231;&#245;es S.A., such that Posco and Brazil Japan Iron Corp. began holding a direct interest of 39.99% in Namisa. There was no change in the equity interest held by CSN as a result of this merger operation.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226;&nbsp;&nbsp; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS LOG&#205;STICA</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This subsidiary is engaged in providing public railroad freight transportation services, on the basis of an onerous concession agreement, on the tracks of the Southeast Network, located between the cities of Rio de Janeiro, S&#227;o Paulo and Belo Horizonte, previously belonging to Rede Ferrovi&#225;ria Federal S.A. - RFFSA, which was privatized on September 20, 1996. In 2008 CSN transferred to Namisa in the form of a capital contribution a 10% equity interest of MRS</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Besides this direct interest, the Company further holds an indirect interest of 6% through Nacional Min&#233;rios S.A. &#8211; Namisa, a proportionally consolidated subsidiary, and 4.34% through the International Investment Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS may further engage in modal transportation services related to railroad transportation and also participate in projects aimed at expanding the railroad services granted on a concession basis.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-40</FONT> </P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For provision of the services covered by the concession agreement obtained for a period of 30 years starting on December 1, 1996, extendable for an equal period by exclusive decision of the concession-granting authority, MRS leased from RFFSA for the same concession period the assets required for operation and maintenance of the railroad freight transportation activities. Upon extinction of the concession, all leased assets will be transferred to the ownership of the railroad transportation operator designated in that same act.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IT&#193; ENERG&#201;TICA S.A. - ITASA</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN holds 48.75% of the subscribed capital and all the common shares issued by Itasa, a special purpose company originally created to carry out the construction of the It&#225; hydroelectric power plant: contracting for the supply of goods and services necessary to carry out the project and raising funds, including posting the corresponding guarantees.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Itasa has a 60.5% stake in Cons&#243;rcio It&#225;, which was created to operate the It&#225; hydroelectric power plant, pursuant to the concession agreement of December 28, 1995 and its 1st amendment, dated July 31, 2000, signed between the members of the consortium (Itasa and Centrais Geradoras do Sul do Brasil - Gerasul, formerly named Tractebel Energia S.A.), granted by the federal government through the National Electric Power Regulatory Agency &#8211; ANEEL, which expires in October 2030.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under the terms of the concession agreement, ITASA has the right to 60.5% of an average of 668 MW, the quantity corresponding to the project energy prorated among the consortium members, with the other consortium member Tractebel Energia S.A. (&#8220;Tractebel&#8221;) being entitled to the remaining 39.5 %. Of the average of 404.14 MW to which this subsidiary is entitled, an average of 342.95 MW is sold to its shareholders in proportion to their equity interest in the company, and an average of 61.19 MW is sold to consortium member Tractebel.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CONS&#211;RCIO DA USINA EL&#201;TRICA DE IGARAPAVA</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Igarapava Hydroelectric Power Plant is located in Rio Grande, which is located 400 kilometers from Belo Horizonte and 450 kilometers from S&#227;o Paulo, with installed capacity of 210 MW. It consists of 5 bulb type generating units and is considered a major mark for power generation in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Igarapava stands out for being the first hydroelectric power plant built through a consortium involving five major companies.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN holds 17.92% of the subscribed capital of the consortium, whose specific purpose is the distribution of electric power, which is made according to the percentage equity interest of each company.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The balance of property, plant and equipment less depreciation in 2010 is R$ 32,919 (R$ 38,150 in 2009) and the amount of the expense attributable to CSN is R$ 7,333 in 2010 (R$ 6,422 in 2009).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14. PROPERTY, PLANT AND EQUIPMENT</B></FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=top width="24%">

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   <TD style="HEIGHT: 10.9pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 32.65pt">

   <TD style="HEIGHT: 32.65pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Land</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Buildings</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Machinery, equipment and facilitie</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Furniture and fixtures</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Construction in progress</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other&nbsp; (**)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><U><FONT style="FONT-SIZE: 8pt">Cost of property, plant and equipment</FONT></U></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at January 1, 2009</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 131,918 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,109,598 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 6,270,174 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 103,935 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,367,352 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,743,074 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">11,726,051</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Effect of foreign exchange gain (loss)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (4,366)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(20,246)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(125,167)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (3,576)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(950)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(10,568)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(164,873)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,996,759 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,996,759</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Disposals </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (181)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(24,615)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (10,568)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (26,364)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(28,407)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(90,135)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Transfers to other categories of assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (1,493)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>391,101 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,603,859 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 2,179 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(2,242,232)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>246,586 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,507)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 589 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 5,334 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (4,830)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>27,811 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>26,397 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balances at December 31, 2009</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 126,059 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,477,765 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 7,724,840 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 97,304 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,089,735 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,978,496 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">13,494,199</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Effect of foreign exchange gain (loss)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (1,659)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,914)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(31,235)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (1,230)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(746)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(11,919)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(49,703)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,635,911 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,635,911 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Disposals </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(12,754)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(302)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (15,501)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(5,129)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(33,686)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Transfers to other categories of assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 10,785 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>131,138 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,633,738 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 10,645 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(1,195,423)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(590,883)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Write-off of supplies for internal consumption</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(154,662)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(154,662)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Other (*)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 40,607 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(194,344)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>101,028 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 23,017 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,830 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>21,909 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(5,953)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2010</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 175,792 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,411,645 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 9,415,617 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;129,434 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,515,806 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,237,812 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">16,886,106</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.7pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><U><FONT style="FONT-SIZE: 8pt">Accumulated depreciation</FONT></U></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at January 1, 2009</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(147,187)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(961,984)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (79,135)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(465,911)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(1,654,217)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Effect of foreign exchange gain (loss)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>8,111 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>77,922 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;2,955 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6,644 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>95,632 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Depreciation </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(51,619)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(602,726)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (3,912)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(133,088)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(791,345)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Impairment losses</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(11,472)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(11,472)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Disposals </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,669 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 10,544 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,428 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>19,641</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,441 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,773 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (5,341)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(19,964)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(19,091)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2009</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(188,254)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(1,481,346)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (74,889)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(616,363)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(2,360,852)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Effect of foreign exchange gain (loss)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,739 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>28,473 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,180 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,546 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>33,938 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Depreciation </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(74,344)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(677,266)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (4,469)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(36,877)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(792,956)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Disposals </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,689 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>280 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>19,889 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>27,858 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Transfers to other categories of assets </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>28,849 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(290,017)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(54)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>261,222 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>32,973 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(29,126)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (23,055)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,681 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(17,527)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2010</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(198,037)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(2,441,593)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(101,007)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: #000000 1px solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: #000000 1px solid" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(368,902)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: #000000 1px solid" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(3,109,539)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Property, plant and equipment, net</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">At January 1, 2009</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 131,918 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">962,411 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;5,308,190 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 24,800 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,367,352 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,277,163 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">10,071,834 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">At December 31, 2009</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;126,059 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,289,511 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 6,243,494 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 22,415 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,89,735 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,362,133 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">11,133,347 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">At December 31, 2010</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 175,792 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,213,608 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 6,974,024 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 28,427 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,515,806 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">868,910 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">13,776,567 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

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   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>

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   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR height=0>

   <TD vAlign=center width="24%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) Refer mainly to the adjustment at ITASA, which elected adoption of deemed cost.<BR></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(**) These refer basically to assets for railroad use, such as shunting yards, tracks and sleepers.</FONT></P></DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-41</FONT> </P>

<P>&nbsp;</P></DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_166></A>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P>&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following is the weighted average depreciation (years):</FONT></P>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="32%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Buildings</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="32%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>45 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Machinery, equipment and facilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="32%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Furniture and fixtures</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="32%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="32%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15 </FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company elected to adopt the historical cost, carrying out a review of the remaining economic useful life of the property, plant and equipment estimated by external specialists. The effects resulting from this review, recorded as from January 1, 2010, are as follows:</FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated:</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease in depreciation expense - R$ 69,744</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a) </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loan costs in the amount of R$ 215,624 (R$ 85,260 in 2009) were capitalized. These costs are basically calculated for the mining, cement, long steel and Transnordestina projects, which refer mainly to: (i) expansion of Casa de Pedra; (ii) construction of the cement plant in Volta Redonda (RJ) and the clinker plant in Arcos (MG); (iii) construction of the long steel plant in Volta Redonda (RJ) and (iv) expansion of the Transnordestina railroad that will link the interior of the Northeast to the ports of Suape, in the State of Pernambuco, and Pec&#233;m, in the State of Cear&#225;).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The rates used to capitalize loan costs are as follows:</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-42</FONT> </P>
<HR align=center SIZE=2 width="100%" noShade>
<P>&nbsp;</P>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_167></A>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P>&nbsp;</P>
<BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.4pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.4pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="100%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Rates</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.4pt">
     <TD style="HEIGHT: 11.4pt; BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><B>Specific</B></FONT><B> <BR>
<FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>projects</FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.4pt" vAlign=top width="50%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><B>Non-specific <BR>
</B></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>projects</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.4pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.4pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=top width="50%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>TJLP + 1.3% to 3.2%</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.4pt; BORDER-TOP: #000000 1px solid" vAlign=top width="50%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7.44%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.4pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.4pt; BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="50%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>UM006 + 2.7%</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.4pt" vAlign=top width="50%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>b) </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions to depreciation, amortization and depletion for the period were distributed as follows:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Production cost </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>770,542 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>747,164 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Selling expenses</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,471 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,250 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>General and administrative expenses</FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>29,156 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>26,738 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.1pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.1pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>806,169 </B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.1pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.1pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>780,152 </B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.9pt">
     <TD style="HEIGHT: 4.9pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>c) </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN leases information technology equipment under a series of agreements and contracts, in the form of operating leases. Total lease expenses in 2010 were R$ 4,446 (R$ 3,731 in 2009).</FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>d) </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN&#8217;s subsidiary Itasa elected to adopt the deemed cost, adjusting the opening balance at the transition date of January 1, 2009 according to their fair values, as estimated by external specialists. The need for application of the deemed cost option was mainly due to the economic environment in which it operates and other particular aspects of the subsidiary&#8217;s business.</FONT></P>
<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Casa de Pedra mine is an asset that belongs to CSN, which has the exclusive right to explore such mine. Our mining activities of Casa de Pedra are based on the &#8220;Manifesto Mina&#8221;, which confers to CSN full ownership over the mineral deposits existing within our property limits.</FONT></P>
<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of December 31, 2009 and 2010, the net fixed assets of Casa de Pedra were R$2,020 and R$2,167, respectively, mainly represented by R$965 and R$911 of construction in progress. As of December 31, 2009 and 2010, capitalized interest in Casa de Pedra assets amounted to R$55 and R$48, respectively.</FONT></P>
<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15. INTANGIBLE ASSETS</B></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 7.2pt">
     <TD style="HEIGHT: 7.2pt" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 7.2pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="HEIGHT: 10.9pt" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 10.9pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 24.5pt">
     <TD style="HEIGHT: 24.5pt" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Goodwill</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 24.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="13%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Intangible assets with definite useful life</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Software</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 24.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other </FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 24.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><U><FONT style="FONT-SIZE: 8pt">Acquisition cost</FONT></U></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at January 1, 2009</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">743,469 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 49,909 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">43,089 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 836,467 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Acquisitions and expenditures</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;5,628</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 5,628</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Deferred income tax and social contribution on goodwill on downstream merger in subsidiary (*)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (39,462)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(39,462)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2009</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 704,007</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">49,909</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">48,717</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;802,633</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Acquisitions and expenditures</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25,239</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,002 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;26,241</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Disposals</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(23)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(23)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2010</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;704,007</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;49,909</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">73,933</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,002 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 828,851</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><U><FONT style="FONT-SIZE: 8pt">Amortization </FONT></U></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at January 1, 2009</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (257,172)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(34,936)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;(17,563)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (309,671)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Amortization&nbsp; </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;(4,991)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;(7,275)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(12,266)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Impairment</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (23,137)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (23,137)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2009</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (280,309)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(39,927)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;(24,838)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(345,074)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Amortization&nbsp; </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;(4,991)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;(16,353)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(21,344)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Disposals</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;23</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;23</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2010</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (280,309)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (44,918)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (41,168)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(366,395)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 3.6pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net Intangible Assets</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">At January 1, 2009</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">486,297 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 14,973 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">25,526 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">526,796 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">At December 31, 2009</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">423,698 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 9,982 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">23,879 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">457,559 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">At December 31, 2010</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">423,698 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 4,991 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">32,765 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,002 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">462,456 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=center width="12%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) Transfer related to deferred income tax and social contribution.</FONT></P>
</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-43</FONT></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_168></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<P><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P>&nbsp;</P>
</DIV>
<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The concession intangible assets with definite useful lives refer to the amount originally paid by the shareholders, the economic justification for which was the expected future profit as a result of the concession rights, incorporated by the Company. The amortization is calculated under the straight-line method at the rate of 10% p.a.</FONT></DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The useful life of the computer software is 5 years. The annual depreciation rate is 20%.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Goodwill: </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These amounts have not been amortized since January 1, 2009, when they became subject only to impairment testing, without any need being identified to recognize the impairment of these assets.</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 14.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.95pt" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Goodwill on Investments</B></FONT></P>
</TD>
     <TD style="HEIGHT: 14.95pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.95pt" vAlign=top width="16%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.95pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Investor</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="HEIGHT: 5.05pt" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>GalvaSud</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,091 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="HEIGHT: 12.35pt" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Prada </FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63,509 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="15%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>NAMISA</B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="HEIGHT: 12.35pt" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; CFM </FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 339,615 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="15%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Namisa</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; Cayman do Brasil</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,483 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="15%" align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Namisa</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Total </B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp; 423,698 </B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4.3pt">
     <TD style="HEIGHT: 4.3pt" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Impairment test of goodwill</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In order to conduct impairment testing, goodwill is allocated to CSN&#8217;s operating divisions which represent the lowest level within the Company at which goodwill is monitored for internal management purpose, never above Operating Segments.</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cash-Generating Unit (CGU)</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Segment</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">01/01/09</FONT></B></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Mining (Namisa)</FONT></P>
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     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;Mining &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347,098 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347,098 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347,098 </FONT></P>
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     <TD style="HEIGHT: 12.5pt" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Ersa</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;Mining &nbsp;</FONT></P>
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     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,137 </FONT></P>
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     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Packaging</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;Steel &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63,509 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63,509 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96,227 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Flat steel</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;Steel &nbsp;</FONT></P>
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     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,091 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,091 </FONT></P>
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     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,835 </FONT></P>
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     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423,698 </FONT></B></FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423,698 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486,297 </FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The recoverable amount of the Packaging Cash-Generating Unit (&#8220;CGU&#8221;) was based on its value in use with the aid of independent appraisers and this was the basis for the impairment testing, since the following criteria were met:</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>There were no significant changes in assets and liabilities;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The calculation resulted in a recoverable amount that substantially exceeded the CGU&#8217;s carrying amount;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>There are no evidences or facts and circumstances that indicate any impairment of the assets in use since the last valuation conducted by independent experts.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-44</FONT> </P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The recoverable amount of the Namisa Mining Cash-Generating Unit (&#8220;CGU&#8221;) is above its carrying amount and was determined based on a discounted cash flow using a discount rate before income tax and social contribution of 9.72% p.a. in US$, considering the long-term contracts signed for purchase of iron ore falling due in 2042. The revenue from the sale of ore supplied under these long-term contracts was limited to the contractual volume.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The recoverable amount of the Cash-Generating Units ("CGUs") mentioned above (except Packaging and Mining) was determined based on a discounted cash flow and is above the carrying amount. The projections used are based on budgets approved by CSN Board of Directors and consider the following items:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Average Gross Margin of each Cash-Generating Unit based on the history and on projections approved by the Board for the next 3 years;<BR>
</FONT><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Updating of costs based on long-term inflation projections;<BR>
</FONT><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discount rate before income tax and social contribution of 11.92% p.a.;<BR>
</FONT><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Average growth rate of 0.5% p.a. used to extrapolate the cash flows after the budged period.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Management determined the budgeted gross margin based on past performance and expectations for market growth. The amounts relating to the cash flows after 3 years hence have been extrapolated based on the estimated growth rates and are based on projections included in specific industry reports.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During 2009, due to the reduction in production for strategic reasons, the Ersa Cash-Generating Unit had an impairment loss of R$ 23,137, which was fully allocated to goodwill and recorded under other operating expenses.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Based on these assumptions, no impairment has been identified in the cash-generating units described above.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16. LOANS, FINANCING AND DEBENTURES</B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current Liabilities</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-Current Liabilities</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Rates (%)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">FOREIGN CURRENCY</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Exchange contract advances - ACC</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4.35% and 4.98%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233,837 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Prepayment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.24% to 3.50%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473,255 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309,437 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 1,840,269 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2,872,698 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Prepayment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.51% to 7.50%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138,210 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 522,116 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Prepayment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Guaranteed perpetual bonds</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7.00% and 9.50%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,268 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,191 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 1,666,200 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,305,900 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fixed rate notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6.50% to 9.75%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76,006 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,339 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 3,832,260 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2,263,560 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fixed rate notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.50%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,074 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,518 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 666,480 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696,480 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financed imports</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.52% to 6.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,293 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,107 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59,322 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80,481 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financed imports</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6.01% to 8.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,849 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,041 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,396 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,679 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>BNDES/Finame</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Res. 635/87 int. + 1.70% and 2.70% </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,085 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,796 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,256 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,241 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.30% and 4.19% and 5.37% and CDI + 1.20%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85,790 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,826 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 103,587 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126,870 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">901,830</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">760,092</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">8,769,886</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">7,462,909</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">LOCAL CURRENCY</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>BNDES/Finame</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TJLP + 1.50% to 3.20%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308,968 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280,802 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 1,907,596 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,634,920 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Debentures </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>103.60 % CDI and 9.40% + IGPM and 1.00% + TJLP</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,750 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,659 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 1,760,846 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.25pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624,570 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Prepayment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>104.80% and 109.50 % CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,216 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,217 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 3,400,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,400,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CCB</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>112.50% CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,354 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,782 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 3,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2,000,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Intercompany</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 27.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100% IGPDI and 106% CDI and CDI + 0.29% and 5% and 14%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,443 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,489 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,303 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 27.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93,444 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">442,731</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">380,949</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">10,091,745</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">5,752,934</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total loans and financing</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,344,561</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,141,041</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">18,861,631</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">13,215,843</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Transaction costs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35,929)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27,121)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (80,816)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62,162)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="48%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total loans and financing + transaction costs</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,308,632</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,113,920</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">18,780,815</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">13,153,681</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 2.4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-45</FONT> </P>
<HR align=center SIZE=2 width="100%" noShade>
<P>&nbsp;</P>
</DIV></DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_170></A>
<P><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2010 transaction costs for the funding were as follows:</FONT></P>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Short-term</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Long-term</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2012</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2013</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2014</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2015</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">After 2015</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>TJ <SUP>(1)</SUP></FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>TIR <SUP>(2)</SUP></FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Fixed rate notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,900 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>23,155 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,786 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,920 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,219 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,068 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>13,162 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6,5% to 10%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6,75% to 10,7%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>BNDES</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>637 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5,602 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,763 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>403 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>334 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>300 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,802 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,3% to 1,7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,44% to 7,39%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>BNDES</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,578 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,440 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,578 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,578 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>284 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,2% to 3,2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,59% to 9,75%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Prepayment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,590 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>27,089 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,591 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,591</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5,928 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,750 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>4</FONT><FONT style="FONT-SIZE: 8pt">,229 </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>109,50% and 110,79% CDI</FONT></P>
</TD>
     <TD vAlign=center width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10,08% to 12,44%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Prepayment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>676 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,461 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>676 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 676 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>676 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>5</FONT><FONT style="FONT-SIZE: 8pt">78 </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>855 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,37% and 3,24%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,68% to 4,04%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CCB</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>20,765 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>17,881 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>16,727</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,154 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>113,5% to 117,5% CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>11,33% to 12,82%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>783 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>188 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>188 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>103,6% CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>12.59%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">35,929 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">80,816 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">32,309 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">14,322 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">9,441 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,696 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">20,048 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1) TJ &#8211; Annual interest rate contracted <BR>
(2) TIR &#8211; Annual internal rate of return</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2010, the principal of the long-term loans, financing and debentures is as follows by year of maturity:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 2,165,803 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.5%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 2,088,254 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.1%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2014</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 1,947,418 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.3%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 2,187,899 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.6%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 2,221,853 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.8%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>After 2016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 6,584,204 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>34.9%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Guaranteed Perpetual Bonds</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 1,666,200 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8.8%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>&nbsp; 18,861,631 </B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>100.0%</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=justify>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In September 2009, through its subsidiary CSN Islands XI Corp, the Company issued bonds in the amount of US$ 750 million. These bonds, which fall due in September 2019, have interest rate of 6.875% p.a. payable semi-annually as from March 2010, and the issuer may redeem them in advance through payment of premium to the creditors.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In July 2010, through its subsidiary CSN Resources, the Company issued bonds in the amount of US$ 1 billion. These bonds, which fall due in July 2020, have interest rate of 6.5% p.a. payable semi-annually as from January 2011, and the issuer may redeem them in advance through payment of premium to the creditors.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In September 2010, through its subsidiary CSN Islands XII Corp., the Company issued guaranteed perpetual bonds in the amount of US$ 1 billion. These bonds without defined maturity dates have interest rate of 7% p.a. payable quarterly as from December 2010, and the issuer has the option of redeeming them at face value on any interest date as from September 23, 2015 (inclusive).</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-46</FONT> </P>
<HR align=center SIZE=2 width="100%" noShade>
<P>&nbsp;</P>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_171></A>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On October 14, 2010, the Company fully redeemed the guaranteed perpetual bonds issued in 2005 through its wholly-owned subsidiary CSN Islands X Corp., collateralized by CSN, at an interest rate 9.50% p.a. and principal amount of US$ 750 million, plus accrued and unpaid interest through the redemption date, as well as any additional amounts payable in relation to the guaranteed perpetual bonds.</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The collateral granted for the loans are property, plant and equipment, collateral signatures, sureties and bank guarantees, as shown in the following table, and do not comprise guarantees granted by subsidiaries and jointly-controlled subsidiaries.</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Property, plant and equipment</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47,985</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47,985</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Guarantor collateral</FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>74,488</FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>74,612</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Imports</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>21,820</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>41,964</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="HEIGHT: 12.5pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Bank guarantees</FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>288,338</FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>206,125</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.95pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 6.95pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 6.95pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 6.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">432,631</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 6.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">370,686</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.9pt">
     <TD style="HEIGHT: 4.9pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 4.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following table show the amortizations and funding during the current period:</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 8.3pt">
     <TD style="HEIGHT: 8.3pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.3pt" vAlign=top width="16%" colSpan=2>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.3pt">
     <TD style="HEIGHT: 8.3pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.3pt" vAlign=top width="16%" colSpan=2>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.3pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Opening balance</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,356,884 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,983,153 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.3pt">
     <TD style="HEIGHT: 8.3pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Funding</FONT></P>
</TD>
     <TD style="HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,789,548 </FONT></P>
</TD>
     <TD style="HEIGHT: 8.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,671,696 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.3pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Amortization</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,897,405)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,775,593)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.3pt">
     <TD style="HEIGHT: 8.3pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other (*)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957,165 </FONT></P>
</TD>
     <TD style="HEIGHT: 8.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,522,372)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.3pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Closing balance</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,206,192 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.3pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,356,884 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 2.9pt">
     <TD style="HEIGHT: 2.9pt" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 2.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 2.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 2.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR height=0>
     <TD width="69%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) Includes inflation adjustment and foreign exchange gains (losses).</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a) </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing with certain financial institutions contain some covenants that are usual in financial agreements in general and the Company is compliant with them at December 31, 2010.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>DEBENTURES </B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>i. Companhia Siderurgica Nacional </B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4</B></FONT><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>th </B></FONT></SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>issue</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As approved at a meeting of the Board of Directors held on December 20, 2005 and ratified on April 24, 2006, the Company issued on February 1, 2006, a total of 60,000 non-convertible and unsecured debentures in a single series at the face value of R$ 10. These debentures were issued in the total amount of R$ 600,000, and the proceeds from their trading with financial institutions were received on May 3, 2006.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The face value of these debentures earns interest corresponding to 103.6% of the CDI Cetip rate, and maturity of the face value is scheduled for February 1, 2012, with an early redemption option.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii. Transnordestina Log&#237;stica</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On March 10, 2010 Transnordestina Log&#237;stica S.A obtained approval from the Northeast Development Fund &#8211; FDNE for issue of the 1st Series of its 1st Private Issue of share-convertible debentures, comprising in all 10 series in the total amount of R$ 2,672,400. The first, third, fourth, seventh and ninth series refer to funds to be applied in the Miss&#227;o Velha &#8211; Salgueiro</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211; Trindade e Salgueiro &#8211; Porto de Suape module, which also includes the investments in the Port of Suape, and reconstruction of the section of railroad track from Cabo to Porto Real de Col&#233;gio. The second and fifth series refer to funds to be invested in the Eliseu Martins &#8211; Trindade module. The sixth, eighth and tenth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Pec&#233;m module, which also includes the investments in the Port of Pec&#233;m. The 2nd and 3rd Series have been fully subscribed and paid up on the following dates and in the following amounts:</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-47</FONT> </P>
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<P>&nbsp;</P>
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<TR style="HEIGHT: 8.5pt">
     <TD style="HEIGHT: 8.5pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="HEIGHT: 8.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="HEIGHT: 8.5pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>General</B></FONT></P>
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     <TD style="HEIGHT: 8.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="HEIGHT: 8.5pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Number</B></FONT></P>
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     <TD style="HEIGHT: 8.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="HEIGHT: 8.5pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Unit face</B></FONT></P>
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     <TD style="HEIGHT: 8.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.5pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Issue</B></FONT></P>
</TD>
     <TD style="HEIGHT: 8.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.5pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.5pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.5pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.5pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Balance</B></FONT></P>
</TD></TR>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>Issue</B></FONT></P>
</TD>
     <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>Series</B></FONT></P>
</TD>
     <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>Meeting</B></FONT></P>
</TD>
     <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>issued</B></FONT></P>
</TD>
     <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>value</B></FONT></P>
</TD>
     <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>date</B></FONT></P>
</TD>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>Maturity</B></FONT></P>
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     <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>Charges</B></FONT></P>
</TD>
     <TD style="HEIGHT: 9.95pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 9.95pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>in 2010</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.75pt">
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ffffff; HEIGHT: 4.75pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1st</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1st</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>02/08/10</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>336,647,184</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$ 1.00</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>03/10/10</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10/03/27</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>TJLP + 0,85% p.a</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>336,647</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1st</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2nd</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>02/08/10</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>350,270,386</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$ 1.00</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>11/25/10</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10/03/27</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>TJLP + 0,85% p.a</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>350,270</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1st</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3rd</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>02/08/10</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>338,035,512</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$ 1.00</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>12/01/10</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10/03/27</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="12%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>TJLP + 0,85% a.a</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.05pt" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>338,036</FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17. FINANCIAL INSTRUMENTS</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>I &#8211; Identification and measurement of financial instruments</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including financial investments, marketable securities, trade accounts receivable, trade payables, and loans and financing. In addition, it also carries out transactions involving derivative financial instruments, especially exchange and interest rate swaps.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Considering the nature of the instruments, the fair value is basically determined by the use of quotations in the Brazilian and foreign capital markets and Commodities and Futures Exchange. The amounts recorded in current assets and liabilities have immediate liquidity or short-term maturity, mostly less than three months. Considering the terms and characteristics of these instruments, the carrying amounts approximate their fair values.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#183; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Classification of financial instruments</B></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="20%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="7%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="20%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" colSpan=9 align=right><FONT size=1 face=Arial><B>2010</B></FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" colSpan=9 align=right><FONT size=1 face=Arial><B>2009</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated - R$ thousand</B></FONT>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial><B>Available-</B></FONT><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>for-sale</B></FONT></TD>
     <TD vAlign=center width="1%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center>
<P align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value<BR>
through profit<BR>
</B></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>or loss</B></FONT></P>
</TD>
     <TD vAlign=center width="1%" align=center>
<P align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loans<BR>
and</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>receivables-Effective interest</B></FONT></TD>
     <TD vAlign=center width="1%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other liabilities -</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>Amortized cost method</B></FONT></TD>
     <TD vAlign=center width="1%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center>&nbsp;<FONT size=1 face=Arial><B>Balances</B></FONT></TD>
     <TD vAlign=center width="1%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Available</B><FONT size=3 face="Times New Roman">&nbsp;<BR>
</FONT><B>for-sale</B></FONT>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value<BR>
through<BR>
</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>profit or loss</B></FONT>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loans and</B><FONT size=3 face="Times New Roman">&nbsp;<BR>
</FONT><B>receivables-Effective interest</B></FONT></TD>
     <TD vAlign=center width="1%" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center>
<P align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other liabilities -</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>Amortized cost<BR>
</B></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>method</B></FONT></P>
</TD>
     <TD vAlign=center width="1%" align=center>
<P align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center>&nbsp;<FONT size=1 face=Arial><B>Balances</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #f2f2f2" width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.2in"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current Assets</B></FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,970,791</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,970,791</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts receivable, net</FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,259,461</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,259,461</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,315</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,315</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guarantee margin on financial instruments</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,485</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,485</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,949</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,949</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitization reserve fund</FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,644</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,644</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,703</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,703</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="20%" align=left>
<P style="MARGIN-LEFT: 0.2in"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current Assets</B></FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=center>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,731</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,731</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,952</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,952</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>319,727</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>319,727</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitization reserve fund</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,031</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,031</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,389</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,389</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=21>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.2in"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in" align=justify><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current Liabilities</B></FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.4in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,302,811</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,302,811</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,110,382</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,110,382</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.4in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,750</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,750</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,659</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,659</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.4in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,147</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,147</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.4in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts payable</FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>521,156</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>521,156</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.3in"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current Liabilities</B></FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.4in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,100,785</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,100,785</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,591,273</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,591,273</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="20%" align=left>
<P style="MARGIN-LEFT: 0.4in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,760,844</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,760,844</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,570</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" width="20%" align=left>
<P style="MARGIN-LEFT: 0.4in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</P>
</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,730</FONT>&nbsp;</TD>
     <TD width="1%" align=right>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=left>&nbsp;</TD>
     <TD width="1%" align=left>&nbsp;</TD>
     <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,730</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value measurement</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The financial instruments recognized at fair value require disclosure of the fair value measurements at three hierarchy levels:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Level 2: Other available information, except those at Level 1 that are observable for the asset or liability, directly (as prices) or indirectly (derived from prices);</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Level 3: Information unavailable due to slight or no market activity and which is significant for the definition of the fair value of assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following table shows the financial instruments recognized at fair value using a valuation method:</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-48</FONT> </P>
<HR align=center SIZE=2 width="100%" noShade>
<P>&nbsp;</P>
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<A name=page_173></A></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following table shows the financial instruments recognized at fair value using a valuation method:</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.6pt">
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.55pt">
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Level 1</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Level 2</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Level 3</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balances</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Level 1</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Level 2</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Level 3</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balances</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Assets</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-current Assets</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Available-for-sale financial assets</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; 2,102,112 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;2,102,112 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>319,727 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 319,727 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liabilities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current Liablities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Financial liabilities at fair value through profit or loss</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Derivatives</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 116,407 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 116,407 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;77,147 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77,147 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-current Liabilities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Derivatives</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>18,729 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,729 </FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>II - Cash and cash equivalents, financial investments, trade accounts receivable, other current assets, trade payables, and other current liabilities</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These amounts are recorded in the financial statements at their carrying amounts, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, except for the amounts shown in the next table.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The estimated fair value for the consolidated long-term loans and financing have been calculated at current market rates, considering the nature, term and risks similar to those of the recorded contracts, as compared below:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Carrying amount</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Fair value</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Carrying amount</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Fair value</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Guaranteed perpetual bonds</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,668,468 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,663,701 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,332,091 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,317,327 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fixed rate notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,605,997 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,966,629 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,022,138 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,283,359 </FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>III &#8211; Investments in available-for-sale securities and measured at fair value through profit or loss</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These consist mainly of investments in shares acquired in Brazil and abroad involving top ranked companies classified by international rating agencies as investment grade, which are recognized in non-current assets, and any gains or losses are recognized in equity, where they will remain until actual realization of the securities or when any loss is considered unrecoverable.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The financial assets measured at fair value through profit or loss are recognized in current assets and any gains or losses are recognized as finance income and loss, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>IV - Policy for management of financial risks</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has and follows a policy of managing its risks, with guidelines regarding the risks incurred by the company. Under the terms of the policy, the nature and general position of the financial risks is regularly monitored and managed in order to evaluate the results and the financial impact on cash flows. The credit limits and the quality of hedge of counterparties are also periodically reviewed.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The risk management policy was established by the Board of Directors. Under this policy, market risks are hedged when it is considered necessary to support the corporate strategy or when it is necessary to maintain a level of financial flexibility.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under the terms of the risk management policy, the Company manages some risks by using derivative financial instruments.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s risk policy prohibits any speculative deals or short sales.</FONT></P>
<P style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt" align=center>FS-49 </P>
<HR align=center SIZE=2 width="100%" noShade>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_174></A><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT>
<P>&nbsp;</P>
<BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liquidity risk</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This risk arises if the Company does not have sufficient liquid funds to cover its financial commitments as a result of mismatching of terms or volumes between scheduled receipts and payments.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In order to manage cash liquidity in local and foreign currency, premises are established for future disbursements and receipts, and these are monitored on a daily basis by the Treasury area. The payment schedules for the long-term portions of loans, financing and debentures are shown in Note 16.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following table shows the contractual maturities of financial liabilities, including estimated interest payments.</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.9pt">
     <TD style="HEIGHT: 10.9pt" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 21pt">
     <TD style="HEIGHT: 21pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">At December 31, 2010</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Less than one year</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 21pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21pt" vAlign=top width="16%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">From one to two years</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21pt" vAlign=top width="16%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">From two to five years</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Over five years</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans, financing and debentures</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,344,561 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,254,057 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,357,168 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,250,406 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Derivative financial instruments</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116,407 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Trade accounts payable</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521,156 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">At December 31, 2009</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans, financing and debentures</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,141,041 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,864,415 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,150,017 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,201,411 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Derivative financial instruments</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black 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; 77,147 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,729 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Trade accounts payable</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504,223 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exchange rate risk</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company assesses its exchange exposure by subtracting its liabilities from its assets denominated in Dollar, Euro and Yen, thus arriving at its net exchange exposure, which is the foreign currency risk exposure. Therefore, besides the trade accounts receivable arising from exports and investments overseas that in economic terms constitute natural hedges, the Company further considers and uses various financial instruments, such as derivative instruments (US$ x Real swaps, forward exchange contracts, etc.) to manage its risks of variations in the value of the local currency (Brazilian real) versus the U.S. Dollar.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Policies for use of hedging derivatives</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s financial policy reflects the parameters of liquidity, credit and market risks approved by the Audit Committee and Board of Directors. The use of derivative instruments in order to prevent fluctuations in interest and exchange rates from having a negative impact on the company&#8217;s balance sheet and income statements should consider the same parameters. As provided for in internal rules, this financial investment policy has been approved and is being managed by the finance officers.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At the meetings of the Executive Officers and Board of Directors, the officers and directors routinely present and discuss the Company&#8217;s financial positions. Under the bylaws, transactions involving material amounts require the prior approval of management bodies. The use of other derivative instruments is contingent upon the express prior approval of the Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>To finance its activities, the Company resorts to the capital markets, both locally and internationally, and based on the indebtedness profile it is seeking, part of the debt is pegged to foreign currency, basically to the US$, which causes Management to seek hedging for debt through derivative financial instruments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>To contract derivative financial instruments for hedging within the internal control structure, the following policies are adopted:</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-50</FONT> </P>
<HR align=center SIZE=2 width="100%" noShade>
<P>&nbsp;</P>
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<A name=page_175></A>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ongoing calculation of exchange exposure that occurs by analyzing assets and liabilities exposed to foreign currency, under the following terms: (i) trade accounts receivable and payables in foreign currency; (ii) cash and cash equivalents and debts in foreign currency considering the maturity of the assets and liabilities exposed to exchange fluctuations;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>presentation of the financial position and exchange exposure on a routine basis at meetings of the Executive Officers and Board of Directors that approve the hedging strategy;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>carrying out derivative hedging transactions only with leading banks, diluting the credit risk through diversification among these banks;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The consolidated net exposure as at December 31, 2010 is as follows:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.9pt">
     <TD style="HEIGHT: 10.9pt" vAlign=top width="72%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD></TR>
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     <TD style="HEIGHT: 13.65pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(amounts in US$)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cash and cash equivalents overseas</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,239,578&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="HEIGHT: 12.35pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Derivative guarantee margin</FONT></P>
</TD>
     <TD style="HEIGHT: 12.35pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152,734&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Trade accounts receivable - foreign market</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96,584 &nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Securitization reserved fund</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,814 &nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other assets</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130,645 &nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total assets</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,652,355&nbsp;&nbsp;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans and financing</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,734,873)&nbsp; </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Trade accounts payable</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,795)&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other liabilities</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59,981)&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total liabilities</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,802,649)&nbsp;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Gross exposure</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,150,294)&nbsp; </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Notional amount of derivatives contracted</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 10.9pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,249,529&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="72%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net exposure</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,235 &nbsp;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.2pt">
     <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="72%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 7.2pt" vAlign=top width="28%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The results obtained on these transactions are consistent with the policies and strategies defined by Management.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Forward Contract &#8211; Real Exchange Rate for Commercial Dollar Exchange Rate</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The purpose of this contract is to hedge obligations denominated in foreign currency against the fluctuation in the Brazilian Real. The Company can buy or sell forward contracts for commercial dollar rates on the Commodities and Futures Exchange (BM&amp;F) to mitigate the exchange exposure for its US$ denominated liabilities. The specifications of the Real x Dollar forward exchange rate contract, including detailed explanations on the characteristics of the contracts and calculation of the daily adjustments, are published by the BM&amp;F. In 2010, the Company paid R$ 179,564 and received R$ 259,490 in adjustments, thus obtaining a gain of R$ 79,926. The gains and losses on these contracts are directly related to exchange fluctuations. At December 31, 2010 the Company did not have any outstanding transactions.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exchange swap transactions</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company carries out exchange swap transactions in order to hedge its assets and liabilities against any fluctuations in the US$/R$ parity. This hedge through exchange swaps provides the Company, through the asset end of the contract, with a forward rate agreement (FRA) gain on the exchange coupon, which at the same time improves our investment rates and reduces the cost of our funding in the international market.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2010, the Company had a long position in exchange swap of US$ 1,178,000 thousand (US$ 1,519,500 thousand in 2009) where we received, on the asset end, exchange rate change plus 2.29% per year on average (in 2009 exchange rate change plus 0.88% p.a.), and paid 100% of the CDI rate on the asset end of the exchange swap contract.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-51</FONT> </P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_176></A><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT>
<P>&nbsp;</P>
<BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2010, the consolidated position of these contracts is as follows:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>i) Open transactions</B></FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 0px; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 21.75pt">
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reference value (US$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=top width="22%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010 appreciation (R$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Fair value (market) (R$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount payable in the year (R$ thousand)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 17.4pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Conterparties</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Maturity of transaction</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Asset position</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liability position</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount payable</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">HSBC</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>223,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jan/3/11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>372,794 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (385,900)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (13,106)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (13,106)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Deutsche Bank</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>265,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jan/3/11 to feb/1/11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>443,143 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (468,544)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (25,401)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (25,401)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Itau BBA</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>450,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jan/3/11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>751,835 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (778,892)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (27,057)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (27,057)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Santander</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>110,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jan/3/11 to jan/2/15</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>183,787 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (190,395)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (6,608)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (6,608)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Goldman Sachs</FONT></I></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>130,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jan/3/11 to feb/1/15</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>215,302 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (224,658)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (9,356)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (9,356)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="35%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,178,000 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,966,861 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (2,048,389)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (81,528)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="10%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (81,528)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii) Settled transactions</B></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 27pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="16%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Referencia value (Notional amount) US$ thousand</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="16%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010 appreciation (R$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="16%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009 appreciation (R$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="16%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Fair value (market)&nbsp; (R$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" vAlign=top width="15%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount paid/received in the year (R$ thousand)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 25.9pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Maturity</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Counterparties</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Asset position</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liability position</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Asset position</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liability position</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount received</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount paid</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="13%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>01/04/2010 a 02/01/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="8%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Deutsche Bank</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>983,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,740,799 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,748,563)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(7,764)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6,170 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(13,934)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="13%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>01/04/2010 a 03/05/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="8%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Goldman Sachs</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,132,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>300,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 3,857,227 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(3,845,925)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>523,270 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(527,928)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>11,302 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (4,658)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>54,579 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (38,619)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="13%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>01/04/2010&nbsp; a 02/08/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">HSBC</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,680,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 6,442,985 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(6,587,554)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(144,569)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>17,266 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(161,835)&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="13%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>01/04/2010 a 03/01/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Itau BBA</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,890,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>130,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 5,081,102 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(5,111,321)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>226,753 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (228,968)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(30,219)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,215)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>64,845 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(92,849)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>02/08/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Santander</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4,601,220 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,024,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 8,285,964 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(8,292,883)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,788,212 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,824,172)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(6,919)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(35,960)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>131,592 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(102,551)&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Westlb</FONT></I></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>265,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 65,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>475,789 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (491,788)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>113,379 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (114,569)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(15,999)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,190)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(14,809)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">14,551,720 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;1,519,500 &nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">25,883,866 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(26,078,034)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 2,651,614 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(2,695,637)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(194,168)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(44,023)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">274,452 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=center width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(424,597)&nbsp;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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</TD></TR></TABLE></DIV>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The net position of the above contracts is recorded in a specific account for derivatives as a loss in the amount of R$ 81,528 in 2010 (loss of R$ 44,023 in 2009) and its effects are recognized in the Company&#8217;s finance income (expenses) as a loss in the amount of R$ 231,673.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Subsidiaries Tecon and Lusosider carry out transactions with derivatives to hedge their exposure to the Yen and the Dollar. The notional amounts of these transactions are JPY 2,390,398 and US$ 3,065, respectively, and the results of these transactions are consolidated in the Company&#8217;s financial results in the amount of R$ 11,387. As at December 31, 2010, the net open liability position was R$ 8,042.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The jointly-controlled subsidiary MRS Log&#237;stica carries out operations with derivatives (swaps) with a notional amount of US$ 71,529 that generated losses proportional to the Company&#8217;s equity interest in the amount of R$ 19,775 recognized in consolidated finance income (expenses). At December 31, 2010, the net open liability position was R$ 27,517.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Besides the swaps mentioned above, the Company also engaged in non-deliverable forward (NDF) for its assets denominated in Euros. Basically, the Company carried out operations with financial derivatives of its assets in Euros, on which it will receive the difference between the exchange rate change observed in Dollars in the period, multiplied by the reference amount (asset end) and pay the difference between the exchange rate change in Euros observed in the period over the reference amount in Euros as of the contracting date (liability end). In general these involve transactions on the Brazilian over-the-counter market, and the counterparties are leading financial institutions contracted within exclusive funds.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-52</FONT> </P>
</DIV>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<P><A name="page_177"></A></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010 the consolidate position of these contracts was the following:</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>i) Open transactions</B></FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 20.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 20.5pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 20.5pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 20.5pt" vAlign=top width="22%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reference value &nbsp;(EUR thousand)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 20.5pt" vAlign=top width="22%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Appreciation - 2010 (R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 20.5pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Fair value (market) (R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 20.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount receivable in the year (R$ thousand)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 22.1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.1pt" vAlign=top width="35%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Counterparties</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 22.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 22.1pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Maturity of transaction</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.1pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Asset position </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.1pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liability position</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 22.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount receivable</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="35%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Deutsche Bank</FONT></I></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25,000 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jan/20/11</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 56,648 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (55,707)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 941 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>941 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=center width="35%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Goldman Sachs</FONT></I></FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>50,000 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jan/20/11</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 113,295 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (111,415)</FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,880 </FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,880 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">HSBC</FONT></I></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>15,000 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jan/20/11</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 34,029 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (33,424)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 605 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>605 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="HEIGHT: 9.95pt" vAlign=center width="32%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 90,000 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">203,972 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(200,546)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,426 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 9.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 9.95pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 3,426 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="HEIGHT: 4.1pt" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii) Settled transactions</B></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 26.15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 26.15pt" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 26.15pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 26.15pt" vAlign=top width="22%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reference value </FONT></B></FONT></P><FONT style="FONT-SIZE: 8pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>(EUR thousand)</B></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 26.15pt" vAlign=top width="22%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Appreciation - 2010 </FONT></B></FONT></P><FONT style="FONT-SIZE: 8pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>&nbsp;(R$ thousand)</B></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 26.15pt" vAlign=top width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount payable in the year (R$ thousand)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 30.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 30.85pt" vAlign=top width="35%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Conterparties</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 30.85pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 30.85pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 30.85pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Maturity of transaction</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 30.85pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Asset position </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 30.85pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liability position</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 30.85pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount receivable/received</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 30.85pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount payable/paid</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Itau BBA</FONT></I></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25,000 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jul/12/10</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>56,833 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (57,010)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(177)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt" vAlign=center width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Deutsche Bank</FONT></I></FONT></P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 30,000</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jul/12/10 to sep/15/10</FONT></P></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>68,061 </FONT></P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (68,266)</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(205)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">HSBC</FONT></I></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>75,000 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jul/12/10 to nov/18/10</FONT></P></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 70,998 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (175,322)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (4,324)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="HEIGHT: 8.75pt" vAlign=center width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">Goldman Sachs</FONT></I></FONT></P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25,000 </FONT></P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>sep/15/10 to nov/18/10</FONT></P></TD>

   <TD vAlign=center width="1%" align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>283,127 </FONT></P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (288,610)</FONT></P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.75pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.75pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (5,483)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="32%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">255,000 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">579,019 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (589,208)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.35pt" vAlign=center width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (10,189)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt" vAlign=center width="32%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt" vAlign=center width="3%">

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<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sensitivity analysis</B></FONT></P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For consolidated exchange transactions with dollar fluctuation risk, based on the exchange rate at December 31, 2010 -R$ 1.6662 = US$ 1.00 &#8211; adjustments have been estimated for five different scenarios, as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Scenario 1: Probable Scenario, rate of 1.6736 for future dollar quotation on the BM&amp;F falling due on February 1, 2010 &#8211;gathered at December 31, 2010; <BR>- Scenario 2: (25% appreciation of the real) R$/US$ parity of 1.2497; <BR>- Scenario 3: (50% appreciation of the real) R$/US$ parity of 0.8331; <BR>- Scenario 4: (25% devaluation of the real) R$/US$ parity of 2.0828; <BR>- Scenario 5: (50% devaluation of the real) R$/US$ parity of 2.4993.</FONT></P>

<DIV align=left>

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<TR style="HEIGHT: 12.35pt">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="HEIGHT: 21.7pt" vAlign=top width="23%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Risk</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reference value US$</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 1 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 2</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 3</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 4</FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 5</FONT></B></FONT></P></TD></TR>

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   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%">

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<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.6662</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.6736 </FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.2497 </FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.8331 </FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.0828 </FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 2.4993 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 4pt" vAlign=top width="1%">

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<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Exchange swap</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fluctuation of US$</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 1,178,000 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,720 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (490,696)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(981,392)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>490,696 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>981,392 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Exchange position - BRL functional cur.</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fluctuation of US$</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(1,150,294)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (8,514)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>479,155 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>958,310 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(479,155)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (958,310)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(not including exchange derivatives above)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.1pt">

   <TD style="HEIGHT: 10.1pt" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 10.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.1pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Consolidated exchange position</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fluctuation of US$</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 99,235 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>735 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (41,336)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(82,673)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>41,336 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 82,673 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(including exchange derivatives above)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR></TABLE></DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-53</FONT> </P>

<HR align=center SIZE=2 width="100%" noShade>



<P>&nbsp;</P></DIV></DIV>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_178"></A><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For consolidated exchange transactions with Euro fluctuation risk, based on the exchange rate at December 31, 2010 -R$ 2.2280 = Euro 1.00 &#8211; adjustments have been estimated for five different scenarios, as follows:</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Scenario 1: Probable Scenario, rate of R$ 2.2188 for future Euro quotation on the BM&amp;F falling due on February 1, 2010 &#8211;gathered at December 31, 2010; <BR>- Scenario 2: (25% appreciation of the real) R$/Euro parity of 1.6710; <BR>- Scenario 3: (50% appreciation of the real) R$/Euro parity of 1.1140; <BR>- Scenario 4: (25% devaluation of the real) R$/Euro parity of 2.7850; <BR>- Scenario 5: (50% devaluation of the real) R$/Euro parity of 3.3420.</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="HEIGHT: 21.7pt" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 21.7pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Risk</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reference value EUR</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 1 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 2</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 3</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 4</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Scenario 5</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 6.5pt">

   <TD style="HEIGHT: 6.5pt" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2.2280</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2.2188</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1.6710</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1.1140</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2.7850</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3.3420</FONT></P></TD></TR>

<TR style="HEIGHT: 6.5pt">

   <TD style="HEIGHT: 6.5pt" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Exchange swap</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Fluctuation of EURO</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 90,000 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (831)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (50,130)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(100,260)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 50,130 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 100,260 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Exchange position - BRL functional cur.</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Fluctuation of EURO</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,588 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (3,113)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (6,225)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,113 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,225 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(not including exchange derivatives above)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

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<TR style="HEIGHT: 10.1pt">

   <TD style="HEIGHT: 10.1pt" vAlign=top width="23%">

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   <TD style="HEIGHT: 10.1pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 10.1pt" vAlign=top width="10%" align=right>

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<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Consolidated exchange position</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Fluctuation of EURO</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 95,588 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (883)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (53,243)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(106,485)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 53,243 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;106,485 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(including exchange derivatives above)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%" align=right>

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="1%" align=right>

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<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Interest rate risk</B></FONT></P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short- and long-term liabilities indexed to floating interest rate and inflation indices. Due to this exposure, the Company undertakes derivative transactions to better manage these risks.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>LIBOR x CDI swap transactions</B></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The objective of these transactions is to hedge transactions indexed to LIBOR in US$ against fluctuations in Brazilian interest rates. Basically, the Company carried out swaps of its obligations indexed to the LIBOR, on which it receives interest of 1.25% p.a. over the notional value of the dollar (asset end) and pays 96% of the CDI rate on the reference value in R$ at the contracting date (liability end). The reference value of these swaps as at December 31, 2010 is US$ 150,000 thousand, hedging an export pre-payment transaction in the same amount. The gains and losses on these contracts are directly related to fluctuations in exchange rates (US$) and interest rates (LIBOR and CDI). Generally they involve transactions carried out on the Brazilian OTC market, with the counterparties being leading financial institutions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010, the position of these contracts is as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>a) Open transactions</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 24.35pt">

   <TD style="HEIGHT: 24.35pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.35pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.35pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.35pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reference value (Notional amount) US$ thousand</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.35pt" vAlign=top width="22%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Appreciation - 2010 </FONT></B></FONT></P><FONT style="FONT-SIZE: 8pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>(R$ thousand)</B></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.35pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Fair value (market)&nbsp; (R$ thousand)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount payable in the year (R$ thousand)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 14.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.75pt" vAlign=top width="35%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Maturity date</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.75pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Counterparties</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.75pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.75pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.75pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Asset position</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.75pt" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liability position</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.75pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.75pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.75pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount payable</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>feb/12/11</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="2%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">CSFB</FONT></I></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>150,000 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>254,575 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(257,584)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(3,009)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=center width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(3,009)</FONT></P></TD></TR>

<TR height=0>

   <TD width="33%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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   <TD width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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   <TD width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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   <TD width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-54</FONT></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">
<A name=page_179></A></DIV>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>b) Settled transactions</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 0px; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 27.5pt">
     <TD style="HEIGHT: 27.5pt" vAlign=top width="21%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 27.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27.5pt" vAlign=top width="16%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reference value (Notional amount) US$ thousand</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27.5pt" vAlign=top width="16%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Appreciation - 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (R$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27.5pt" vAlign=top width="16%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Appreciation - 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (R$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27.5pt" vAlign=top width="15%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Fair value (market)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (R$ thousand)</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 27.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 16.3pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="21%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Maturity</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Counterparties</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 16.3pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 16.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Asset position </FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liability position</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Asset position </FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="8%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liability position</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 16.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.3pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Amount paid</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>feb/12/10</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">CSFB</FONT></I></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;150,000 &nbsp;</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 150,000 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 255,316 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (259,411)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 254,787 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(256,971)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (4,095)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(2,184)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (1,911)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.65pt">
     <TD style="HEIGHT: 8.65pt" vAlign=top width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>may/12/10</FONT></P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">CSFB</FONT></I></FONT></P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;150,000 &nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 255,228 </FONT></P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (259,066)</FONT></P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;(3,838)&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (3,838)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>aug/12/10</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">CSFB</FONT></I></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;150,000 &nbsp;</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 255,367 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (260,316)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (4,949)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (4,949)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.65pt">
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>nov/12/10</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><I><FONT style="FONT-SIZE: 8pt">CSFB</FONT></I></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;150,000 &nbsp;</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 255,320 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (260,475)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (5,155)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (5,155)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.65pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="21%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 1,021,231 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(1,039,268)&nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 254,787 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(256,971)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(18,037)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(2,184)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 8.65pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(15,853)&nbsp;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.5pt">
     <TD style="HEIGHT: 3.5pt" vAlign=top width="21%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 3.5pt" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The net position of the above contracts is recorded in a specific derivatives account as a loss in the amount of R$ 3,009 as at December 31, 2010 and its effects are recognized in the Company&#8217;s finance income (expenses) as a loss in the amount of R$ 18,862.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sensitivity analysis of interest rate swaps</B></FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Notional US$</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Risk</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Probable</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">25%</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">50%</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>LIBOR interest rate vs CDI swaps</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black 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;150,000 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;(LIBOR) US$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (1,795)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;(26,823)&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (31,904)</FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sensitivity analysis of changes in interest rates</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company considers the effects of an increase or decrease of 5% in interest rates on its outstanding loans, financing and debentures as at December 31, 2010 in the consolidated financial statements.</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="31%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Impact on Profit or Loss</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="84%" colSpan=3>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Changes in interest rates</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 7.7pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TJLP</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,465 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,603 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.7pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>LIBOR</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,102 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,466 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.7pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,103 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,209 </FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Share&#8217;s market price risks</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company is exposed to the risk of changes in the price of shares due to the investments made and classified as available-for-sale.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following table summarizes the impact of the changes in the prices of shares in equity, under other comprehensive income.</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other Comprehensive Income</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 21.7pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net change in fair value of financial instruments classified as available-for-sale</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>515,572 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,885 </FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2010 the Company received R$11,754 related to interest on shareholders&#8217; equity.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments in acquired shares of leading companies are traded on the BOVESPA and ASX (Australian Securities Exchange).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following sensitivity analysis is based on the premise of maintaining as probable scenario the market values as at December 31, 2010. Accordingly, there is no impact on the financial instruments classified as available-for-sale as presented above. The Company considered the following scenarios for volatility of the shares.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-55</FONT> </P>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_180></A>
<P><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Scenario 1: (25% appreciation of shares); <BR>
- Scenario 2: (50% appreciation of shares);<BR>
</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Scenario 3: (25% devaluation of shares); <BR>
- Scenario 4: (50% devaluation of shares);</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 13.8pt">
     <TD style="HEIGHT: 13.8pt" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 13.8pt" vAlign=top width="63%" colSpan=7>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Impact on Equity</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.8pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 13.8pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Companies</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">25%</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">50%</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">25%</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">50%</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.8pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Usiminas</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 204,934 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 409,867 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (204,934)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (409,867)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.8pt">
     <TD style="HEIGHT: 13.8pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Riversdale Mining Limited</FONT></P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 103,103 </FONT></P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 206,205 </FONT></P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (103,103)</FONT></P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (206,205)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.8pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Planatl&#226;ntica</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,551 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,101 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,551)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 13.8pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,101)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.1pt">
     <TD style="HEIGHT: 7.1pt" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 7.1pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; 310,587 </FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 7.1pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 7.1pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; 621,174 </FONT></B></FONT></P>
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     <TD style="HEIGHT: 7.1pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (310,587)</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; (621,174)</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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     <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Credit risks</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The exposure to credit risks of financial institutions is in line with the parameters established in the financial policy. The Company&#8217;s practice is to analyze in detail the financial position of its customers and suppliers, establishing a credit limit and conducting ongoing monitoring of the outstanding balance.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In relation to financial investments, the Company only makes investments in institutions with low credit risk according to rating agencies. As part of the funds is invested in Brazilian government bonds, there is also exposure to the credit risk of Brazil.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Capital management</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company manages its capital structure in order to ensure the continuity of its operations, so as to offer return to shareholders and benefits to other interested parties, as well as maintaining an optimum capital structure to reduce this cost.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Instruments associated with other risks of fluctuations in the prices of financial assets</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total return equity swap contracts</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On August 13, 2009, the Company settled in advance the total return equity transaction contracted on September 5, 2008 as approved by the Board of Directors on July 8, 2009.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Issue date</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Settlement date</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Reference value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US$ thousand)</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Assets</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Liabilities</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Fair value</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>sep/05/08</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>aug/13/09</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,050,763 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; 1,364,812 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (1,934,741)</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; (569,929)</FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In spite of the accumulated loss on this transaction since September 5, 2008 through the settlement date, in the amount of R$ 569,929, during 2009 the transaction generated a gain of R$ 1,026,465.</FONT></DIV></DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company also engaged in a cashless swap that involved as its counterparty the bank Goldman Sachs International and was pegged to 29,684,400 American Depositary Receipts (&#8220;ADRs&#8221;) issued by Companhia Sider&#250;rgica Nacional (asset end) and the 3-month LIBOR plus a spread of 0.75% p.a. (liability end).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The gains and losses on this contract were directly related to the fluctuations in the exchange rate and the quotations of the Company&#8217;s ADRs and the LIBOR interest rate. This instrument was recognized in other payables in the balance sheet and the gains and losses were recorded on the accrual basis in the Company&#8217;s finance income (expenses).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This transaction featured a deposit relating to the guarantee margin with the counterparty in the amount of US$ 593,410 remunerated daily according to the FedFund rate and this deposit was released on the date the transaction was settled. The guarantee margin was recognized in other receivables, in current assets.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-56</FONT> </P>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_181></A><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>V &#8211; Guarantee margin</B></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has deposits in guarantee in the amount of R$ 254,485 (R$ 115,964 in 2009); this amount is invested with Deutschebank to guarantee derivative financial instrument contracts, specifically the swap between CSN Islands VIII and CSN. In addition, the Company has a securitization reserve fund in the amount of R$ 54,675 (R$ 126,092 in 2009) set forth in the contracts for the securitization program (see Note 16).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18. OTHER PAYABLES</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The group of other payables classified in current and non-current liabilities is comprised as follows:</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-Current</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
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</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Amounts due to related parties (Note 5)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>148,364 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>80,062 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,028,924 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,980,772 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Unrealized losses on derivatives (Note 17)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>116,407 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>77,146 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>263 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>18,729 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dividends and interest on shareholders&#8217; equity payable (Note 24)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>631,344 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>383,079 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Advances from customers</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>35,361 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>85,464 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Taxes payable in installments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>656,678 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>582,190 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>859,898 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>437,231 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other payables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>266,798 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>410,633 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>178,350 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>229,591 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,854,952 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,618,574 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,067,435 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,666,323 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4.2pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.2pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.2pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.2pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.2pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.2pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>19. GUARANTEES</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company is liable for guarantees in the amount of R$ 7,484,271 (R$ 4,863,348 in 2009) for its subsidiaries and jointly-controlled subsidiaries, as follows:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Millions</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Currency</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Maturities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Borrowings</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Tax collection lawsuits</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.7pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Transnordestina</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>jun/01/10 to may//08/28</FONT></P>
</TD>
     <TD vAlign=center width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,145,397 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 298,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 5,186 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2,800 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,150,583 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 300,800 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Cimentos</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Indeterminate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 32,745 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 26,100 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 26,987 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 26,987 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 59,732 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 53,087 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Prada </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Indeterminate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;9,958 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 9,900 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,900 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 10,699 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 11,800 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Sepetiba Tecon</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Indeterminate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,465 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,900 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 15,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 15,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 61,519 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 66,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 77,983 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 83,400 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>It&#225; Energ&#233;tica</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>sep/15/13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,587 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;93,700 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,587 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 93,700 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Energia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>R$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Indeterminate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,029 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2,336 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 3,300 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,365 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,300 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total em R$</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,156,449 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 393,600 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 58,732 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 52,000 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 96,767 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">101,487 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,311,948 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 547,087 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 7.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Islands VIII</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>dec/16/13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 550,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 550,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 550,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 550,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Islands IX</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1/15/2015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 400,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 400,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 400,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 400,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Islands X</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Perpetual</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 750,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 750,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Islands XI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>sep/21/19</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 750,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 750,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 750,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 750,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Islands XII</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Perpetual</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>A&#231;os Longos</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>dec/31/11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,431 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;8,700 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,431 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,700 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Resources</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7/21/2020</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>CSN Cimentos</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7/15/2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Namisa</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>US$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>dec/31/09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 20,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 20,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in US$</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,704,431 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,478,900 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,704,431 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,478,900 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total in R$</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">6,172,323 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,316,261 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">6,172,323 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,316,261 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">7,328,772 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,709,861 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 58,732 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 52,000 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 96,767 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">101,487 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">7,484,271 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7.5pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">4,863,348 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="16%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV></DIV>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-57</FONT> </P>
</DIV>


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<P><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>20. TAXES PAYABLE IN INSTALLMENTS </B></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a) Tax recovery program (Refis)</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Federal Refis</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On November 26, 2009, the Company and its subsidiaries joined the Tax Recovery Programs established by Federal Law 11941/09 and Provisional Measure 470/09, aimed at settling tax liabilities through a special payment system and installment payment of their tax and social security obligations. Joining the special tax programs reduced the amount of fines, interest and legal charges previously due.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Management&#8217;s decision took into consideration matters already judged by higher courts, as well as the assessment of external legal counsel regarding the possibility of favorable outcomes in the contingencies in progress.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In November 2009 and February 2010, the companies recognized the adjustments required in the provisions, as well as the reductions in the debts set forth in special programs, according to the dates for waiver of administrative appeals or lawsuits. In 2009, a positive effect before income tax and social contribution was recorded in the amount of R$ 507,633, and in the 1st quarter of 2010, a negative effect before income tax and social contribution was recorded in the amount of R$ 42,364. These amounts were recorded in other operating income and expenses and in finance income (expenses) (see notes 26 and 27).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The new amount of debts after application of the reductions related to the tax program under Law 11941/09 was offset against deposits in court related to these contingencies and is still subject to validation by the appropriate authorities. The remaining balance will be paid in 180 monthly installments based on the consolidation of the debts by the authorities.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The debts under the terms of Provisional Measure 470/09 were divided into 12 installments as from November 2009. In July 2010, the Company elected to offset the four last installments under the tax recovery program against its income tax and social contribution tax loss carry forwards, as permitted by applicable legislation.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The appropriate authorities are still examining the data submitted in order to consolidate the debts included in the installment payment programs established by Provisional Measure 470/09 and Law 11941/09.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2010, the position of the debts under the Refis, recorded under taxes payable in installments, was R$ 1,444,207 (R$ 826,844 in 2009) in the Consolidated.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>State Refis</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 18, 2010 the State of Rio de Janeiro published Law 5647/10, which introduced the Tax Recovery Program. Based on these new regulations, amounts due were reduced in terms of fines and interest and could be settled with &#8220;precat&#243;rios&#8221; (bonds issued to pay court-ordered debts) through May 31, 2010. The Company and its subsidiaries CSN Cimentos and MRS elected to include some of their state tax debts, totaling R$ 52,387, in the Tax Recovery Program (REFIS), without significant impacts on profit or loss.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>21. PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL RISKS AND JUDICIAL DEPOSITS</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contingencies and claims of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits are as follows:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 9.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1/1/2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 16.3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Judicial deposits</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Provision</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Judicial deposits</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Provision</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Judicial deposits</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Provision</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Social security and labor </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>107,237 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>247,214 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>86,541 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>217,777 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>63,448 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>159,257 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Civil </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47,216 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>80,330 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37,251 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>61,428 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>24,863 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>63,542 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Tax </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>878,309 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>86,841 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>869,399 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>40,162 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,552 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>46,424 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Judicial deposits</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>46,023 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>44,493 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>41,667 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,078,785 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">414,385 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,037,684 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">319,367 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">139,530 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">269,223 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Legal obligations challenged in court:</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Tax</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IPI premium credit&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,227,892 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,227,892 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,227,892 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,227,892 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,196,822 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,227,203 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CSLL credit on exports</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>401,916 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,240,158 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,156,830 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>SAT</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>50,880 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>66,650 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Salary premium for education</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,189 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>33,121 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,189 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>33,121 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,189 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>33,121 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CIDE </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>54,211 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>27,545 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>29,913 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>27,674 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>27,616 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>27,390 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>341,551 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>20,892 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>339,215 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>20,892 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>336,826 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>20,892 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other provisions</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,078 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>113,552 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,078 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>108,203 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>370,268 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>107,436 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,695,921 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,824,918 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,669,287 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,708,820 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,967,721 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,639,522 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,774,706 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,239,303 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,706,971 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,028,187 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,107,251 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,908,745 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.25pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total current liabilities</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">222,461 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">189,517 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">161,144 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total non-current liabilities</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,774,706 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,016,842 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,706,971 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,838,670 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,107,251 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,747,601 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="35%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.85pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV></DIV>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-58</FONT> </P>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P>
<A name=page_183b></A></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P><BR>
<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in the provisions for contingencies in the years ended December 31, 2010 and 2009 are as follows:</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 0px; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.9pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="11%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Non-Current</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Current</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 31.2pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Nature</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 31.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 31.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Additions</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 31.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Adjustment</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 31.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Utilization</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 31.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Transfer to taxes payable in instal.</FONT></B></FONT></P>
</TD>
     <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 31.2pt" vAlign=top width="1%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="HEIGHT: 31.2pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 31.2pt" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Civil</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>17,717 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,500 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,38 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(5,393)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>23,208 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>57,622 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>43,711 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Labor</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>18,778 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,511 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(2,940)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>23,349 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>1</FONT><FONT style="FONT-SIZE: 8pt">64,839 </FONT></FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>145,806 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Tax</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,696,181 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>60,707 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>519,074 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(957,809)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(406,893)</FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,911,260 </FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Social security</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>105,994 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,966 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>16,550 </FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(100,485)</FONT></P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>59,025 </FONT></P>
</TD>
     <TD style="HEIGHT: 12.5pt" vAlign=top width="1%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.5pt">
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="11%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,838,670 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">103,173 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">548,519 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(1,066,627)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(406,893)</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2,016,842</FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">222,461 </FONT></B></FONT></P>
</TD>
     <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="11%" colSpan=2>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">189,517</FONT></B></FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The provisions for civil, labor, tax, environmental and social security liabilities have been estimated by Management mainly based on the assessment made by legal counsel, and only cases classified as probable losses are recorded. Moreover, these provisions include tax liabilities resulting from contingencies filed by the Company, subject to SELIC (Special Settlement and Custody System) rate.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company and its subsidiaries are defendants in other contingencies (labor, civil and tax) at administrative or judicial levels, in the approximate amount of R$ 4,200,104, of which R$ 2,939,678 related to tax contingencies, R$ 302,847 to civil contingencies, and R$ 957,579 to labor and social security contingencies. The assessments made by legal counsel define these contingencies at administrative or judicial levels as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices adopted in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>a) Labor contingencies</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010, the Company is a defendant in <FONT size=1 face=Arial>11</FONT>,238 labor claims, for which a provision has been recorded in the amount of R$ 1<FONT size=1 face=Arial>88</FONT>,188 (R$ 164,584 in 2009). Most of the claims relate to subsidiary and/or joint liability, salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance pay fund (FGTS) as a result of federal government economic plans, health care plan, indemnity contingencies resulting from alleged occupational diseases or on-the-job accidents, and differences in profit sharing from 1997 to 1999 and from 2001 to 2003.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>b) Civil contingencies</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Among the civil contingencies in which the Company is a defendant are claims for indemnity, generally resulting from on-the-job accidents, occupational diseases and contractual litigation related to the Company&#8217;s industrial activities. For contingencies involving civil matters, a provision has been recognized in the amount of R$ <FONT size=1 face=Arial>80</FONT>,330 as at December 31, 2010 (R$ 61,428 in 2009).</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-59</FONT> </P>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P>
<A name=page_185></A></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Among the environmental contingencies at administrative or judicial levels in which the Company is a defendant, most involve contingencies at administrative level aimed at determining possible occurrences of environmental irregularities and straightening out environmental licenses. At judicial level there are collection contingencies related to fines imposed as a result of these irregularities and class action contingencies with claims for indemnities, consisting of environmental repairs in most cases. Generally, these contingencies result from discussions regarding alleged damages to the environment related to the Company&#8217;s industrial activities. For contingencies involving environmental matters, a provision was recognized in the amount of R$ 500 as at December 31, 2010.</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>c) Tax contingencies</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Wingdings-Regular,WingDings>&#167; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><U>Income tax and social contribution</U></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(i) &#8221;Plano Ver&#227;o&#8221; </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- The Company is claiming the recognition of financial and tax effects on the calculation of income tax and social contribution, related to removal by the government of inflation measured according to the Consumer Price Index (IPC) in January and February 1989, involving a total percentage figure of 51.87% (&#8220;Summer Plan&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2004 the lawsuit was terminated with a final and unappealable decision that granted the right to apply the index of 42.72% (January 1989), with the 12.15% already applied to be deducted from this index. The final decision also granted application of the index of 10.14% (February 1989). The proceeding is currently under accounting investigation.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010 there is an amount of R$ 341,551 (R$ 339,215 in 2009) deposited in court, classified in a specific account of judicial deposits in long-term receivables, and a provision of R$ 20,892 (R$ 20,892 in 2009), which represents the portion not recognized by the courts.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(ii) CSLL Export (Social Contribution on Income from Export Revenues) </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211; In February 2004 the Company filed a lawsuit claiming that it should not be subject to payment of CSLL (social contribution) on its export revenues/profits, as well as to obtain court authorization to offset all the amounts of CSLL incorrectly paid on such export revenues/profits since the publication of Constitutional Amendment 33/2001, which provided new wording to article 149, paragraph 2 of the 1988 Federal Constitution (CF/88), by determining that &#8220;social contributions shall not be levied on export revenues&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In March 2004 an injunction was granted, and subsequently confirmed in a court decision, authorizing the exclusion (from the CSLL tax base) of just the export profits.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Such court decision was overturned by the 4th Panel of the Federal Regional Court (TRF) for the 2nd Region, which denied the injunction requested by the Company. An extraordinary appeal (RE) challenging the constitutionality of the regional court decision was filed, but it was put on hold until such time as the Federal Supreme Federal (STF) decides the matter in the case records of RE 564.413 (leading case), which recognized the existence of general repercussion of this same constitutional issue.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In December 2008 the Company received a Collection Notice for the amounts relating to exclusion of such revenues from the CSLL tax base. Therefore, the Company&#8217;s Board of Directors approved a motion to attach the Collection Notice to the installment payment program introduced by Law 11941/2009 (REFIS), and also to continue discussing the main matter in court relating to non-levy of CSLL on export profits, which was recently judged by the STF in the case records of RE 564.413 (leading case) in a vote contrary (6X5) to taxpayers. This decision has not yet been published and will probably be subject to appeal.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to December 31, 2010 the amount of the suspended requirement and the credits offset on the basis of such lawsuit was R$ 401,916 (R$ 1,240,158 in 2009), plus the SELIC rate.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Wingdings-Regular,WingDings>&#167; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><U>Contribution for intervention in the economic domain - CIDE</U></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company questioned the legal validity of Law 10168/00, which introduced the collection of CIDE on amounts paid, credited or remitted to non-resident beneficiaries by way of royalties or compensation for agreements involving supply, technical assistance, assignment and licenses for use of trademarks and patents.</FONT></P>
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<P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The ruling at the lower court was unfavorable and this was upheld by the TRF for the 2</FONT><SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>nd </FONT></SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Region. The Company filed an Appeal for Declaratory Judgment, which was likewise turned down. An extraordinary appeal was filed with the STF, admissibility of which is presently awaiting the higher court&#8217;s decision.</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In view of the unfavorable decisions and the benefits involving reduction in fines and interest, the Company&#8217;s Board of Directors approved including the amounts covered by the court litigation in the tax recovery program introduced by Law 11941/2009.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>After application of the benefits of this program, the Company maintains judicial deposits in the amount of R$ 6,141, of which R$ 2,895 involves excess deposits after application of the REFIS reductions that may be offset against other debts being challenged in court by the taxpayer or converted into income. As at December 31, 2010 there is a provision recognized in the amount of R$ 3,246 (R$ 3,376 in 2009), including legal charges.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Wingdings-Regular,WingDings>&#167; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><U>Salary premium for education &#8211; &#8220;Sal&#225;rio Educa&#231;&#227;o&#8221;</U></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has filed a lawsuit challenging the constitutionality of the salary premium for education and for discussing the possibility of recovering the amounts paid in the period from January 5, 1989 to October 16, 1996. The lawsuit was unsuccessful, and the TRF upheld the decision unfavorable to CSN, a decision that is final and unappealable.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In view of the final and unappealable decision, CSN tried to make payment of the amount due, though the FNDE and INSS did not reach an agreement as to which agency should receive it. They also required that the amount should be paid along with a fine, with which the Company did not agree.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lawsuits were then filed challenging the above events, with judicial deposit of the amounts involved in the lawsuits. In the first lawsuit, the lower court partly accepted the Company&#8217;s request, with the judge deducting the fine, but upholding the SELIC rate, with counterarguments against the defendant&#8217;s appeal against the SELIC rate.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accrued amount and judicial deposit as at December 31, 2010 totals R$ 33,121 (R$ 33,121 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Wingdings-Regular,WingDings>&#167; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><U>On-the-job accident insurance - SAT</U></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company is challenging in court the increase in the SAT rate from 1% to 3% (first lawsuit), and is also challenging the increase in SAT for purposes of the Special Retirement Contribution, which was set at 6%, according to legislation applicable to employees exposed to toxic material (second lawsuit).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As regards the first lawsuit mentioned above, the lower court decision was unfavorable and the lawsuit is now being judged by the TRF for the 2</FONT><SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>nd </FONT></SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Region. With respect to the second lawsuit, its decision was unfavorable to the Company and the amount due in this lawsuit, R$ 33,077, was deposited in court, in favor of the INSS (National Institute of Social Security).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accrued amount as at December 31, 2010 totals R$ 36,966 (R$ 50,880 in 2009), which includes legal charges and refers exclusively to the lawsuit related to the increase from 1% to 3% for all the Company&#8217;s locations. In view of the likelihood of loss in this court challenge, the Board of Directors approved including the amount relating to this matter in the installment payment program under Law 11941/2009. Due to joining the REFIS and waiver of the lawsuit challenging the rate increase from 1% to 3%, CSN included the unassessed period in the Ordinary Installment Payment Program, which is presently awaiting ratification.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Wingdings-Regular,WingDings>&#167; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><U>IPI premium credit over export</U></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The tax legislation allowed Brazilian companies to recognize an excise tax (IPI) premium credit until 1983, when by executive order from the government these benefits were cancelled and it was no longer permitted to utilize these credits.</FONT></P>
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<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company challenged the constitutionality of this act and filed a lawsuit claiming the right to utilize the IPI premium credit on exports from 1992 to 2002, since only laws passed by the legislature can cancel or revoke benefits granted by past legislation.</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In August 2003 the Company obtained a favorable decision at the lower court, authorizing the utilization of such credits. The National Treasury appealed and obtained a favorable decision. The Company then filed a special and extraordinary appeal against the decision to the Superior Court of Justice - STJ and STF, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between September 2006 and May 2007, the National Treasury filed 5 tax collection lawsuits and 3 administrative proceedings against the Company relating to collection of the taxes that were offset against the IPI premium credit. The total amount involved approximates R$ 4.5 billion, inflation adjusted through December 31, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On August 29, 2007 CSN pledged assets backed by treasury shares in the amount of R$ 536 million, with the equivalent of 25% of this amount being replaced by judicial deposits through monthly installments made through December 31, 2007, and as such replacements occur, a request was filed to release the pledges of the equivalent amounts in shares at the closing quotation for the share on the date prior to the deposit, and this request was about to be granted.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On August 13, 2009, the STF rendered a decision, with general repercussion, determining that the IPI premium credit was only in effect through October 1990. Accordingly, the credits accrued after 1990 were not recognized and, in view of this STF decision, the Company&#8217;s Board of Directors approved including this matter in the tax recovery program for tax debts introduced by Provisional Measure 470/09 and Law 11941/09, which entails benefits in terms of reduction of fines, interest and legal charges.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial>The Company maintened a provision for the amount of the credits already, plus late payment charges through September 30, 2009. The new amount of debt after application of the reductions prescribed in the program under Law 11941/09 was offset against the escrow deposits related to these lawsuits, resulting in excess deposits&nbsp;in the amount of&nbsp; R$516 million after applicationof the&nbsp;REFIS reductions, wich can either be offset against&nbsp;other debits included in&nbsp;the installment payment program or refunded. These debits are still subject&nbsp; to validation by the appropriate authorities, wich will take place during 2011.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The debts under Provisional Measure (MP) 470/09 were paid in 12 installments as from November 2009, with the last four installments being replaced by the use of the income tax and social contribution tax loss carryforwards, in the manner provided by applicable legislation. The appropriate authorities are still examining the data submitted in order to consolidate the debts included in such installment payment program. So far 5 administrative cases, in the amount of R$ 1.8 billion, are being challenged by the authorities, with the first 2 being included as executable tax debts. The Company promptly challenged the challenges at the administrative level (by means of filing the appropriate appeals), since there are strong arguments in the sense of allowing inclusion of such debts in the installment payment under MP 470/09, and obtained a court order suspending the appeals filed by the government, which suspended the requirement to pay the debt until a final decision is reached at the administrative level. The administrative cases aimed at re-inclusion of the debts under MP 470/09 are still being analyzed.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Wingdings-Regular,WingDings>&#167; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><U>Other</U></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial>The Company has also recognized provisions for lawsuits relating to INSS, FGTS Complementary Law 110, COFINS Law 10833/03, PIS Law 10637/02 and PIS/COFINS - Manaus Free Trade Zone, totaling R$ 84,367 as at December 31, 2010, (R$ 72,124 in 2009), wich includes legal charges</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In relation to the COFINS Law 10833/03 debt, the Board of Directors approved inclusion of the related amounts in the tax recovery program under Law 11941/09. The Company maintained a provision for the amount of these credits already offset, plus late payment charges through September 30, 2009.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The new amount of debts after application of the reductions allowed under the program of Law 11941/09 was offset against judicial deposits related to these lawsuits, resulting in excess deposits in the amount of R$ 9,141 after application of the REFIS reductions, which may be offset against other debts included in the installment plan or challenge in court or refunded. These debts are still subject to validation by the appropriate authorities, which is set to occur in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On June 14, 2010, the TRF for Bras&#237;lia turned down a lawsuit for annulment filed by CSN against the Anti-Trust Board (CADE), which sought to annul the assessment imposed for allegedly committing the violations prescribed by articles 20 and 21, item I, of Law 8884/1984. The appropriate appeals were filed against this decision but were turned down, giving rise to an Appeal for Declaratory Judgment, which is awaiting judgment. The collection of fine in the amount of R$ 65,292 is suspended by court decision, which granted suspension based on the guarantee for the debt provided by CSN. This lawsuit is classified as possible loss.</FONT></P>
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<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>22. PROVISIONS FOR ENVIRONMENTAL AND DECOMMISSIONING LIABILITIES</B></FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a) Environmental Liabilities</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010, a provision is recognized in the amount of R$ 278,106 (R$ 116,544 in 2009) for expenditures relating to environmental investigation and recovery services for potentially contaminated areas surrounding establishments in the States of Rio de Janeiro, Minas Gerais and Santa Catarina. Estimated expenditures will be reviewed periodically and the amounts already recognized will be adjusted whenever needed. These are Management&#8217;s best estimates considering recovery studies in areas that have been degraded and are in the process of being used for activities.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The provisions are measured at the present value of the expenditures required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the specific risks of the obligation. The increase in the obligation due to passage of time is recognized as finance cost.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The long-term interest rate used to discount to present value and update the provision through December 31, 2010 is 11.00%. The liability recognized is periodically updated based on these discount rates plus the general market price index (IGPM) for the period.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>b) Decommissioning of Assets</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Obligations on decommissioning of assets consist of estimated costs for decommissioning, retirement or restoration of areas upon the termination of activities related to mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently through increase in expenses over time. The cost of decommissioning of assets equivalent to the initial liability is capitalized as part of the carrying amount of the asset, being depreciated over the useful life of the asset. The liability recognized at December 31, 2010 R$ 17,421 (R$ 15,524 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23. SHAREHOLDERS&#180; EQUITY</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>i. Paid-up capital</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s fully subscribed and paid-up capital as at December 31, 2010 is R$ 1,680,947 (R$ 1,680,947 as at December 31, 2009), divided into 1,483,033,685 (755,179,610 in 2009) common shares without par value. Each common share entitles to one vote in resolutions of the General Meeting of Shareholders. At the Extraordinary General Meeting held on March 25, 2010 approval was granted to a split in shares representing the capital, a transaction whereby each share began to be represented by 2 (two) new shares. At the Extraordinary General Meeting held on November 1, 2010 approval was granted to cancel 27,325,535 shares that were held in treasury.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii. Authorized capital</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s bylaws in effect as at December 31, 2010 determine that the capital can be raised to up to 2,400,000,000 shares by decision of the Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>iii. Legal reserve</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This reserve is recognized at the rate of 5% of the profit for each period, in the manner provided by article 193 of Law 6404/76). The limit for this reserve has already been reached, as required by applicable legislation.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>iv. Treasury shares</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company holds in treasury 25,063,577 shares that it issued, acquired in the market for R$ 570,176 (R$ 1,191,559 in 2009) for future disposal or cancelation. The market value of these treasury shares as at December 31, 2010 corresponds to R$ 668,446 (R$ 1,466,895 in 2009).</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>v. Ownership structure</B></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010, the Company&#8217;s ownership structure was as follows:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; Number of common shares</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">% of total shares</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">% w/o treasury shares</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Vicunha Siderurgia S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>697,719,990</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47.05%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47.86%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A.</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>58,193,503</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.92%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.99%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,788,231</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.86%</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.88%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>BNDESPAR</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>31,773,516</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.14%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.18%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Diversos (ADR - NYSE)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>358,913,048</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>24.20%</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>24.62%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other shareholders (approximately 10 thousand)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>298,581,820</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>20.13%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>20.47%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 1,457,970,108 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">98.31%</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">100.00%</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25,063,577</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.69%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total shares</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 1,483,033,685 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">100.00%</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR height=0>

   <TD width="53%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>vi. Changes in outstanding shares</B></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 25.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 25.95pt" vAlign=center width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Changes in common shares outstanding</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 25.95pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 25.95pt" vAlign=center width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Number of shares</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 25.95pt" vAlign=center width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance held in treasury</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Opening balance in 2009</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,517,338,908 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;69,468,768 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=center width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Acquisition of treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(59,368,800)</FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;59,368,800 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Cancelation of shares</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(76,448,456)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=center width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2009</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,457,970,108 </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;52,389,112 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Cancelation of shares</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(27,325,535)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Balance at December 31, 2010</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1,457,970,108 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=center width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">25,063,577 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>vii. Appropriated retained earnings</B></FONT></P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazilian laws and CSN&#8217;s By-laws require that certain appropriations be made from retained earnings to reserve accounts on an annual basis. The purpose and basis of appropriation to such reserve accounts are described below:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment reserve - this is a general reserve for future expansion of CSN&#8217;s activities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Legal reserve - this reserve is a requirement for all Brazilian corporations and represents the annual appropriation of 5% of net income up to a limit of 20% of capital stock, as determined in the Brazilian Corporate Law. This reserve may be used to increase capital or to absorb losses, but may not be distributed as cash dividends.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>24. DIVIDENDS AND INTEREST ON SHAREHOLDERS&#8217; EQUITY</B></FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">12/31/2010</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net income for the year</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2,516,376 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IFRS adjustments - First-time adoption</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(33,416)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Basic net income for determination of dividends</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>2,482,960 </B></FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Proposed allocation:</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Investment reserve</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (626,160)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total allocation to reserves</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; (626,160)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Interest on </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>shareholders&#8217; equity </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (356,800)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Proposed dividends</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; (1,500,000)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total proposed dividends and interest on shareholders&#8217; equity</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>(1,856,800)</B></FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.75pt" vAlign=top width="78%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.75pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.75pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Weighted average number of shares</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,457,970 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dividends and interest on shareholders&#8217; equity per share</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.2736</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Additional information</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Mandatory minimum dividends for the year (*)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>629,094 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Residual balance from prior years</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.35pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>957 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="78%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Dividends payable</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630,051 </FONT></B></FONT></P></TD></TR></TABLE><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) CSN&#8217;s bylaws establish mandatory minimum dividends of 25% after exclusions of the legal reserves.</FONT></DIV></DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-64</FONT> </P>

<HR align=center SIZE=2 width="100%" noShade>



<P>&nbsp;</P></DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_189></A>
<P><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0px"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a) Interest on shareholders&#8217; equity</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s management will propose to the Annual General Meeting the payment of interest on shareholders&#8217; equity in the amount of R$ 356,800, corresponding to R$ 0.244724 per share outstanding at that date.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The calculation of interest on shareholders&#8217; equity is based on the variation in the Long-Term Interest Rate (TJLP) on equity, limited to 50% of the profit for the period before income tax or 50% of the retained earnings and earnings reserves, and the higher of the two limits may be used, as provided for by prevailing legislation.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pursuant to CVM Resolution 207 of December 31, 1996 and applicable tax rules, the Company elected to record interest on shareholders&#8217; equity proposed against the finance costs account and to reverse it in the same account and, therefore, it is not presented in the income statement and has no effect on profit, except regarding the tax effects recognized in the income tax and social contribution lines. Management will propose that the amount of interest on shareholders&#8217; equity be attributable to the mandatory minimum dividend.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25. OPERATING REVENUES</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net operating revenues is as follows:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.8pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.8pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-FAMILY: arial; FONT-SIZE: 8pt"><B><FONT style="FONT-SIZE: 8pt">Operating revenues</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Domestic market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>13,201,074&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,488,409 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Foreign market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;4,270,333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,197,187 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">17,471,407&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,685,595 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Deductions </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="69%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cancelled sales and discounts granted</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(416,706)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462,954)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Taxes levied on sales</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(2,604,191)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,244,278)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(3,020,897)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,707,232)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net operating revenues</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;14,450,510&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,978,364 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>26. OTHER OPERATING EXPENSES AND INCOME</B></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other operating expenses</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(643,081)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(695,905)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Taxes and fees</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(81,394)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(109,753)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Effect of REFIS - Law 11941/09 and MP 470/09 (Note 20)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(8,444)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 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;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Provision for contingencies and net losses on reversals</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(260,235)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(297,695)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Contractual and non-deductible fines</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(155,445)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(46,882)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fixed cost of equipment stoppages</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(21,213)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(34,198)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Write-off of obsolete assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(32,098)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(112,483)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Expenses on studies and project engineering</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(21,142)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(6,385)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Impairment of goodwill ERSA</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 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;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(23,137)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(63,110)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(65,372)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other operating income</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92,478 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,416,735 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>PIS / COFINS / ICMS credits recovered during the year</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>32,739&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gains on investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,534&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835,115 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Effect of REFIS - Law 11941/09 and MP 470/09 (Note 20)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 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;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>505,297</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gain on acquisition of "precat&#243;rios" from the city of Pira&#237;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>15,595&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,610 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76,323 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Other operating (expenses) income</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(550,603)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720,830 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.8pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-65</FONT> </P>
<HR align=center SIZE=2 width="100%" noShade>
<P>&nbsp;</P>
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<P style="MARGIN: 0px"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>27. FINANCE EXPENSES AND INCOME</B></FONT></P>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.45pt">
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.95pt">
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Finance expenses:</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans and financing - foreign currency</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (641,632)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (598,849)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans and financing - local currency</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (791,926)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (277,699)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Related parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(374,929)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(365,150)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Capitalized interest</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215,624 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85,260 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>PIS/COFINS on other revenues</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,079)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,072)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Losses on derivatives (*)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27,252)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152,102)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net effect of REFIS - Law 11941/09 and MP 470/09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33,921)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,336 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Interest, fines and late payment charges</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (283,768)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281,190)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other finance costs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(261,570)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(304,049)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; (2,200,453)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; (1,892,515)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Finance income:</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Related parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,491 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,750 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Yields from marketable securities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394,183 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276,177 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other yields</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195,466 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254,098 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643,140 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586,025 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Inflation adjustment: </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,465 </FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- Liabilities</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,714)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69,266 </FONT></P>
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<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,443)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77,731 </FONT></B></FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Exchange gains (losses):</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- On assets</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (585,719)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (295,526)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- On liabilities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398,527 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995,064 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- Exchange gains (losses) on derivatives (*)</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158,510)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282,786 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(345,702)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">982,324 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="69%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Inflation adjustment and exchange gains (losses), net</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (354,145)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,060,055 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Finance costs, net</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; (1,911,458)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246,435)</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">(*) Statement of results of derivative transactions</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CDI x US$ swap</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (231,673)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (581,523)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>EUR x US$ swap</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,763)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>LIBOR x CDI swap</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,864)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,445)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Future US$</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79,926 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (231,563)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total return on equity swap</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,026,463 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,388)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65,248)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185,762)</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130,684 </FONT></B></FONT></P>
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<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-66</FONT> </P>
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<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>28. SEGMENT AND GEOGRAPHICAL INFORMATION</B></FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>According to the Company&#8217;s structure, its businesses are distributed into 5 (five) operating segments. Thus, we analyzed our information by segment as follows:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Steel Segment consolidates all the operations related to the production, distribution and sale of packaging, metallic packaging and galvanized steel, with operations in Brazil, the United States and Portugal. This segment serves the following markets: civil construction, steel packaging for Brazilian chemical and food industries, white line (home appliances), automobile and OEM (motors and compressors). The Company&#8217;s steel units produce hot and cold rolled steel, galvanized and pre-painted steel with great durability. They also produce tinplate, a raw material used to produce packaging.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Overseas, Lusosider, which is based in Portugal, also produces metallic sheets, as well as galvanized steel. CSN LLC in the U.S. meets local market needs by supplying cold rolled and galvanized steel. For 2012, it is slated to begin production of long steel products. The initial production slated, to the tune of 500 thousand metric tons per year (mtpy), will consolidate the company as a source of complete solutions for civil construction, complementing its portfolio of products with high added value in the steel chain.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This segment encompasses the activities of iron ore and tin mining. The high-quality iron ore operations are located in the Iron Quadrilateral in MG, the Casa de Pedra mine in Congonhas &#8211; MG that produces high quality iron ore, as well as the Company&#8217;s subsidiary Nacional Min&#233;rios S.A. (Namisa), which has its own mines, which are also of excellent quality, and further sells third party iron ore. Furthermore, CSN also owns Estanho de Rond&#244;nia S.A. (ERSA), a company that has both tin mining and casting units.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN holds the concession to operate the solid bulk terminal TECAR, one of the four terminals that comprise the Port of Itagua&#237; (RJ). Importations of coal and coke are carried out through this terminal.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Log&#237;stica</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>i. Railroad</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN has equity interests in two railroad companies: MRS Log&#237;stica S. A., which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica S. A., which operates the old Northeast Network of RFFSA in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a) MRS</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The railroad transportation services provided by MRS are based on the supply of raw materials and the shipment of final products. The total amount of iron ore, coal and coke consumed by the Presidente Vargas Mill is carried by MRS, as is part of the steel produced by CSN for the domestic market and for export.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Southeast Brazilian railroad system, encompassing 1,674 kilometers of tracks, serves the tri-state industrial area of S&#227;o Paulo - Rio de Janeiro - Minas Gerais, linking the mines located in Minas Gerais to the ports located in S&#227;o Paulo and Rio de Janeiro, and the steel mills of CSN, Companhia Sider&#250;rgica Paulista (or Cosipa) and Gerdau A&#231;ominas. Besides serving other customers, the railroad system carries iron ore from the Company&#8217;s mines in Casa de Pedra, Minas Gerais, and coke and coal from the Port of Itagua&#237;, in Rio de Janeiro, to Volta Redonda, and carries CSN&#8217;s exports to the ports of Itagua&#237; and Rio de Janeiro. Its volumes of cargo carried account for approximately 28% of the total volume carried by the Southeast railroad system.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-67</FONT> </P>
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<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>b) Transnordestina Log&#237;stica</B></FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Together, CSN and the federal government will be making investments for implementation of the Transnordestina Project for construction of around 1,728 km of new lines. The work on this project, slated for conclusion in 2013, further includes complementing and renewing part of the infrastructure (or lines) of the concession held by Transnordestina Log&#237;stica, which will be expanded from the nearly 2,600 kilometers of track presently operating to around 4,300 kilometers.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica S.A. has a 30-year concession granted in 1998 to operate the Northeastern Brazil railroad system, which covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte. Moreover, it links up the main ports in the region, thus providing an important competitive advantage by means of opportunities for combined transportation solutions and logistics projects tailored to customer needs.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The project underway will increase the transportation capacity of Transnordestina Log&#237;stica 20-fold, bringing it up the level of the most modern railroads in the entire world.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>With its new configuration, Transnordestina will become the best logistics option for export of grains through the ports of Pec&#233;m and Suape, as well as other solid bulk cargos such as iron ore from the Northeast Region, playing an important role in the region&#8217;s development.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii. Port</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Port logistics segment consolidates the operation of the terminal built during the post-privatization period of the ports, Sepetiba Tecon. The Sepetiba terminal features complete infrastructure to meet all the needs of exporters, importers and ship-owners. Its installed capacity exceeds that of most other Brazilian terminals. It has excellent depths of 14.5 meters in the mooring berths and a huge storage area, as well as the most modern and appropriate equipment, systems and inter-modal connections.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s constant investment in projects in the terminals consolidates the Itagua&#237; Port Complex as one of the most modern in the country. At present it has capacity for annually handling 480 thousand containers and 30 million metric tons of bulk cargo.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energy</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN is one of the largest industrial consumers of electric power in Brazil. As energy is fundamental to its production process, the Company invests in assets for generation of electric power to guarantee its self-sufficiency. These assets are as follows: It&#225; hydroelectric power plant, in the State of Santa Catarina, with rated capacity of 1,450 MW, where CSN has a share of 29.5%; Igarapava hydroelectric power plant, Minas Gerais, with rated capacity of 210 MW, in which CSN holds of 17.9% of the capital; and a thermoelectric co-generation Central Unit with rated capacity of 238 MW, which has been operating at the UPV since 1999. For fuel the Central Unit uses the residual gases produced by the steel mill itself. Through these three power generation assets, CSN obtains total rated capacity of 430 MW.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The cement division consolidates the Company&#8217;s cement production, distribution and sales operations, which use the slag produced by the Volta Redonda plant&#8217;s blast furnaces. Currently, the clinker used in cement production is leased from third parties however, it will be produced by CSN itself in 2011, when the first stage of the Arcos factory in Minas Gerais will be completed. CSN also has a limestone mine on that site, which is already part of its cement division.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The information presented to Management regarding the performance of each business segment is generally derived directly from the accounting records, combined with some intercompany allocations.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales by geographic area are determined based on the location of customers. On a consolidated basis, domestic sales are represented by revenues from customers located in Brazil, while export revenues represent revenues from customers located abroad.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-68</FONT> </P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="19%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 2010</FONT></B></FONT></P>
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<TR style="HEIGHT: 10.45pt">
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Steel</FONT></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Mining</FONT></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="19%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Logistics</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Energy</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cement</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Corporate Expenses / Elimination</FONT></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Consolidated</FONT></B></FONT></P>
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<TR style="HEIGHT: 5.9pt">
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Port</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Railroad</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.9pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Results</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 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;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Metric tons (Th.) - (unaudited) (*)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 4,795,851 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>18,554,984 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 991,789 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,342,624 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Revenues </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&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;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Domestic market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 8,763,470 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 573,976 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119,315 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 838,436 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;113,517 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 201,841 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (363,750)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,246,805 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Foreign market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,162,539 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 3,041,166 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,203,705 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Cost of sales and services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (6,095,348)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,186,962)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70,046)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (521,747)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(41,579)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (163,631)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 392,571 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,686,742)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Gross Profit</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; 3,830,661 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 2,428,180 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,269 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 316,689 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 71,938 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,210 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,821 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,763,768 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Selling and administrative expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (573,572)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (134,580)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16,590)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (70,644)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(25,555)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (43,119)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (350,759)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,214,819)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Depreciation</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519,411 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 145,817 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,577 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 102,629 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 22,501 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,648 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,414)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806,169 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Adjusted EBITDA</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; 3,776,500 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; 2,439,417 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,256 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 348,674 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 68,884 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,739 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (325,352)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,355,118 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="21%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<TR height=0>
     <TD width="21%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
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     <TD width="9%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Steel</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Mining</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="19%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Logistics</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Energy</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cement</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Corporate Expenses / Elimination</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Consolidated</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Port</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Railroad</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Sales by geographic area</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&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;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Asia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,752 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,513,499 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,554,251 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>North America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432,229 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432,229 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Latin America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193,692 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193,692 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Europe</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454,997 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527,667 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982,664 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,869 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,869 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Foreign market</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,162,539 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,041,166 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&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;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&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;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,203,705 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Domestic market</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,763,470 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">573,976 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">119,315 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838,436 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;113,517 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 201,841 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(363,750)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,246,805 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">TOTAL</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,926,009 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">3,615,142 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">119,315 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838,436 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;113,517 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 201,841 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(363,750)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,450,510 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) The volumes of ore sales presented in this note consider the Company&#8217;s sales and investments in subsidiaries (Namisa 60%).</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Steel</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Mining</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Logistics</FONT></B></FONT></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Energy</FONT></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cement</FONT></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Corporate Expenses / Elimination</FONT></B></FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Consolidated</FONT></B></FONT></P>
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<TR style="HEIGHT: 6.3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Port</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Railroad</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.3pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Results</FONT></B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Metric tons (Th.) - (unaudited) (*)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 4,110,266 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 17,478,837 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;338,272 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,927,375 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Revenues </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&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;</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Domestic market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 7,045,510 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247,490 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 144,363 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 822,503 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;116,641 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 60,380 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (330,353)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,106,534 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Foreign market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,155,780 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,716,050 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,871,830 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Cost of sales and services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (5,572,268)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; (1,179,304)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (75,563)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (464,104)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(43,363)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(60,893)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 373,376 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,022,119)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Gross Profit</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; 2,629,022 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784,236 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68,800 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 358,399 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 73,278 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; (513)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,023 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,956,245 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Selling and administrative expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (490,708)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108,137)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (14,290)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (58,283)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(24,978)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(16,135)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; (403,325)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (1,115,856)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Depreciation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484,351 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,665 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,776 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 109,514 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 25,234 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 8,714 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,898 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780,152 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="18%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Adjusted EBITDA</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; 2,622,665 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810,764 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,286 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 409,630 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 73,534 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; (7,934)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;(353,404)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,620,541 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.45pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Steel</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Mining</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="19%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Logistics</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Energy</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Cement</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Corporate Expenses / Elimination</FONT></B></FONT></P>
</TD>
     <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Consolidated</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Port</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Railroad</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Sales by geographic area</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Asia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 248,663 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;1,368,608</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,617,271 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>North America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 322,798 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79,426 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402,224 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Latin America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 117,982 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117,982 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Europe</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 424,314 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 268,016 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692,330 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,023 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,023 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Foreign market</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;1,155,780 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;1,716,050 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,871,830 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Domestic market</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;7,045,510 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 247,490 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 144,363 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 822,503 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;116,641</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,380 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; (330,353)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,106,534 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.85pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">TOTAL</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;8,201,290</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;1,963,540 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; 144,363 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; 822,503 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;116,641 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,380 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; (330,353)</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=center width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,978,364 </FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) The volumes of ore sales presented in this note consider the Company&#8217;s sales and investments in subsidiaries (Namisa 60%).</FONT></DIV></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-69</FONT></DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_194></A>
<P><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Adjusted EBITDA consists of profit plus net finance income (expenses), income tax and social contribution, depreciation and amortization and other operating income (expenses), which are excluded as they refer mainly to non-recurring items of the operation.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s Executive Officers use the Adjusted EBITDA as a tool to measure the recurring operating cash generation capacity, as well as a means for allowing it to make comparisons with other companies.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="68%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="68%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%">&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,355,118</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%">&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,620,541</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(806,169)</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(780,152)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operating (Note 26)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%">&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(550,603)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%">&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>720,843</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finance income (expenses) (Note 27)</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,911,458)</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(246,435)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit before taxes</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%">&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,086,888</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%">&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,314,797</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and social contribution (Note 10)</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(570,697)</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(699,616)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="68%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net income</B></FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,516,191</B></FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,615,181</B></FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>29. EARNINGS PER SHARE (EPS)</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>Basic earnings per share:</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Basic earnings per share have been calculated based on the profit attributable to the owners of CSN and non-controlling interests, which amounted to R$ 2,516,376 (R$ 2,618,934 in 2009), divided by the weighted average number of common shares outstanding during the year (after the share split), excluding the common shares purchased and held as treasury shares, as follows:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="31%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Common shares</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Profit attributable to owners of CSN</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,516,376 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,618,934 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Weighted average number of shares</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,457,970 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,492,453 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Basic and Diluted EPS</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.72594 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75478 </FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30. EMPLOYEE BENEFITS</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The pension plans granted by the Company cover substantially all employees. The plans are administered by Caixa Beneficente dos Empregados da CSN (&#8220;CBS&#8221;), which is a private non-profit pension fund established in July 1960. The members of CBS are employees and former employees of the Company and some subsidiaries that join the fund through an agreement, and the employees of CBS itself. The Executive Officers of CBS is comprised of a CEO and two other executive officers, all appointed by CSN, which is the main sponsor of CBS. The Decision-Making Council is the higher decision-making and guideline-setting body of CBS, presided over by the president of the pension fund and made up of 10 members, six chosen by CSN in its capacity as main sponsor of CBS and four elected by the fund&#8217;s participants.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-70</FONT> </P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P>
<A name=page_195></A></P>
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<P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Until December 1995, CBS Previd&#234;ncia administered two defined benefit plans based on years of service, salary and Social Security benefits. On December 27, 1995 the Private Pension Secretariat (&#8220;SPC&#8221;) approved the implementation of a new benefit plan. This new plan took effect as from that date and was called Mixed Supplementary Benefit Plan (&#8220;Mixed Plan&#8221;), structured in the form of a variable contribution plan. Employees hired after that date were only entitled to join the new Mixed Plan. In addition, all active employees who were participants of the old defined benefits plans had the opportunity to switch to the new Mixed Plan. As at December 31, 2010 CBS had 30,540 participants (28,419 in 2009), of whom 15,433 were active contributors (12,884 in 2009), 9,888 were retired employees (10,117 in 2009) and 5,219 were related beneficiaries (5,418 in 2009). Out of the total participants as at December 31, 2010, 14,108 belonged to the defined benefit plan and 16,432 to the mixed plan.</FONT></P>
<P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The assets of CBS are primarily <FONT size=1 face=Arial>i</FONT>nvested in repurchase agreements (backed by federal government bonds), federal securities indexed to inflation, shares, loans and real estate. As at December 31, 2010 CBS held 12,788,231 common shares of CSN (70,981,734 common shares as at December 31, 2009). In 2010 CBS received R$ 73 million in dividends on the equity interest represented by such shares. The total assets of the entity amounted to R$ 3.4 billion and R$ 3.6 billion as at December 31, 2009 and 2010, respectively. The administrators of the CBS funds seek to match plan assets with benefit obligations payable on a long-term basis. Pension funds in Brazil are subject to certain restrictions regarding their capacity for investment in foreign assets and, therefore, these funds invest mainly in Brazilian securities.</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a. Description of the pension plans</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>Plan covering 35% of average salary</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This plan began on February 1, 1966 and is a defined benefit plan aimed at paying pensions (for length of service, special situations, disability or old-age) on a lifetime basis, equivalent to 35% of the adjusted average of the participant&#8217;s salary for the last 12 months. The plan also guarantees sick pay to participants on Official Social Security leaves of absence and further ensures payments of savings fund, funeral allowance and pecuniary aid. This plan was discontinued on October 31, 1977 when the new supplementary plan based on average salary took effect.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>Supplementary average salary plan</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This plan began on November 1, 1977 and is a defined benefit plan aimed at complementing the difference between the adjusted average of the participant&#8217;s salary for the last 12 months and the Official Social Security benefit for retirement, also on a lifetime basis. As in the 35% plan, there is coverage for the benefits of sick pay, death and pension. This plan was discontinued on December 26, 1995 with the creation of the mixed supplementary benefit plan.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><U>Mixed supplementary benefit plan</U></B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This plan began on December 27, 1995 and is a variable contribution plan. Besides the scheduled retirement benefit, it also covers the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay). Under this plan, the retirement benefit is calculated based on the amount accumulated by the monthly contributions of the participants and sponsors, as well as on each participant&#8217;s option for the manner in which they receive them, which can be lifetime (with or without continuity of pension for death) or through a percentage applied to the balance of the fund generating the benefit (loss for indefinite period). After retirement is granted, the plan takes on the characteristics of a defined benefit plan.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>b. Investment policy</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The investment policies establish the principles and guidelines that will govern the investments of funds entrusted to the entity, in order to foster the security, liquidity and profitability required to ensure equilibrium between the plan&#8217;s assets and liabilities, based on an ALM (Asset Liability Management) study that takes into consideration the benefits of participants and beneficiaries for each plan.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-71</FONT> </P>
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<P>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<P><A name="page_196"></A></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>

<P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The investment plan is reviewed annually and approved by the Decision-Making Council considering a 5-year horizon, as established by resolution CGPC 7 of December 4, 2003. The investment limits and criteria established in the policy are based on Resolution 3792/09 published by the National Monetary Council (&#8220;CMN&#8221;).</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>c. Employee benefits</B></FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1/1/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Obligations recorded in the Balance Sheet</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Pension plan benefits</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67,532 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Post-employment health benefits</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367,839 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317,145 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296,608 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367,839 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317,145 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364,140 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The reconciliation of assets and liabilities of employee benefits is as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1/1/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Present value of defined benefit obligations</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,982,556 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,731,767 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,415,029 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Fair value of plan assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,316,018)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (2,160,158)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,396,350)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Deficit/(surplus) </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(333,462)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428,391)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,679 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Restriction due to limitation of recovery</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>280,582 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380,092 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,737 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net Liabilities/(Assets)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52,879)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48,299)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,416 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Liabillities</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,534 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Assets (*)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52,879)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48,299)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,118)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Net Liabilities(Assets) </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52,879)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48,299)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,416 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) The Asset resulting from the actuarial valuation was not recorded by the Company since there is no clear evidence of its realization, in accordance with IAS 19 &#8211; Employee benefits.</FONT></DIV></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in the present value of the defined benefit obligation during the year are as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Present value of obligations at beginning of year</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>1,731,767 </B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,415,029 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cost of service</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,313</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,249 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cost of interest</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;185,285 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,122 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166,147)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148,561)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Actuarial loss/(gain)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225,341 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287,146 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,999 </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,782 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.15pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.15pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Present value of obligations at end of year</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.15pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>1,982,556 </B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 9.15pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 9.15pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,731,767 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="HEIGHT: 5.05pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The changes in the fair value of the plan assets during the year are as follows:</FONT></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Fair value of assets at beginning of year</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>(2,160,158)</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; (1,396,350)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Expected return on plan assets</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(218,229)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176,356)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Contributions of sponsors</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63,109)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68,890)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Contributions of participants </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,782)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Benefits paid</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166,147 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148,561 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Actuarial gains/(losses)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40,669)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(664,341)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Fair value of plan assets at December 31</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>(2,316,018)</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; (2,160,158)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="HEIGHT: 5.05pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-72</FONT></DIV></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<P><A name="page_197"></A></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The amounts to be recognized in the income statement are presented below:</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cost of current service</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,313 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,249 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cost of interest</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185,285 </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,122 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Expected return on plan assets</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(218,229)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176,356)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total unrecognized revenue (*)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31,631)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,467)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total costs recognized in the income statement</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,482 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total costs (revenues), net (*)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31,631)</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(985)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) The revenue resulting from the actuarial valuation was not recorded by the Company since there is no clear evidence of its realization, in accordance with IAS 19 &#8211; Employee benefits</FONT><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>.</I></FONT></DIV></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The cost&nbsp;is recognized in the income statement in other operating expenses.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in actuarial gains and losses are as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Actuarial (gains) and losses</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184,671 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (377,195)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Restriction due to limitation of recovery</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(99,509)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361,355 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Total cost of actuarial (gains) and losses </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>85,162 </B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,840)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>There were no changes in actuarial liabilities (assets) from 2009 to 2010, with the actuarial loss being the result of the fluctuations in the investments comprising the portfolio of assets held by CBS.</FONT></P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The history of actuarial gains and losses is as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1/1/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Present value of defined benefit obligations</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,982,556 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,731,767 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,415,029 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fair value of plan assets</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,316,018)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,160,158)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(1,396,350)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Surplus</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333,462 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428,391 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,679)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Experience adjustments in plan obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>225,341 </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287,146</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Experience adjustments in plan assets</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>40,669 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664,341 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The main actuarial assumptions used were:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1/1/2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Actuarial method for Financing</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Projected Unit Credit</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Projected Unit Credit</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Projected Unit Credit</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="HEIGHT: 10.3pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Functional currency</FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Real (R$)</FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Real (R$)</FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Real (R$)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Recording of plan assets</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Marke value</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Market value</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Market value</FONT></P></TD></TR>

<TR style="HEIGHT: 30.8pt">

   <TD style="HEIGHT: 30.8pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Amount used as estimate of equity at year end </FONT></P></TD>

   <TD style="HEIGHT: 30.8pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Best estimate of CBS for </FONT></P><FONT style="FONT-SIZE: 8pt"></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>position at 12/31/2010</FONT></P></TD>

   <TD vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 30.8pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Best estimate of CBS for position at 12/31/2009</FONT></P></TD>

   <TD vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 30.8pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Best estimate of CBS for position at 1/1/2009</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Discount rate</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10.66%</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>11.18%</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>12.76% - 13.07%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="HEIGHT: 10.3pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Inflation rate</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4.40%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4.20%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4.50%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nominal salary increase rate</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5.44%</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5.24%</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5.55%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="HEIGHT: 10.3pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nominal benefit increase rate</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4.40%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4.20%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4.50%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Rate of return from investments</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>11.31% - 12.21%</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10.21% - 10.78%</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>12.93% - 13.21%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="HEIGHT: 10.3pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>General mortality chart</FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;AT 2000 segregated by gender </FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;AT 2000 segregated by gender </FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;AT 83 segregated by gender </FONT></P></TD></TR>

<TR style="HEIGHT: 20.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Disability table</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="HEIGHT: 10.3pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Mortality table for disabled persons</FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Winklevoss - 1% </FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;Winklevoss - 1% </FONT></P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;Winklevoss &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 20.5pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Turnover table</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;Millennium plan at 2% p.a., nil for DB plans </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=top width="1%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;Millennium plan at 2% p.a., nil for DB plans </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 20.5pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;Milennium plan at 2% p.a., nil for DB plans </FONT></P></TD></TR>

<TR style="HEIGHT: 30.8pt">

   <TD style="HEIGHT: 30.8pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Retirement age</FONT></P></TD>

   <TD style="HEIGHT: 30.8pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;100% on first date for becoming eligible for programmed retirement beneft under plan </FONT></P></TD>

   <TD vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 30.8pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;100% on first date for becoming eligible for programmed retirement benefit under plan </FONT></P></TD>

   <TD vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 30.8pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;100% on first date for becoming eligible for programmed retirement benefit under plan </FONT></P></TD></TR>

<TR style="HEIGHT: 35.7pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 35.7pt" vAlign=center width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Family composition of active participants</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 35.7pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;95% will be married at the time of retirement, with the wife being 4 years younger than the husband </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 35.7pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;95% will be married at the time of retirement, with the wife being 4 years younger than the husband </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=middle><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 35.7pt" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;95% will be married at the time of retirement, with the wife being 4 years younger than the husband </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-73</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>




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<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The assumptions related to the mortality table are based on published statistics and mortality tables. These tables represent an average life expectancy in years of employees retiring at the age of 65, as shown below:</FONT></P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.55pt; PADDING-TOP: 0cm" vAlign=top width="53%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">1/1/2009</FONT></B></FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Longevity at age of 65 for current participants</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Male</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.55 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;19.55 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;18.63 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=top width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Female</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.17 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.17 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.98 </FONT></P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The actual return on the plan assets was R$ 258,898 (R$ 840,697 as at December 31, 2009).</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allocation of plan assets:</FONT></P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Variable income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234,303 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.12%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,308,232 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>60.56%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fixed income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,961,306 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>84.68%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756,424 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>35.01%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Real estate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52,352 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.26%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,190 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.92%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68,057 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.94%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,312 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.51%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Total</B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,316,018 </B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>100.00%</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,160,158 </B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>100.00%</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="37%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected long-term returns on plan assets:</FONT></DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Variable income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15.58%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12.30%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fixed income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.44%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9.48%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Real estate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9.62%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9.71%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9.62%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>16.05%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Total</B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>10.31%</B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>11.50%</B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variable-income assets comprise mainly CSN shares.</FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed-income assets comprise mostly debentures, Certificates of Interbank Deposit ("CDI") and National Treasury Notes (&#8220;NTN-B&#8221;).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real estate refers to buildings appraised by a specialized asset appraisal firm. There are no assets in use by CSN and its subsidiaries.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expenses for the year 2010 on the mixed plan, which includes defined contribution components, amounted to R$ 22,514 (R$ 19,560 for 2009).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>d. Expected contributions</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected contributions of R$ 64,747 will be paid to defined benefits plans in 2011.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For the mixed supplementary benefit plan, which includes defined contribution components, expected contributions of R$ 25,000 will be paid in 2011.</FONT></P>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-74</FONT> </P>
</DIV>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_200"></A>

<P><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>

<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>e. Post-employment health care plan</B></FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This is a health care plan created on December 1, 1996 exclusively for retired former employees, pensioners, those who received amnesty, veterans, widows of employees who died as a result of on-the-job accidents and former employees who retired on or before March 20, 1997 and their related dependents. Since then, the health care plan has not permitted the inclusion of new beneficiaries. The plan is sponsored by CSN and administered by Caixa Beneficente dos Emprados da Cia. Sider&#250;rgica Nacional - CBS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The amounts recognized in the balance sheet were determined as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Present value of obligations</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367,839 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317,145 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.45pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.45pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Liabilities</B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 9.45pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367,839</B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.45pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 9.45pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317,145</B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="HEIGHT: 5.05pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The interest on the actuarial obligation amounted to R$ 35,457 in 2010 (R$ 38,440 in 2009).</FONT></P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The reconciliation of liabilities for health benefits is as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Actuarial liabilities at beginning of year</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>317,145 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296,608 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cost of current service</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,457&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,440 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Contributions of sponsor transferred in prior year</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(33,064)&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35,136)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Recognition of (gain)/loss for the year</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>48,301&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,232 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Actuarial liabilities at end of year</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt"><B>367,839&nbsp;</B></FONT></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317,145 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="HEIGHT: 5.05pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The actuarial gains and losses recognized in equity are as follows:</FONT></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2010</B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>2009</B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Actuarial loss on obligation</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,301 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,232 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="69%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>Loss recognized in equity</B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,301 </B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,232 </B></FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The history of actuarial gains and losses is as follows:</FONT></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">01/01/2009 (*)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Present value of defined benefit obligation</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>367,839 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317,145 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296,608 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Deficit/(surplus)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367,839 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317,145 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296,608 </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Experience adjustments in plan obligations</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>48,301 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,232 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,023 </FONT></P></TD></TR></TABLE></DIV>

<P>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) IAS 19 requires disclosure of the history for 5 (five) years, although this does not have to be retrospectively applied for a first-time adopter of IFRS.</FONT></P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The effect of a 1% (one per cent) change in the presumed tendency rate for health costs is as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 10.9pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="37%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 10.9pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total effect of cost of current service and finance cost</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,603 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,128)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,274 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,847)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Effect on defined benefit obligation </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>34,122 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29,617)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,287 </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.65pt" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25,461)</FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV align=left>&nbsp;</DIV>

<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-75</FONT> </P></DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P>
<A name=page_201></A></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT></P>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The actuarial assumptions used for calculating post-employment health benefits were:</FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Biometric assumptions</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>General mortality table</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>AT 2000 segregated by gender</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>AT 2000 segregated by gender</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Turnover</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>N/A</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>N/A</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Family composition</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Actual composition</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Actual composition</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="69%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">Financial assumptions</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2010</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif><B><FONT style="FONT-SIZE: 8pt">2009</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Nominal actuarial discount rate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10.77%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>11.18%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Inflation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4.40%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4.20%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Increase in medical cost based on age</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1.50%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1.50%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Nominal growth rate in Medical Service Costs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2.31%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2.31%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="69%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Average Medical Cost</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>316.22 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>274.16</FONT></P>
</TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>31. COMMITMENTS</B></FONT></P>
</DIV>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>a. Take-or-pay contracts</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010 and 2009, the Company was a party to take-or-pay contracts as shown in the following table:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD vAlign=center width="7%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="13%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="26%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="8%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="13%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="26%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Payments</B></FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" colSpan=13 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Minimum future commitments</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Company</B></FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="13%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="26%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="8%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=center>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>contracted</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nature of service</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="26%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Contract terms</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="5%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="4%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="4%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2012</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="5%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2013</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="4%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2014</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="4%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2015</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="5%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>After 2016</B></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="4%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of iron ore</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="26%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 80% of the metric tons agreed to be carried<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT>by MRS.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>157,685</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>92,504</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,303</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>751,338</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of iron ore, coal<FONT size=3 face="Times New Roman">&nbsp;</FONT>and coke</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="26%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of 8,280,000 mtpy for coal, coke and other reduction<FONT size=3 face="Times New Roman">&nbsp;</FONT>products - 3,600,000 Mpta.</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>259,979</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,151</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>133,412</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,060</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>233,472</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center width="7%" align=left>&nbsp;<FONT size=1 face=Arial>FCA</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of mining<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"><BR>
</FONT>products</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="26%" align=left>&nbsp;<FONT size=1 face=Arial>Transportation of at least 1,900,000 Mpta.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,473</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>419</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>189,255</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FCA</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railroad transportation of clinker<FONT size=3 face="Times New Roman">&nbsp;</FONT>by FCA for CSN Cimentos</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="26%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 675,000 Mpta of clinker in 2011 and 738,000<FONT size=3 face="Times New Roman">&nbsp;</FONT>Mpta of clinker as from 2012.</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="8%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,638</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,727</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>249,113</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center width="7%" align=left>&nbsp;<FONT size=1 face=Arial>ALL</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="13%" align=left><FONT size=1 face=Arial>Railroad transportation of steel</FONT>&nbsp;<FONT size=1 face=Arial>products</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="26%" align=left><FONT size=1 face=Arial>Railroad transportation of at least 20,000 metric tons of stell products</FONT><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial>per month from the &#193;gua Branca Terminal in S&#227;o Paulo to CSN PR in Arauc&#225;ria - PR.</FONT><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,214</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,760</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,690</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18,450</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>White Martins</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of gas (oxygen, nitrogen<FONT size=3 face="Times New Roman">&nbsp;</FONT>and argon)</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="26%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to acquire at least 90% of the annual volume of gas<FONT size=3 face="Times New Roman">&nbsp;</FONT>contracted w ith White Martins.</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,008</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,098</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>532,188</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CEG Rio</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of natural gas</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="26%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to acquire at least 70% of natural gas.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>359,780</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>431,093</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>264,646</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>264,646</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>529,292</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=left>&nbsp;<FONT size=1 face=Arial>Vale S.A</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="13%" align=left>&nbsp;<FONT size=1 face=Arial>Supply of ore pellets</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="26%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to acquire at least 90% of the volume of lead pellets<FONT size=3 face="Times New Roman">&nbsp;</FONT>guaranteed in the contract.</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,268</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>195,221</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,765</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,765</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,765</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94,510</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>519,805</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center width="7%" align=left>&nbsp;<FONT size=1 face=Arial>Compag&#225;s</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="13%" align=left>&nbsp;<FONT size=1 face=Arial>Supply of natural gas</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="26%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to acquire at least 80% of the annual volume of natural<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT>gas contracted w ith Compag&#225;s.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,984</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,318</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,786</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>164,556</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="13%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="35%" colSpan=3 align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="5%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="4%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>COPEL</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of energy</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="26%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to acquire at least 80% of the annual volume of<FONT size=3 face="Times New Roman">&nbsp;</FONT>electric pow er contracted w ith COPEL.</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,583</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,178</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,852</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>96,897</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center width="7%" align=left>&nbsp;<FONT size=1 face=Arial>K&amp;K Tecnologia</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="13%" align=left><FONT size=1 face=Arial>Supply of blast furnace mud</FONT><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial>generated in the pig iron</FONT>&nbsp;<FONT size=1 face=Arial>production process</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="26%" align=left><FONT size=1 face=Arial>CSN undertakes to acquire at least 3,000 metric tons of blast furnace</FONT>&nbsp;<FONT size=1 face=Arial>mud for porcessing in the mud concentration plant of CSN.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,980</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>79,380</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center width="7%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Harsco Metals</FONT></TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of slag resulting from the<FONT size=3 face="Times New Roman">&nbsp;</FONT>pig iron and steel production</FONT>&nbsp;<FONT size=1 face=Arial>process</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="26%" align=left><FONT size=1 face=Arial>The Harsco Metals Ltda. undertakes to perform the Scrap recovery Services resulting from the process of production of pig iron and steel<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT><FONT size=1 face=Arial>from CSN / UPV, receiving by this process the equivalent in value the</FONT>&nbsp;<FONT size=1 face=Arial>result of multiplying the unit price (U.S. $ / t) by the total Liquid Steel</FONT>&nbsp;<FONT size=1 face=Arial>CSN&#8217;s Mill production, w ith a guarantee of a minimum production of</FONT>&nbsp;<FONT size=1 face=Arial>liquid steel corresponding to 400,000 tons.</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,819</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,279</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,416</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,416</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,416</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,208</FONT>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="5%" align=right>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD vAlign=center width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>99,456</B></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="26%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,015,579</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>905,475</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>923,070</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>880,947</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>512,551</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>388,003</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>279,285</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>479,346</B></FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="4%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,463,202</B></FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>b. Concession agreements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Minimum future payments related to government concessions as at December 31, 2010 fall due according to the schedule set out in the following table:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 7.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>Minimum future commitments</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 14.5pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>Concession</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>Nature of service</FONT></B></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>2011 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>2012 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>2013 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>2014 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>2015 </FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>After 2016</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><B><FONT lang=EN-US>Total</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 53.35pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><FONT lang=EN-US>MRS</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><FONT lang=EN-US>Concession for a period of 30 years, renewable for another 30 years, for transporting iron ore from the mines of Casa de Pedra in MG and coke and coal from the Port of Itagua&#237; (RJ) to Volta Redonda and transportation of exports back to the Ports of Itagua&#237; and Rio de Janeiro.</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>225,944</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>225,958</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>225,958 </FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>225,958</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>225,958</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=Arial><FONT lang=EN-US>2</FONT></FONT><FONT lang=EN-US>,372,42</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 53.35pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>3,502,202</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 62pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><FONT lang=EN-US>Transnordestina</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><FONT lang=EN-US>Concession for a period of 30 years granted on December 31, 1997, renewable for another 30 years, for development of public railroad transportation services in the Northeast of Brazil.&nbsp; The Northeast System covers 4,238 km of railroad track and operates in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>5,809</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>5,809</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>5,809</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>5,809</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>5,809</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>69,705</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>98,750</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 32.65pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><FONT lang=EN-US>Tecar</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><FONT lang=EN-US>Concession to operate the solid bulk terminal TECAR, one of the four terminals that comprise the Port Itagua&#237;, in Rio de Janeiro, for a period expiring in 2022 and renewable for another 25 years.</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>86,530</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>108,895</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>131,856</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>131,856</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>131,856</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>922,992</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>1,513,985</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 29.55pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><FONT lang=EN-US>Tecon</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif><FONT lang=EN-US>Concession for a period of 25 years granted on September 3, 1998 , renewable for another 25 years, to operate the container terminal at the Port de Itagua&#237; (RJ).</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>20,490</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>20,490</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>20,490</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>20,490</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>20,490</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><FONT lang=EN-US>215,142</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.55pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>317,592</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 4.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>338,773</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>361,152</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>384,113</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>384,113</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>384,113</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>3,580,265</FONT></B></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="6%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif><B><FONT lang=EN-US>5,432,529</FONT></B></FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.05pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="34%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>
</TD></TR></TABLE></DIV>
<DIV align=left>
<DIV align=left>&nbsp;</DIV></DIV>
<P align=center><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt">FS-76</FONT> </P>
</DIV>


<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_202></A><FONT style="FONT-FAMILY: 'times new roman'; FONT-SIZE: 10pt"></FONT>
<P><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>c. Projects and other commitments</B></FONT></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel &#8211; Flat and long steel</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company is implementing a long-steel unit in Volta Redonda, in Rio de Janeiro, within its main facility. In this new unit, CSN intends to produce 500,000 metric tons per year (mtpy) of log steel products, of which 400,000 mtpy of beams and 100,000 mtpy of machine wire. Total investment in production of long-steel products will amount to approximately R$ 974 million. The new facilities will use scrap and pig iron as the main raw materials. Besides this mill, CSN is also developing two entirely new long-steel projects, each also with capacity of 500,000 mtpy. The Company&#8217;s forecast is that these two new units will start up production by the end of 2013. CSN is also developing a long steel project, with slated installed capacity of 1.5 million mtpy, in a site to be confirmed.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Iron ore project</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The iron ore business lines of CSN encompass expansion of its mining activities and its maritime port facilities. The Company is forecasting that by 2014 it will be producing iron ore products to the tune of 89 million mtpy, 50 million mtpy at Casa de Pedra and 39 million mtpy at Namisa. We expect to finance these investments through the Brazilian Development Bank (BNDES), export credit agencies, placement of securities and free cash flows from our current operations.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Moreover, CSN is investing in expanding the capacity of its maritime port in Itagua&#237;, or TECAR, up to the point where it can handle 84 million mtpy. The present export capacity is equivalent to 30 million mtpy.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In addition to these projects, the Company is evaluating other opportunities for greenfield and brownfield projects, as well as some acquisition options.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN holds the concession to operate the solid bulk terminal TECAR, one of the four terminals that comprise the Port of Itagua&#237;, in Rio de Janeiro, through which coal and coke imports are carried out. The term of the concession agreement is 25 years, renewable for another 25 years.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Upon extinction of this concession, all the rights and privileges transferred to CSN, together with the assets owned by CSN and those resulting from investments it made in leased assets declared reversible by the government will be returned to CDRJ (Companhia Docas do Rio de Janeiro) since they are need for the continued provision of services granted under the concession. The assets declared to be reversible will be indemnified by CDRJ for the residual value of their cost, after deduction of depreciation/amortization.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement project</B></FONT></P>
<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has invested R$ 814 million in the construction of an entirely new grinding unit in Volta Redonda, which is already in operation, and a new clinker furnace in Arcos/MG, with production capacity of 2.4 million mtpy and 830,000 mtpy, respectively. This project represents CSN&#8217;s entry into the cement market, taking advantage of the slag generated by its blast furnaces and its limestone reserves in Arcos.</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In the 4</FONT><SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>quarter of 2010, cement sales reached 342,799 metric tons (338,000 in 2009), and is expected to reach full production capacity by 2012. These investments are partly financed by BNDES. In addition to this plant, the Company is undertaking other projects as well, such as the installation of an integrated cement plant in Arcos, with capacity of up to 1 million mtpy, and is further considering setting up three additional integrated plants (cement and clinker) in Brazil by 2014, also with capacity of 1 million mtpy. Combined, these cement operations and projects will involve total capacity of 6.4 million mtpy by 2014.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif><B><I>Nova Transnordestina </I></B></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Project</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In August 2006, in order to permit implementation of a major infrastructure project led by the Brazilian federal government, CSN Executive Officers approved a transaction for the merger of Transnordestina Log&#237;stica S.A., a company that was linked to the </FONT><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Nova Transnordestina </I></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>project by Companhia Ferrovi&#225;ria do Nordeste - CFN, a CSN subsidiary currently named Transnordestina Log&#237;stica S. A. that holds a 30-year concession granted in 1998 to operate the Northeast Railroad of RFFSA, with 4,238 kilometers of railroad tracks. The </FONT><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Nova Transnordestina </I></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>project includes 1,728 additional kilometers of the latest generation wide-gauge track. The Company expects that the investments will permit Transnordestina Log&#237;stica S.A. to boost the transportation of varied products as iron ore, limestone, soybeans, cotton, sugarcane, fertilizers, oil and fuels. The investments will be financed by means of several agencies, such as the Northeast Investment Fund (FINOR), the Northeast Development Superintendency (SUDENE) and BNDES. The company has already obtained the required environmental authorizations, purchased part of the equipment, contracted some of the services and implementation of the project is already advanced in certain regions.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company guarantees the loans for the </FONT><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Transnordestina </I></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>project from BNDES, in the total amount of R$ 373.5 million as at December 31, 2010. These loans are for the purpose of financing the investments in infrastructure to be made in the </FONT><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Transnordestina </I></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>project. The maximum amount of future payments that can be required of the guarantor under the guarantee for the project is R$ 373.5 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CSN&#8217;s Logistic Platform Project in Itagua&#237;</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under the terms of the concession agreement, CSN is responsible for unloading at least 3.4 million of coal and coke from the Company&#8217;s suppliers through the terminal, as well as third party shipments. Among the approved investments announced by CSN, we highlight the development and expansion of the solid bulk terminal at Itagua&#237; so that it can also handle up to 130 million mtpy of iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Long-term agreements with Namisa</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has signed long-term agreements with Namisa for the provision of port operation services and supplies of raw iron ore (ROM) from the Casa de Pedra mine, as described below:</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>i. Port operation service agreement</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On December 30, 2008 CSN signed an agreement for the provision of port services for Namisa for a period of 34 years, consisting of receiving, handling, storing and shipping iron ore from Namisa in volumes that vary from 18.0 to 39.0 million . CSN has received the amount of approximately R$ 5.3 billion as an advance for part of the payments due for the services to be provided under this agreement. The amounts charged for these port services are reviewed on a quarterly basis and adjusted considering the changes in the market price for iron ore.</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ii. High silicon ROM</B></FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On December 30, 2008, CSN signed an agreement for supply of high silicon ROM ore to Namisa for a period of 30 years in volumes varying from 42.0 to 54.0 million. CSN has already received approximately R$ 1.6 billion as an advance for part of the payments due for the supplies to be made under this agreement. The amounts supplied are reviewed every quarter and adjusted considering changes in the market price for iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>iii. Low silicon ROM</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On December 30, 2008, CSN also signed an agreement for supply of low silicon ROM ore to Namisa for a period of 35 years in volumes that vary from 2.8 to 5.04 million. CSN has already received about R$ 424 million as an advance for part of the payments due for the supplies to be made under this agreement. The amounts supplied are reviewed every quarter and adjusted considering changes in the market price for iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>32. INSURANCE COVERAGE</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aiming to properly mitigate risk and in view of the nature of its operations, the Company and its subsidiaries have taken out several different types of insurance policies. Such policies are contracted in line with the CSN Risk Management policy and are similar to the insurance taken out by other companies operating in the same lines of business as CSN and its subsidiaries. The risks covered under such policies include the following: Domestic Transportation, International Transportation, Carrier&#8217;s Civil Liability, Importation, Exportation, Life and Casualty, Health Coverage, Fleet Vehicles, D&amp;O (Civil Liability Insurance for Administrators), General Civil Liability, Engineering Risks, Sundry Risks, Export Credit, Performance Bond and Port Operator&#8217;s Civil Liability.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As mentioned in note 33, on May 4, 2011 the Company contracted an insurance policy of Operational Risk of Property Damage and Business Interruption with LMI &#8211; Maximum Limit of Indemnity of R$850 million to its entities, units and subsidiaries Usina Presidente Vargas, Mining Casa de Pedra, Arcos Mining, CSN Parana, CSN Porto Real, TECAR Coal Terminal, Terminal TECON, NAMISA and CSN Cement, which was negotiated with the insurers and reinsurers in Brazil and abroad for placement of insurance. The company decided to take responsibility for a range of retention of R$170 million excess of the deductibles for property damage and business interruption and co-participate with 6<FONT size=1 face=Arial>4</FONT>% of the risks. The Company plans to reduce the co-participation.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Due to their nature, the risk assumptions adopted are not part of the scope of an audit of the financial statements and, accordingly, were not examined by our independent auditors.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33. SUBSEQUENT EVENTS</B></FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 26, 2011 the Company disclosed to the market, through a Significant Event Notice, that it has increased its equity interest in Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS, through purchases of common and preferred shares. The Company now holds 5.03% of the common shares and 4.99% of the preferred shares, as already disclosed to the market on January 13, 2011. Between January 26 and March 21, 2011, the Company purchased new common shares of Usiminas, so that it became the owner of 8.62% of the common shares. Further, on April 20, 2011, the Company increased its participation in Usiminas&#8217; capital through acquisitions of common shares and preferred shares, such that the Company holds 10.01% of common shares and 5.25% of preferred shares. The Company is assessing strategic alternatives in relation to its investment in Usiminas, including potential additional acquisitions of shares in percentage amounts higher than those mentioned above. Any additional acquisitions might lead to changes in the ownership structure or administrative structure of Usiminas.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 28, 2011 CSN merged its subsidiary CSN A&#231;os Longos S.A., which resulted in optimization of processes and reduction and simplification of administrative costs, notably with respect to matters of a managerial nature, due to the concentration in a single organizational structure of all commercial, operational and administrative activities of the two companies.</FONT></P>
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<P align=justify><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company took out a R$ 2 billion loan from Caixa Econ&#244;mica Federal on February 3, 2011. This transaction was carried out through a Special Credit Line for Major Corporations, with issue of a bank credit note in the total amount of the loan, which falls due in 94 months.</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between February 1 and 10, 2011 the Company purchased 10,456,086 shares of the capital of the mining company Riversdale Mining Limited, in the amount of R$ 281,438, thus achieving total indirect interest of 19.98% of the capital of this company.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On April 20, 2011 the Company adhered to a takeover bid for shares of Riversdale Mining Limited (&#8220;Riversdale&#8221;) promoted by Rio Tinto. The Company will sell the total participation currently held in the share capital of Riversdale, equivalent to 47,291,891 shares at A$ 16.50 per share, total A$ of 780,316.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On April 20, 2011 the Company entered into a new financing contract through a export credit note in the amount of R$ 1.5 billion issued by Banco do Brasil S.A.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On May 4, 2011 the Company contracted insurance policy of Operational Risk of Property Damage and Business Interruption to its entities, units and subsidiaries Usina Presidente Vargas, Mining Casa de Pedra, Arcos Mining, CSN </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Parana, CSN Porto Real, TECAR Coal Terminal, Terminal TECON, NAMISA and CSN Cement.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face="SymbolMT,Times New Roman,Times,serif">&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On May 19, 2011, the Company entered into, through our Spanish subsidiary CSN Steel SL, a share purchase agreement with the Spanish group Alfonso Gallardo (&#8220;AG Group&#8221;) to establish the acquisition of all the shares held by the AG Group in (i) Cementos Balboa S.A., a cement and clinker producer located in the Extremadura region in Spain; (ii) Corrugados Azpeitia, S.L. and Corrugados Lasao, S.L.U., long steel manufacturers with plants in the Basque Country; (iii) Stahlwerk Th&#252;ringen GmbH, a long steel manufacturer located in Unterwellenborn, Germany, specialized in the production of steel profiles, and; (iv) Gallardo Sections S.L.U., a AG Group steel distributor.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Subject to adjustments, pursuant to the share purchase agreement, CSN Steel SL will pay &#8364;543 million for the acquisition of the abovementioned shares, and will assume approximately &#8364;403 million in indebtedness and further adjustments. The transaction will be submitted to necessary regulatory and/or antitrust approvals, and its closing is still subject to other conditions which are inherent to transactions of this nature.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>* * * * *</B></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

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<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">Bylaws</FONT></B></P>

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<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">Chapter I</FONT></B></P>

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<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">NAME, OBJECT, HEADQUARTERS AND DURATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 1</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companhia Sider&#250;rgica Nacional, a publicly-held corporation established on April 9, 1941, shall be governed by these Bylaws and the applicable legislation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 2</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 3</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company has its legal domicile and head office in the city of S&#227;o Paulo, State of S&#227;o Paulo, and may open or close branches, agencies, offices or representations in any part of the country or abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 4</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall remain in existence for an indefinite term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face="Times New Roman,serif">Chapter II</FONT></B></P>

<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"></FONT></B>&nbsp;</P>

<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">CAPITAL AND SHARES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Sole Paragraph - Each common share shall entitle the holder to one vote in the resolutions of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Unless otherwise decided by the General Meeting, dividends and interest on equity 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 7</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The capital stock of the Company may be increased to up 2,400,000,000 (two billion four hundred million) shares, by decision of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1 -The authorized capital stock may be reached, upon one or more share issues, at the discretion of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;- Shareholders shall have preemptive rights in the case of subscription to a capital increase in proportion to the number of shares held.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 3&nbsp;- At the discretion of the Board of Directors, pre-emptive rights for existing shareholders may be excluded or the deadline for their exercise may be reduced in the case of the issue of shares and share-convertible debentures or subscription warrants, which are placed through sale on the stock exchange or by public subscription or through an exchange of shares in a public offer for the acquisition of control, pursuant to the prevailing legislation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 4 - The Board of Directors shall establish the price, term and conditions of each issue. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 10pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 5 - Shareholders who fail to pay in the subscribed shares, as per the subscription order or call, shall be declared, for all legal purposes, to be in default and shall pay the Company interest of one percent (1%) per month or a fraction thereof, from the first (1st) day as of the failure to perform the obligation, adjusted for inflation pursuant to the law, in addition to a fine equivalent to ten per cent (10%) of the amount in arrears and not paid in.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<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"></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>1</FONT></FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P></DIV>

<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"></FONT></B>&nbsp;</P>

<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">Chapter III</FONT></B></P>

<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"></FONT></B>&nbsp;</P>

<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">GENERAL MEETING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The General Meeting is empowered to decide on all business related to the Company, take any resolutions it deems appropriate for its defense and development, and shall be called, with an indication of the agenda, as provided for by the law. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The General Meeting shall be convened and chaired by the chairman of the Board of Directors or, in his or her absence, by whomever he or she appoints.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole Paragraph - The chairman shall appoint the secretary of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 10</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The General Meeting shall meet ordinarily in the first four months following the end of the fiscal year in order to discuss matters referred to in article 132 of Law 6404 of December 15, 1976, and extraordinarily whenever corporate interests so require.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Shareholders may be represented by a legal representative in the General Meetings as per Law 6404 of December 15, 1976 as long as the power-of-attorney is submitted to the company's headquarters up to 48 (forty-eight) hours before the time established for the Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face="Times New Roman,serif">Chapter IV</FONT></B></P>

<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"></FONT></B>&nbsp;</P>

<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">MANAGEMENT</FONT></B></P>

<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"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Section I</FONT></U></B></P>

<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"></FONT></B>&nbsp;</P>

<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">Standard Rules</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 12</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The management of the Company shall be incumbent upon the Board of Directors and the Board of Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 13</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The remuneration of the managers shall be established by the General Meeting in accordance with the provisions of this article.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp; - The fixed overall or individual remuneration of the managers, at the discretion of the General Meeting, shall comprise a fixed monthly amount, which are the fees, and in the case of the executive officers, may also include a variable amount to be paid yearly, calculated on the net income of the Company after formation of the reserves required by law, including for the payment of income tax, and of the provision for mandatory dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2 - In the event that the General Meeting establishing an aggregate&nbsp; amount for the managers&#8217; remuneration, it is incumbent on the Board of Directors to distribute said amount. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Section II</FONT></U></B></P>

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<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">BOARD OF DIRECTORS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Board of Directors is composed of 7 (seven) to 11 (eleven) members, all of whom 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 The term of office of the Board Members shall extend until the investiture of their successors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Unchanged</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;-&nbsp;&nbsp;In the event that the employees of the Company, whether or not joined in an 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 a capacity, indicated to the General Meeting, through a specific procedure, to be elected to fill said position. </FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>2</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 3&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: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 15</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 whenever called by the Chairman, the Vice-Chairman, when exercising the role of chairman, or 5 (five) Board Members. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The meetings of the Board of Directors shall only be installed with the attendance of a majority of its members, and shall be presided over by its Chairman.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors meetings may be held, exceptionally, by conference call, video conferencing, electronic mail, or other means of communication, computing as present those members who vote by any of these means.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minutes of the meetings shall be drawn up in a book for this purpose and, after having read and approved by those members present, shall be signed by a sufficient number to constitute the majority required for approval of the matters under examination.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board resolutions shall be passed by a majority vote of those present. 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; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meetings shall be called at least 72 (seventy-two) hours prior to the date of the meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have a General Secretary, in whose absence will be replaced by another employee or manager designated by the Chairman of the Board.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 16</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the cases of vacancy, temporary impediment, or absence of a member of the Board of Directors, the following rules shall be observed:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of vacancy of any member of the Board of Directors, the remaining members shall appoint a substitute to serve until the Company's next General Meeting, if the number of remaining members is less than the minimum provided in these bylaws, and who, if confirmed by the respective General Meeting. shall complete the term of the member replaced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of temporary impediment or absence of any member of the Board of Directors, the absent or impeded member may indicate a replacement from among the other members, who will replace and represent the impeded or absent member as long as the impediment lasts. If said impediment lasts for more than ninety days, however, the position will be deemed to be vacant.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the vacancy occurs in the position of Chairman, the Vice-Chairman shall assume the office of Chairman or, &nbsp;in the lack thereof, by another member chosen by the remaining members. In the case of the Chairman's temporary impediment or absence, he shall be replaced by the Vice-Chairman or, in the lack thereof, by another member appointed by him.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the cases of temporary impediment or absence under this Article 15, representatives shall act on their own behalf and on that of the members represented.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 17</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board Members shall, upon request, receive copies of the minutes of meetings of the Board of Executive Officers and any special committees created by the Board of Directors hereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 18</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole Paragraph - The special committees created by the Board of Directors will have neither an executive nor a deliberative function and their recommendations, proposals and/or opinions should be submitted for consideration by the Board of Directors.</FONT></P><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><BR clear=all></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 19</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the duties established by law, it is incumbent upon the Board of Directors:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the general policy for the businesses of the Company, its wholly-owned subsidiaries and controlled companies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Board of Executive Officers and assign their duties. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Audit Committee and, if a position becomes vacant, to elect a substitute to complete the term of office of the replaced member.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to assign to an Executive Officer the function of investor relations officer, which may or may not be exercised concurrently with other executive functions and whose powers are established by law.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the Company's independent auditors after hearing the recommendation of the Audit Committee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,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;&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;&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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on capital increases within the limits of authorized capital, observing the provisions of Article 7 of these Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize trading by the Company of its own shares for maintenance in treasury for subsequent sale or cancellation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the terms and other conditions for the placement of debentures, including those convertible to shares, specifying the limit of the capital increase resulting from the conversion of the debentures and the type and class of shares to be issued, as well as determining the conditions stated in items VI to VIII inclusive of article 59 of Law 6404/76 and the opportunity for issuance in other cases.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the issuance by the Company of commercial papers, bonds, notes, and other securities intended to raise funds through primary or secondary distribution on the domestic or international capital markets.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish criteria for the following acts by the Executive Officers, independently of prior authorization by the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">acquisition, disposal and encumbrance of any permanent asset;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(c)</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: 10pt" lang=EN-US face="Times New Roman,serif">the constitution of any type of guarantee or encumbrance on any asset that is not part of the Company&#8217;s permanent assets, including for the benefit or in favor of third parties as long as the party is a subsidiary entity, subsidiary or affiliate of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the operation or action constituting a 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: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to require audits of companies, foundations and similar entities in which the Company participates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any acts involving transformation, consolidation, spin-off, merger or liquidation of companies in which the Company has corporate holding;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the establishment of subsidiaries by the Company and on the acquisition of shares, as well as on the Company's representation at the General Meetings and meetings of partners and on matters submitted to said meetings.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>4</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVII &nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the General Secretary of the Board of Directors and define his duties;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVIII&nbsp;&nbsp;&nbsp;&nbsp; to establish policies for taking up tax incentives;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the remuneration, determine the duties, and approve the operational rules for the functioning of the Audit Committee and any other committees that may be created.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to call General Meetings and comment on all matters required to be submitted to the General Meetings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve any omissions and perform other legal duties and prerogatives that do not conflict with those established in these bylaws or by law. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXII &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any matters that go beyond the authority established for the Board of Executive Officers, as provided for in Article 19.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Section III</FONT></U></B></P>

<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"></FONT></B>&nbsp;</P>

<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">EXECUTIVE COMMITTEE </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Company shall have a Board of Executive Officers composed of 9 (two) to (nine) Executive Officers, at the discretion of the Board of Directors, one of whom to be the Chief Executive Officer and the other Executive Officers without specific title, each having an area of activity determined by the Board of Directors, one of whom shall be designated as the investor relations officer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term of office of the Executive Officers is two years, reelection being allowed, and will last until their respective successors take office.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of impediment or vacancy of any Officer, said Officer will be replaced in accordance with the determination of the Board of Directors. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Officers shall perform their duties on a full-time basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 21</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With due regard for the guidelines and resolutions of the Board of Directors and the General Meeting, the Board of Executive Officers 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 purpose of the Company, with due regard for the provisions established by the Board of Directors (Article 19, item XV) and other provisions provided for herein. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is incumbent upon the Board of Executive Officers to appoint 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; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall authorize the opening, transfer or closing of branches, agencies, offices and establishments of any other kind of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Executive Officers shall 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 directly or indirectly 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: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Board of Executive Officers shall meet whenever summoned by the Chief Executive Officer or by two Executive Officers, and shall be installed if a majority of its members are present.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Executive Officers shall decide always by a majority vote of those present. In the event of a tie, the Board of Executive Officers shall submit the matter to the Board of Directors for resolution. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions of the Board of Executive Officers shall be recorded in minutes drawn up in the proper book and signed by all present members, the copies of all minutes being sent to the members of the Board of Directors upon request.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Chief Executive Officer shall:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preside over meetings of the Board of Executive Officers;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocate special activities and duties to any of the Executive Officers independently of their normal ones, ad referendum of the Board of Directors;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; keep the Board of Directors informed of the activities of the Company;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare, with the assistance of the other Executive Officers, and submit to the Board of Directors proposals 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: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare the annual report and draw up the balance sheet, together with the other Executive Officers.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 24</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to represent the Company in accordance with the law and these bylaws;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to organize, coordinate and supervise the services for which they are responsible;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to attend Board of Executive Officers meetings, helping define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The representation of the Company and the practice of acts necessary for its normal operation shall be the responsibility of the Executive Officers, subject to the following provisions:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All acts, agreements or documents that imply responsibility for the Company or that release third parties from responsibilities or obligations with the Company shall be signed (a) by two Executive Officers, (b) by an Executive Officer and one attorney in fact with these specific powers, or (c) by two attorneys in fact with these specific powers, under penalty of not producing effects against the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With the exception of&nbsp; the provisions in these bylaws, the Company may be represented by any one Executive Officers or attorney in fact with special powers in the following circumstances: (i) when performing 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, National Social Security Institute, Unemployment Compensation Fund, and its banks; (ii) before public service concessionaires or licensees in acts that do not imply the assumption or release of third party obligations; (iii) to protect its rights in administrative proceedings or of any nature, and in meeting its tax, labor, or social security obligations; (iv) in the endorsement of securities for purposes of collection or deposit in the Company's bank accounts; (v) to represent the Company in general meetings of shareholders or the equivalent of companies, consortia, and other entities in which the Company participates;&nbsp; (vi) for the purpose of receiving subpoenas, citations, notices, or judicial notifications in active and passive representation of the Company in court and testify in person, or similar acts; and (vii) the signature of documents of any kind that may result in the assumption of commitments by the Company in circumstances in which the presence of a second representative is not possible and if authorized by the Board of Executive Officers (Art. 21, &#167; 1).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 1&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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 2&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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except in the event of &nbsp;judicial powers of attorney, which may be granted for an indefinite period, all powers of attorney shall be granted for a specific term of no more than one year, with specific and limited powers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 27</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> Any acts performed without due regard for the rules established in these bylaws, particularly in articles 25 and 26, 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: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter V</FONT></B></P>

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<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">FISCAL COMMITTEE</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Designed to function in the fiscal years in which it is constituted at the request of shareholders, the Fiscal Council shall be composed of 3 (three) sitting members and 3 (three) alternates elected by the General Meeting, which shall establish the compensation of the sitting members.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole paragraph&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fiscal Council'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: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter VI</FONT></B></P>

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<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">AUDIT COMMITTEE</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Company will have an Audit Committee composed of three (3) members elected by the Board of Directors from among its members, with term of office of one (1) year, reelection being allowed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole Paragraph&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter VII</FONT></B></P>

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<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">FISCAL YEAR, BALANCE SHEETS AND PROFITS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 30 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The fiscal year shall end on December 31 of each year, when the Financial Statements shall be drawn up and, after examination by the Board of Directors, 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; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 profit sharing. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The net income shall mandatorily have the following allocation:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; five per cent (5%) shall be allocated to the legal reserve fund until reaching twenty per cent (20%) of the subscribed capital stock; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payment of mandatory dividends (Article 33);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocation of the remaining income shall be resolved by the General Meeting, observing the legal precepts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 60.1pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">The Board of Directors may propose, for the deliberation of the Meeting, the deduction of at least 1% (one percent) from net income for the year for the establishment of a Working Capital and Investment Reserve, in accordance with the following precepts:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its constitution shall not jeopardize the right to minimum mandatory dividends referred to in Article 33. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its balance in conjunction with the other income reserves, excluding reserves for contingencies and unrealized profits, may not exceed the Company&#8217;s capital stock, under penalty of capitalization or distribution in cash of the surplus at the discretion of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the reserve is intended to ensure the maintenance and development of activities that constitute the Company's corporate purpose and investments in fixed assets, or additions to working capital including through amortizations of the Company&#8217;s debt, independently of the retention of profits linked to the capital budget.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its balance may be used (i) to absorb losses whenever necessary, (ii) for the distribution of dividends at any time, (iii) for the redemption, repayment, or purchase of shares as authorized by law, and (iv) be incorporated into the Company&#8217;s capital, including through stock bonuses consisting of new shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 31 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;In addition, it shall be incumbent upon the Board of Directors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to determine the drawing up of half-yearly and quarterly balance sheets, or for shorter periods, observing the legal precepts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the payment of any additional interim dividends, including as a total or partial advance on the mandatory dividend for the year in progress, observing the legal provisions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to declare dividends to the year&#8217;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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 67.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 67.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">IV &#8211; pay interest on equity attributing the interest paid or credited to the mandatory dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9249 of December 26, 1995.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 32 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Board of Directors&#8217; act to resolve on the advance payment of the mandatory dividend shall determine if these payments will be monetarily restated, deducted from the mandatory dividend for the year and once this deduction is determined, the Annual General Meeting will e the payment of the mandatory balance, if any, as well as the reversal to the original account of the amount paid in advance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 33 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The d</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ividend distribution shall not be less than 25% (twenty-five percent) of the net income, pursuant to article 202 of Law 6404 of December 15, 1976, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">and in compliance with Article 30 hereof</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 34 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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, dividends shall become time-barred in favor of the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face="Times New Roman,serif">Chapter VIII</FONT></B></P>

<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"></FONT></B>&nbsp;</P>

<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">LIQUIDATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 35 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: 0cm 0cm 0pt 39pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole Paragraph - The General Meeting that approves the liquidation shall appoint the liquidator and the members of the Fiscal Council that shall function during the liquidation period, establishing their respective fees. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,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;&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;&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;&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;</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;Equity interest (%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>2010 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>2009 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Main activities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Jurisdiction</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Direct interest: full consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Islands VII </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Islands VIII </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Islands IX </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Islands X </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Islands XI </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Islands XII</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Tangua</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>International Investment Fund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests and financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Beliza</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Minerals (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Export </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions, sale of products and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Luxemburg</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Metals (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Americas (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Steel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>TdBB S.A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Galvasud - Merged on 1/29/2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Steel-making</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Sepetiba Tecon </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Port services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Itagua&#237;/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Minera&#231;&#227;o Nacional </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Congonhas/MG,Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN A&#231;os Longos - Merged on 1/28/2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Manufacture and sale of steel and/or metallurgical products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Volta Redonda/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Florestal Nacional (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Reforestation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Estanho de Rond&#244;nia - ERSA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Tin mining</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Ariquemes/RO, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Cia Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Manufacture of packaging and distribution of steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Maracana&#250;/CE, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Manufacture of packaging and distribution of steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Cimentos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Manufacture of cement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Volta Redonda/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Inal Nordeste&nbsp; - Merged on 05/30/2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Service center for steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Cama&#231;ari/BA, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>CSN Gest&#227;o de Recursos Financeiros</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>99.99 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Congonhas/MG,Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 7.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Energia </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.90 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Sale of electric power</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 7.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Transnordestina Log&#237;stica </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 76.45 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 84.34 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Railroad logistics</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Fortaleza/CE, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 7.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Special partnership - Extinguished on 11/30/2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 39.47 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.55pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 4.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.6pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Indirect interest: full consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Aceros</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Cayman - Liquidated on 8/31/2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions, sale of products and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Malta</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN IRON - Extinguished on 1/31/2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Companhia Siderurgica Nacional LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Steel-making</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Delaware/EUA</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Europe (5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions, sale of products and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Ib&#233;ria </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Portugal (6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions and sale of products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Lusosider Projectos Sider&#250;rgicos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Seixal/Portugal</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Lusosider A&#231;os Planos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.94 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.94 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Steel-making and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Seixal/Portugal</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Acquisitions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>London/England</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Resources (7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Luxemburg</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Finance UK Ltd </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>London/England</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>CSN Holdings UK Ltd </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>London/England</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Energy I - Liquidated on 8/31/2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Malta</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Itamambuca Participa&#231;&#245;es&nbsp;&nbsp; - Merged on 05/30/2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Arcos/MG, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Special partnership - extinguished on 11/30/2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 60.53 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 2.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 2.75pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Direct interest: proportional consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Nacional Min&#233;rios (NAMISA)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 59.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 59.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Congonhas/MG, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>It&#225; Energ&#233;tica </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Genaration of electric power</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>MRS Log&#237;stica </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 22.93 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 22.93 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Railroad transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>17.92 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 17.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Electric power consortium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Belo Horizonte/MG, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Aceros Del Orinoco</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 22.73 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 22.73 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Indirect interest: proportional consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Namisa International Minerios SLU </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests and sale of products and ores</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Namisa Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Equity interests and sale of products and ores</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Pelotiza&#231;&#227;o Nacional - Merged on 12/30/2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 59.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Congonhas/MG, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>MG Min&#233;rios&nbsp; - Merged on 12/30/2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 59.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Congonhas/MG, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>MRS Log&#237;stica </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 10.34 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; 10.34 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Railroad transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Aceros Del Orinoco</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 9.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="2%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR height=0>

   <TD width="22%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="32%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Energy, changed on December 15, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Overseas, changed on December 15, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Panam&#225;, changed on December 15, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(4)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of Itagua&#237; Log&#237;stica, changed on December 27, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(5)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Madeira, changed on January 8, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(6)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of Hickory, changed on January 8, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(7)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Cement, changed on June 18, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; 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;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 5.1pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;Equity interest in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>capital social (%)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Special purpose entities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2010 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Direct equity interest: full consolidation</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>DIPLIC&nbsp; - Fundo de investimento multimercado</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;100.00 &nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Multimarket Investment fund</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Mugen - Fundo de investimento multimercado</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>&nbsp;100.00 &nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Multimarket investment fund</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EXHIBIT 12.1</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Benjamin Steinbruch, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c) evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(d) disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The company&#8217;s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent function):</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.</FONT></P>

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   <TD width="25%" colSpan=2 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dated: June 17, 2011</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" colSpan=2 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">&nbsp;</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">/s/</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">&nbsp;</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">Benjamin</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">&nbsp;</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">Steinbruch</FONT>&nbsp;</TD>

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   <TD width="8%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name:</FONT>&nbsp;</TD>

   <TD width="17%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Benjamin Steinbruch</FONT>&nbsp;</TD>

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   <TD width="8%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Title:</FONT>&nbsp;</TD>

   <TD width="17%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: right"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EXHIBIT 12.2 </FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Paulo Penido Pinto Marques, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">. 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;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and to the audit committee of the company's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.</FONT></P>

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   <TD width="25%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dated: June 17, 2011</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Paulo Penido Pinto Marques</FONT>&nbsp;</TD>

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   <TD width="25%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name: Paulo Penido Pinto Marques</FONT>&nbsp;</TD>

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   <TD width="25%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Title: Chief Financial Officer</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: right"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EXHIBIT 13.1</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Annual Report on Form 20-F for the fiscal year ended December 31, 2010 of the Company, as filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

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   <TD width="25%" colSpan=2 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dated: June 17, 2011</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" colSpan=2 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">/s/</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">&nbsp;</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">Benjamin</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">&nbsp;</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">Steinbruch</FONT>&nbsp;</TD>

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   <TD width="8%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name:</FONT>&nbsp;</TD>

   <TD width="17%" align=middle><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Benjamin Steinbruch</FONT>&nbsp;</TD>

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   <TD width="17%" align=middle><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: right"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EXHIBIT 13.2</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Annual Report on Form 20-F for the fiscal year ended December 31, 2010 of the Company, as filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

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   <TD width="25%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dated: June 17, 2011</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/</FONT><FONT size=2 face="PalatinoLinotype-Roman,Times New Roman,Times,serif">&nbsp;</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Paulo Penido Pinto Marques</FONT>&nbsp;</TD>

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   <TD width="25%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name: Paulo Penido Pinto Marques</FONT>&nbsp;</TD>

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   <TD width="25%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Title: Chief Financial Officer</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: right; MARGIN: 5pt 0cm" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif">EXHIBIT 15.1</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif">MANAGEMENT&#8217;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management of Companhia Sider&#250;rgica Nacional and subsidiaries (&#8216;the Company&#8221;) is responsible for establishing and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s internal control over financial reporting is a process designed by, or under the supervision of, the Company&#8217;s Audit Committee, principal executive and principal financial officers, and effected by the Company&#8217;s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s assets that could have a material effect on the consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of its inherent limitations, internal control over financial reporting may not prevent or detect material misstatements on a timely basis. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, 2010 based on the criteria established in &#8220;Internal Control &#8211; Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations &#8211; COSO &#8211; of the Treadway Commission. Based on the assessment, management has concluded that, as of December 31, 2010, the Company&#8217;s internal control over financial reporting is effective.&nbsp;&nbsp;</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">June 17, 2011</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif">&nbsp;COMPANHIA SIDER&#218;RGICA NACIONAL&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif">By: /s/ Benjamin Steinbruch</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif">By: /s/ Paulo Penido Pinto Marques</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif">Name: Benjamin Steinbruch&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif">Name: Paulo Penido Pinto Marques&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif">Title: Chief Executive Officer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Times New Roman,serif">Title: Chief Financial Officer&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
